(Reuters) – A top proxy advisor recommended Halliburton’s shareholders should vote against its executive compensation plan, the oilfield services provider said on Monday in a filing.
Institutional Shareholder Services (ISS) criticized the company’s compensation committee members for failing to address concerns over long-term incentive pay, according to a regulatory filing.
The advisory firm also took issue with what it saw as a nearly 20% increase in Chief Executive Jeff Miller’s long-term incentive value in 2021, the filing said.
Halliburton called ISS’s analysis “misleading” and said its “performance had excelled to the benefit of Halliburton’s shareholders,” pointing to its restrained spending, debt reduction and rising dividend, according to the filing.
The vote is on an advisory motion and the result is not binding on the company.
Shares of Halliburton on Monday traded at $33.36, down 10.7% on the day but up roughly 46% year-to-date.
Last year, Halliburton’s shareholders voted against the oilfield services group’s proposed executive compensation plan in an advisory motion.
ISS did not immediately respond to a request for comment.
(Reporting by Liz Hampton in Denver; editing by Richard Pullin)