Cheniere Energy Inc. (NYSE MKT: LNG), the natural gas export business that compensated its CEO more than any other U.S. company last year, will “reassess its strategy” for bonuses following shareholder backlash, the company said in a regulatory filing July 25, Bloomberg reported that day.
Cheniere, based in Houston, gave CEO Charif Souki a $142 million compensation package in 2013, which included 6.3 million stock units valued at $133 million. Following a shareholder lawsuit on compensation, the company postponed its annual meeting by three months and said it would withdraw proposals that would have added 30 million shares -- valued at $2.3 billion -- to the company’s bonus pool for paying employees.
“After receiving feedback from stockholders and consulting with management, the board determined that this is not the appropriate time to ask the stockholders to approve a new pool of shares,” Cheniere said in an updated proxy filing July 25. “The company will reassess its strategy in this context given the need to attract, retain and motivate employees with the talent and experience to effectively execute the company’s strategic business plan.”
Cheniere gained 0.3% to $75.45 at the close in New York.
Recommended Reading
Freeport LNG Down One Train After Texas Freeze
2024-01-29 - Freeport LNG’s 15 mtpa three-train export facility on the Texas Gulf Coast will be without its Train 3 for at least one month, due to an electrical issue during the recent Texas freeze.
Permian NatGas Hits 15-month Low as Negative Prices Linger
2024-04-16 - Prices at the Waha Hub in West Texas closed at negative $2.99/MMBtu on April 15, its lowest since December 2022.
US NatGas Futures Hit Over 2-week Low on Lower Demand View
2024-04-15 - U.S. natural gas futures fell about 2% to a more than two-week low on April 15, weighed down by lower demand forecasts for this week than previously expected.
Report: Freeport LNG Hits Sixth Day of Dwindling Gas Consumption
2024-04-17 - With Freeport LNG operating at a fraction of its full capacity, natural gas futures have fallen following a short rally the week before.
Freeport LNG Says Trains 1, 2 at Texas Facility May Shut Until May
2024-03-20 - Freeport LNG on March 20 said its Train 2 liquefaction unit at the Texas plant has been shut down, while Train 1 will be taken down imminently as it expects inspections and any subsequent repairs at both the units to be completed by May.