As per a 6/2/2021 Reuters report, “Engine No. 1 extends gains with a third seat on Exxon board,” by Svea Herbst-Bayliss and Jennifer Hiller:
Exxon Mobil Corp shareholders elected a third director nominated by hedge fund Engine No. 1 to the oil company’s board, the company said on Wednesday, extending the firm’s upset victory at one of America’s most iconic corporations.”
The election was a shock to an energy industry struggling to address growing investor concerns about global warming and a warning to Exxon managers that years of weak returns were no longer acceptable.
Engine No. 1 nominee Alexander Karsner, a strategist at Google owner Alphabet Inc, won the fund’s third seat out of its 12-member board, according to a regulatory filing.
Directors Steven Kandarian, Samuel Palmisano and Wan Zulkiflee will exit the 12-person board, the filing said.
As per 4/29/2021 Bloomberg report, “Give the Boss $10 Million or They’re Out of Here”/“Pay to Stay” — the practice of companies’ offering fat retention bonuses to executives — is a recipe for trouble with shareholders and the public,” by Chris Bryant:
Despite top executives giving up some pay when the pandemic began, their overall compensation has remained very high.
American movie-theater chain AMC awarded managers $17.5 million of special incentive bonuses for 2020 despite reporting a $4.6 billion annual loss. A significant increase in management resignations and a “substantial decrease in the value of stock-related compensation” were among the explanations. In a year in which thousands of his staff were furloughed, Chief Executive Officer Adam Aron’s pay doubled to $20.9 million.
U.K. peer Cineworld awarded two executives tens of millions of pounds of incentives linked to a share-price recovery. The company’s existing long-term pay plan was “unlikely to deliver any significant value” or provide effective retention, the company said in a January filing. Shareholders approved the new plan despite opponents saying it was excessive.
To persuade Frank Del Rio to sign on for another three years as CEO of Norwegian Cruise Line, the ailing cruise operator offered him $8.8 million in inducement bonuses and restricted stock awards. He was also paid $10.3 million for the severance benefits guaranteed under his previous employment agreement. 3 Meanwhile, his $3.6 million annual bonus was changed from an earnings-related target to one that incentivized a reduction in cash burn. His total compensation therefore doubled to $36.4 million last year, which is pretty punchy considering the group’s full-year loss was $4 billion.
General Electric Co boss Larry Culp voluntarily forfeited his 2020 annual bonus. However, thanks to a revised long-term share incentive plan to help guarantee his continuing employment, Culp could eventually receive a stock payout worth up to $230 million.