What is the primary purpose of approving the Amended and Restated French Sub Plan?

The primary purpose is to ensure that restricted stock units and performance stock units granted under this plan to employees subject to French taxation qualify as "Free Share Grants." This qualification allows for more favorable tax treatment under French law, specifically related to the "Macron Law."

How did stockholders vote on executive compensation?

The advisory resolution to approve Schlumberger's executive compensation was approved by the stockholders, with approximately 64.46% of the votes cast voting in favor. This is an advisory vote and does not bind the company's Compensation Committee.

What changes were made regarding the Board of Directors?

Stockholders approved amendments to the Articles of Incorporation that allow the Board of Directors to determine the authorized number of directors, subject to future stockholder approval of that number. Additionally, the total number of directors on the Board was capped at a maximum of 12.

Who will audit Schlumberger's accounts in 2016?

PricewaterhouseCoopers LLP was approved by the stockholders to serve as the independent registered public accounting firm to audit Schlumberger's accounts for the year 2016.

SLB 8-K: Leadership Changes & Shareholder Matters

Summary

Schlumberger N.V. (SLB) filed an 8-K on April 6, 2016, reporting on the outcomes of its 2016 Annual General Meeting of Stockholders held on April 5, 2016. The most significant item for investors is the stockholder approval of the Amended and Restated French Sub Plan for Restricted Units. This approval is crucial for enabling certain stock grants to French tax-domiciled employees to qualify for "Free Share Grants," which offer more favorable tax treatment under French "Macron Law." This move is a strategic step to enhance the effectiveness of its equity compensation plans for a key segment of its workforce. Beyond the equity plan, the filing details several other key governance and operational decisions made by stockholders. These include the election of all 10 director nominees, advisory approval of executive compensation, ratification of the 2015 financial statements and dividends, and the approval of PricewaterhouseCoopers LLP as the independent auditor for 2016. Additionally, amendments to the Articles of Incorporation were approved, allowing the Board to set the number of directors, and the size of the Board was capped at a maximum of 12 directors. Overall, the meeting reflects routine corporate governance activities with a particular focus on optimizing executive compensation and ensuring compliance with international regulations.

Key Highlights

1Stockholder approval of the Amended and Restated French Sub Plan for Restricted Units to comply with French "Macron Law" and enable more favorable tax treatment for certain employee equity grants.
2Election of all 10 director nominees for the upcoming term.
3Advisory approval of Schlumberger's executive compensation with approximately 64.46% of votes cast in favor.
4Ratification of the company's 2015 financial statements and dividend declarations.
5Approval of PricewaterhouseCoopers LLP as the independent registered public accounting firm for 2016.
6Amendment of Articles of Incorporation to allow the Board of Directors to fix the number of directors, subject to stockholder approval, and capping the Board size at a maximum of 12 directors.

SLB LIMITED/NV 8-K Report, Executive Changes (Apr 6, 2016)

Summary

Key Highlights

Frequently Asked Questions