ISS PROXY ADVISORY SERVICES ISS QuickScore Meeting Type: Annual Meeting Date: 2 June 2015 GOVERNANCE Nabors Industries Ltd. Record Date: 6 April 2015 Meeting ID: 970579 Key Takeaways New York Stock Exchange: NBR At last year's annual meeting, three directors received WITHHOLD votes from 10 Index: S&P 500 more than 50 percent of votes cast. The board has not sufficiently addressed Sector: Oil & Gas Drilling the issues that led to this outcome. GICS: 10101010 Scores indicate decile Cautionary support for the say-on-pay proposal is advised this year. The rank relative to index Primary Contacts company responded to shareholder feedback following its fourth failed vote or region. A decile Marc Goldstein, JD score of 1 indicates Enver Fitch – ESG Research in 2014, by increasing transparency around short- and long-term incentive lower governance risk,
[email protected] while a 10 indicates program goals. Also, the CEO's pay package was at its lowest level since he higher governance risk. assumed that post, consistent with the company's negative TSR for the year. However, questions remain with respect to both transparency and goal rigor under the equity incentive program, which may concern some shareholders and indicate a need for continued close monitoring of the program and related board decisions. In light of the company's weak stock ownership guidelines and history of problematic compensation issues, support is warranted for non-binding shareholder proposals seeking a rigorous stock retention requirement and shareholder approval of specific performance metrics. Support for the shareholder proposal seeking corporate sustainability reporting is warranted, as the information provided in a comprehensive sustainability report would aid shareholders in assessing the company's sustainability performance and its management of related risks and opportunities.