2126 dateline='<a href="tel:1460662938">1460662938</a>' Wrote:
- MH is not on the BOD;(Sorry this is incorrect. He joined the BOD in November 2013)
- His compensation is based on his contract from 7/2013;
- Oil prices were over $100/bbl in July 2013;
- No one complained about MH's compensation when he was hired;
- MH's annual compensation is in line with other CEOs in the O/G industry (Woodside CEO Coleman made $8.45 million in 2014)
- MH's purchase of IOC stock is regulated by the IOC Insider trading policy and is not subject to his personal desires to buy shares or not;
- The IOC insider trading policy was enacted by the IOC BOD on which MH has no vote whatsoever.
- (MH does have a vote as a director, but the policy is still controlled by the entire BOD and not by the CEO).
2126, I would say its untrue that MH's annual compensation is in line with other CEOs in the O/G industry. Should we compare him to XOM or TOT CEO - as well as Woodside - when the size, profitability and ANY other measure of the companies is completely different? Of course not! Need to compare apples to apples. To me it sounds like someone has an agenda and is cherrypicking facts to support it. (FWIW, my company's CEO compensation in O/G is about 50% of MH compensation, and we're profitable and about 10 times IOC's Market Cap,)
MH is paid about $7 million too much.
Look at two of his major decisions - not to sell to XOM, and sale of the refinery/marketing (for those who don't know, refiners make out like bandits when oil prices drop). Both boneheaded decisions IMHO. And he wears a pink shirt to boot on the main webpage! Good grief.
I support PM, and we should certainly get rid of MH and his Board of Cronies. But don't let PM pick the Board either, talk about Cronies!
Cheers