Schlumberger (SLB) is one of the stocks in my portfolio. Their annual meeting is coming up on 4/11/2012 in Curacao, frequently referred to as “one of the Caribbean’s best-kept secrets,” and not easy to get to from Sacramento. Voting ends 4/10 on Moxy Vote’s proxy voting platform, which listed recommendations from four “good causes,”including two consolidations. ProxyDemocracy.org had only one fund voting.
SLB’s SummaryCompensation Table shows that A. Gould, our former CEO and now Chair, was the highest paid named executive officer (NEO) at about $17.9M in 2011. According to the United States Proxy Exchange (USPX) guidelines, the median CEO compensation for large-cap corporations was $9 million in 2010. I’m generally voting against most pay packages above that median, otherwise we’ll have continuous ratcheting upwards with more and more corporate income going to a few at the top. That’s unsustainable.
I also make it a policy to vote against members of the compensation committee when I vote against the compensation package, so I also voted against Michael Marks (chair), Toyn Isaac, Adrian Lajous and Elizabeth Moler. Of the funds, it looks like my voting pattern comes closest to Trillium, as reported by MoxyVote.
For all other directors and in all other matters, I voted as recommended by management. Mark your calendar. Here’s the deadline for proposals by shareowners for next year:
In order for a stockholder proposal to be considered for inclusion in the proxy statement for the 2013 annual general meeting of stockholders, written proposals must be received by the Secretary of the Company, 5599 San Felipe, 17th Floor, Houston, Texas 77056, no later than November 1, 2012.
On the other hand, don’t file unless you plan to vacation in Curacao. That’s a long way for most of us to go for a shareowner’s meeting… probably why SLB chose the venue.
|ELECTION OF DIRECTOR: PETER L.S. CURRIE|
|ELECTION OF DIRECTOR: TONY ISAAC|
|ELECTION OF DIRECTOR: K. VAMAN KAMATH|
|ELECTION OF DIRECTOR: PAAL KIBSGAARD|
|ELECTION OF DIRECTOR: NIKOLAY KUDRYAVTSEV|
|ELECTION OF DIRECTOR: ADRIAN LAJOUS|
|ELECTION OF DIRECTOR: MICHAEL E. MARKS|
|ELECTION OF DIRECTOR: ELIZABETH A. MOLER|
|ELECTION OF DIRECTOR: LUBNA S. OLAYAN|
|ELECTION OF DIRECTOR: L. RAFAEL REIF|
|ELECTION OF DIRECTOR: TORE I. SANDVOLD|
|ELECTION OF DIRECTOR: HENRI SEYDOUX|
|TO APPROVE AN ADVISORY RESOLUTION ON EXECUTIVE COMPENSATION.|
|TO APPROVE THE COMPANY S 2011 FINANCIAL STATEMENTS AND DECLARATIONS OF DIVIDENDS.|
|TO APPROVE THE APPOINTMENT OF THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM.|
|TO APPROVE AMENDMENTS TO THE COMPANY S 2004 STOCK AND DEFERRAL PLAN FOR NON-EMPLOYEE DIRECTORS TO INCREASE THE NUMBER OF SHARES AVAILABLE FOR ISSUANCE AND MAKE CERTAIN TECHNICAL CHANGES.|