8-KLeadership ChangesShareholder MattersExhibits & Filings

SLB LIMITED/NV 8-K Report, Executive Changes (Apr 11, 2013)

Filed April 11, 2013For Securities:SLB

Summary

This Form 8-K filing by SLB Limited/NV (SLB) reports on the key outcomes of its Annual Stockholder Meeting held on April 10, 2013. The most significant information for investors revolves around the approval of new and amended equity incentive and stock purchase plans, as well as the re-election of directors and approval of executive compensation. The company's stockholders overwhelmingly supported these proposals, indicating strong shareholder alignment with management's strategy and compensation practices. The approval of the "2013 Schlumberger Omnibus Incentive Plan" and the "Amendment and Restatement of Schlumberger Discounted Stock Purchase Plan" are crucial for talent retention and incentivizing employees and executives. These plans, which allow for the granting of stock options, stock appreciation rights, and other stock-based awards, are designed to align employee interests with shareholder value. The robust support for these plans suggests a continued focus on long-term growth and performance.

Key Highlights

  • 1Stockholders approved the adoption of the "2013 Schlumberger Omnibus Incentive Plan," authorizing up to 35 million shares for awards such as stock options and restricted stock units.
  • 2The "Schlumberger Discounted Stock Purchase Plan" was amended and restated, increasing the number of shares available for purchase by 22 million.
  • 3All 11 director nominees were re-elected by the stockholders.
  • 4Schlumberger's executive compensation was approved on an advisory basis with approximately 96.07% of the votes cast in favor.
  • 5PricewaterhouseCoopers LLP was ratified as the independent registered public accounting firm for 2013 with strong shareholder support.
  • 6Stockholder approval was also granted for the company's financial statements and dividends declared in 2012.

Frequently Asked Questions

The "2013 Schlumberger Omnibus Incentive Plan" is designed to provide incentives to Schlumberger employees by allowing the company to grant various equity-based awards, including stock options, cash awards, stock appreciation rights, and stock awards (such as restricted stock or restricted stock units). This plan aims to attract, retain, and motivate key employees and align their interests with those of the company's shareholders by offering potential equity appreciation.

The Schlumberger Discounted Stock Purchase Plan was amended and restated, primarily to increase the number of common shares available for purchase under the plan by 22 million shares. This amendment is effective as of January 1, 2013, and was approved by the stockholders at the Annual Meeting.

The proposal to approve Schlumberger's executive compensation on an advisory basis received strong support from stockholders, with approximately 96.07% of the votes cast at the Annual Meeting voting in favor of the resolution.

Schlumberger's stockholders approved the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm to audit the company's accounts for the year 2013. This appointment received approximately 98.36% of the votes cast in favor.