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Executive Compensation

Nabors To Split CEO, Chairman Roles

Oilfield services and drilling company Nabors Industries Ltd said it would separate the roles of chairman and chief executive after the tenure of CEO Anthony Petrello ends and limit severance payments for executives.Nabors said it was putting in place a proxy access policy allowing any shareholder holding 5 percent stake for at least three consecutive years following the 2014 annual general meeting to nominate directors.Nabors shareholders approved a non-binding proxy access resolution in 2012, in the first instance such a proposal had passed at a major company.Severance payments for executives will be limited to 2.99 times their salary and bonus, Nabors said in a statement on Monday.Shareholders California State Teachers' Retirement System and Blue Harbour Group welcomed the steps.Nabors rewrote Petrello's employment contract last year after pressure from the California Public Employees Retirement System and other pension funds to limit annual bonuses, among other things.Shareholder a...

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