Nabors Directors Stay on Board After Being Voted Off Four Times
- Shareholders have voted against board members for years
- ‘Zombie directors’ stay after receiving less than 50% support
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Investors in Nabors Industries Ltd. have a few concerns about how the world’s largest land drilling contractor is run, but they don’t seem to be able to do much about it.
Complaints range from how Nabors pays executives, to a lack of diversity on its board of directors, to how it communicates with owners, according to the company’s own autopsy, filed Monday. In a signal of disapproval, a majority of shareholders voted to oust three directors in a June 7 election, and the directors tendered their resignations.