Summary
SLB LIMITED/NV (SLB) filed an 8-K on April 11, 2012, reporting on the outcomes of its Annual General Meeting of Stockholders held on the same date. The key event was the submission of several proposals to a vote, all of which received substantial shareholder approval. This meeting provides insight into shareholder confidence in the company's leadership, financial reporting, and compensation practices. Investors would be interested to note the overwhelming approval for the election of all director nominees, the advisory vote on executive compensation, and the approval of the 2011 financial statements and dividend declarations. The appointment of PricewaterhouseCoopers LLP as the independent auditor for 2012 also received strong backing. Furthermore, amendments to the Non-Employee Director Stock and Deferral Plan were approved, indicating shareholder support for the company's equity incentive structures for its board.
Key Highlights
- 1All 12 director nominees were overwhelmingly elected by shareholders.
- 2Schlumberger's executive compensation was approved on an advisory basis with approximately 98.32% of the votes cast in favor.
- 3Shareholders approved the company's Consolidated Balance Sheet as of December 31, 2011, the Statement of Income for 2011, and 2011 dividend declarations with approximately 99.80% approval.
- 4PricewaterhouseCoopers LLP was approved as the independent registered public accounting firm for 2012 with approximately 98.97% of the votes cast.
- 5Amendments to the Schlumberger 2004 Stock and Deferral Plan for Non-Employee Directors, including an increase in available shares, were approved with approximately 93.44% of the votes cast.
- 6The filing confirms the holding of the 2012 Annual General Meeting of Stockholders on April 11, 2012.
- 7The filing includes an exhibit detailing the amended and restated Schlumberger 2004 Stock and Deferral Plan for Non-Employee Directors.