Thread regarding Halliburton Co. layoffs

Halliburton shareholders vote against executive compensation plan

Maybe the shareholders realize how bad it looks for a company to reward a CEO who laid off thousands of employees (who do the actual work) during a pandemic? Jeff Miller sure doesn't as he is blinded by greed. Article is below.

May 20 (Reuters) - Halliburton Co’s shareholders voted against the oilfield services provider’s proposed executive compensation plan in an advisory motion, the company said on Thursday.

Halliburton Chief Executive Officer Jeff Miller said the company was “disappointed by the shareholder advisory vote” and that it had led its peers in shareholder returns despite challenges stemming from the coronavirus pandemic and a supply and demand imbalance in oil markets.

Halliburton did not provide vote tallies. The company revised its executive compensation program in 2019 and received 91% approval of the plan from shareholders last year.

Shares of Halliburton are up about 18% year-to-date to $22.38 as oilfield activity has slowly returned amid higher prices.

Miller and other executives pledged to cut salaries last year after the pandemic crippled the oil market and set off a wave of layoffs in the industry.

Although Miller cut his base salary by $200,000 between 2019 and 2020, he received some $9.7 million in stock awards, versus $3.6 million the previous year. Overall, his compensation was 293 times the median compensation for Halliburton employees, the company said in an April filing.

Chief Financial Officer Lance Loeffler’s base salary jumped from $650,000 to $709,000 between 2019 and 2020, and his earnings were also bolstered by stock awards.

Halliburton in April said the sharp increase in 2020 compensation was due to changes to the plan and reporting. Companies are not required to comply with advisory votes.

Reporting by Arunima Kumar in Bengaluru and Liz Hampton in Denver; Editing by Shailesh Kuber and Cynthia Osterman

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Post ID: @OP+1aXPeZ17

7 replies (most recent on top)

When will Dave Lesar retire and give others a chance?
Practice what you preach.

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Post ID: @2lffu+1aXPeZ17

When we were told we weren't getting raises this year, I sold my HAL stock to buy GME. I'm way up on my investment and I'm making my own raise. You can't count on people like M-iller to help you take care of you and your family, so you have to do it in other ways sometimes.

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Post ID: @oicu+1aXPeZ17

This doesn't surprise me one bit. There are a lot of Halliburton shareholders that have been displaced so clearly they are not going to vote for ridiculous executive compensation. 2nd, Halliburton cut their dividend. There is absolutely no reason why someone would invest in Halliburton unless the dividend is high. They are certainly not a "growth" stock! I'm sure the dividend cut pi---d a lot of shareholders off. They see HAL EXCOM getting rich at their expense. Sure, Miller touts decent returns during the pandemic but it had nothing to do with his or any other executive getting creative and making ends meet. They took the easy way out and cut dividends and cut the workforce. In other words, they took the easy way out because they had no idea how to handle the situation. Plenty of large companies weathered the storm without drastic cutting. In the end, they lost market share, tarnished their reputation and lost shareholder confidence. Doesn't sound like a winning team to me!

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Post ID: @5hgy+1aXPeZ17

So you may ask, how do I get rid of the BOD if the vote on Executive Compensation is non binding, it not that easy, as it is rigged from the very beginning… A "plurality vote" means that the winning candidate only needs to get more votes than a competing candidate. If a director runs unopposed, he or she only needs one vote to be elected, so an "against" vote is meaningless. Because of this, shareholders have the option to express dissatisfaction with a candidate by indicating that they wish to "withhold" authority to vote their shares in favor of the candidate. A substantial number of "withhold" votes will not prevent a candidate from getting elected, but it can sometimes influence future decisions by the board of directors concerning director nominees.

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Post ID: @3rzx+1aXPeZ17

For any managers at Halliburton it is not what you know but who you get on your knees for.

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Post ID: @1pmc+1aXPeZ17

So who is D-mb and who is D-mber? Now Dave is at it again at Centerpoint. They both pulled the wool over the eyes of the Board and shareholders while laying waste to the company and its employees.

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Post ID: @hxz+1aXPeZ17

During the last several years of employment with Halliburton, I interacted with Miller on several occasions. He never should have been put in a management position. I found him neither knowledgeable nor competent with regard to the oil field. Does he deserve the salary and compensation he receives? No. The only reason he is in the position he holds is due to his relation to Dave Lesar. Nuff said.

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Post ID: @ubv+1aXPeZ17

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