InterOil Founder Mulacek Proposes Cutting Director Compensation

InterOil Corp.’s founder and former Chief Executive Officer Phil Mulacek proposed the company cut the number of directors on the board and limit compensation.

Mulacek proposed limiting total cash compensation for all directors to $600,00 annually, according to a regulatory filing Tuesday. To "better align the interests of the directors with the interests of the shareholders," he also proposed the company should also require at least 50 percent of directors’ total compensation be equity-based, the filing said.

Mulacek, who retired from the company in 2013, further recommended that certain directors should have technical expertise in the business, and the company should adopt enhanced procedures for reporting reserves and discoveries.

He may nominate one or more candidates to the board, the filing said.