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Apache Board Adjusts CEO Pay Targets After Losing Shareholder Vote

Apache Corp.'s (APA) board trimmed the targeted pay level of the company's chief executive on Friday, one day after shareholders failed to approve the company's executive-pay practices at an annual meeting.This year, Chief Executive Officer Steven Farris's targeted pay will be 18% lower than his reported compensation in 2012. The board cut his targeted bonus amount to 150% of his base salary from 200%, and also reduced the targeted amount of equity he should be awarded.The board also eliminated tax gross-ups on life insurance--money paid to offset taxes on additional income--reduced pay to board directors, and implemented a mandatory retirement age of 75 for new directors.The moves come as the Houston oil and gas producer seeks to stem shareholder discontent, which has become widespread among energy-sector companies that have seen their shares lag versus peers. On Thursday, Hess Corp. (HES) struck a deal with Elliott Management Corp. to allow three directors nominated by the dissident ...

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  1. Transocean chairman to step down after Icahn attack

    Transocean Ltd said on Monday that Chairman Michael Talbert will step down later this year, in a move that comes just days before the culmination of a fight between ...

  2. Hedge fund nominees to Hess board forgo controversial pay scheme

    An activist hedge fund's nominees to the Hess Corp board of directors said they were waiving their right to receive a controversial pay package under which the fund ...

  3. Elliott's Nominees to Hess Board Abandon Compensation Plan

    Five potential Hess Corp. (NYSE:HES) directors nominated by activist shareholder Elliott Management said Monday they waived their right to receive payments from the ...

  4. Dissident Nominees to Hess Board Waive Right to Payments from Elliott

    The five nominees put forth by dissident shareholder Elliott Management Corp. to join Hess Corp.'s (HES) board said in a letter to shareholders Monday that they have...

  5. Hess to split chairman, CEO roles as vote looms

    Hess Corp plans to split the roles of chief executive and chairman and appoint a former General Electric executive to head its board, countering efforts by an activi...

  6. Hess to Separate Chairman, CEO Roles

    Oil producer Hess Corp (NYSE:HES), under pressure from an activist investor, said it plans to appoint a former General Electric Co (NYSE:GE) executive as chairman ne...

  7. Hess to Separate Chairman and CEO Roles

    Hess Corp. (HES) said it will separate the roles of chairman and chief executive immediately following its annual meeting Thursday, a move that comes amid a months-l...

  8. Dow, S&P 500 in Third-Straight Weekly Advance

    FOX Business: Capitalism Lives HereThe Dow and broader S&P 500 both logged their third-straight weekly advance as traders remained upbeat on the economy and corporat...

  9. Stocks Tick Up, But Commodities Skid Lower

    FOX Business: Capitalism Lives HereEquities climbed mildly on Friday, however, gold and energy futures both came under heavy selling pressure as the dollar advanced....

  10. Stock Futures Climb, Gold Slides

    FOX Business: Capitalism Lives HereU.S. stock-index futures climbed on Friday, potentially putting the S&P 500 in striking distance of its all-time high. However, go...

  11. Hess Says ISS Has Institutional Bias Towards Activist Shareholders

    Five of Hess Corp. (HES) director nominees released a letter to shareholders defending their role at the company, while Hess separately accused proxy advisory firm I...

  12. ISS Has Institutional Bias Towards Activist Shareholders

    Five of Hess Corp. (HES) director nominees released a letter to shareholders defending their role at the company, while Hess separately accused proxy advisory firm I...

  1. Transocean chairman voted out, $2.24/share dividend backed

    ZUG, Switzerland (Reuters) - Transocean Ltd shareholders voted out Chairman Michael Talbert at the annual meeting on Friday and backed a nominee of activist investor...

  2. Proxy Clash Over at Hess

    Hess Corp. (NYSE:HES) said Thursday it reached an agreement with Elliott Management to give the activist shareholder three seats on the oil company's board, bringing...

  3. Hess offers three board seats to Elliott, ends proxy fight

    Activist investor Elliott Management will settle for three seats on the board of Hess Corp and support the oil producer's five director nominees to end a proxy fight...

  4. ConocoPhillips CEO: Production Will Start Rising by Year's End

    ConocoPhillips (COP) Chief Executive Ryan Lance told shareholders at the company's annual meeting Tuesday that the company's long-awaited rebound in production growt...

  5. ConocoPhillips CEO Says Production Will Start Rising by Year's End

    ConocoPhillips (COP) Chief Executive Ryan Lance told shareholders at the company's annual meeting Tuesday that the company's long-awaited production growth rebound w...

  6. Elliott Proposes its Board Nominees and Hess's Merge to Create Reconstituted Board

    In yet another twist in a convoluted proxy fight between Hess Corp. (HES) and Elliott Management Corp., the dissident shareholder on Tuesday proposed the oil company...

  7. Hedge fund proposes reconstituted Hess board to end proxy fight

    Hedge fund Elliott Management Corp said on Tuesday that all of its board nominees and all of Hess Corp's should make up a reconstituted board, a day after the activi...

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