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Ålesunderen Paal Kibsgaard are left with over 650 million since 2013 as chief of oil service company Schlumberger. The company’s largest shareholders demanding changes in the’s.
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Paal Kibsgaard is sitting as chairman of the board and chief executive officer of oljeservicegiganten Schlumberger. In an update to the u.s. børsmyndighetene the Securities and Exchange Commission (SEC), it’s revealed that the efforts of his was compensated with 18,6 million dollars in the last year (155 million) – the equivalent of 425.000 million a day.
Shares, worth 635 million
The last three years, during the oil crisis, has Kibsgaard on average pulled in 18,5 million dollars a year. Ålesunderen has increased the salary of 1.7 million dollars in 2014 to two million dollars in the last year. He was awarded shares worth six million dollars and almost similar in the options in 2016.
Nearly 2.8 million dollars comes from a incentivpakke not related to the development of the share price in the company. In excess of 1.7 million dollars due to a change in the value of the pension scheme of his. 2,775 million dollars a pure bonus. This is less than in 2015.
Kibsgaard set with 939.000 shares and options 31. January. Based on the closing price on Thursday, this represents a share value of 76,3 million dollars (635 million). Of 40,000 of these shares are registered in the name of his wife and has a value of 3.3 million dollars.
Kibsgaard, which in the Uk goes under the name Pål Kibsgaard-Petersen, is a graduate civil engineer from the then NORWEGIAN institute of technology. He worked a short time at the Esso after his studies in Trondheim, norway.
In 1997, he joined Schlumberger where he started his career as a reservoir engineer. In 2010, he was chief operating officer at Schlumberger, before he was promoted as ceo in 2011.
Disputed compensation plan
the’s in Schlumberger has been disputed. The company contacted in the year 40 of the largest investors to discuss kompensasjonspakken. The company had meetings with 22 investors, according to børsmeldingen to the SEC.
Schlumberger will make changes from 2017. Executives will not receive stock options as part of the kompensasjonspakken from in years.
the Company takes self-criticism and will set more specific goals for management and the board of directors, among other things, compare the development of the company with competing companies. The company defender also management.
“We delivered strong financial results in 2016, despite the unprecedented downturn that began in 2014 and continuing in 2016. As a consequence dropped the turnover and the results. We were forced to reduce the number of employees with 50,000. Despite the uphill we did it better than our competitors”, writes the company.
schlumberger’s share price rose by 20.4 per cent in the last year. The company has a market capitalisation of 113,1 billion dollars. Turnover fell by 22 per cent in 2016. In the fourth quarter, the company took a loss of 204 million dollars at 1.02 inches billion dollars in the same quarter of 2015.
– It should go up from here in almost all the markets, but the pace and extent of recovery is uncertain, ” said Kibsgaard under resultatfremleggelsen in January.
oil companies throughout the world reduced the investment activity for the second year in a row.
– Unique perspective
the 49-year-old from Ålesund has climbed quickly in the oljeservicegiganten.
“As a result of his experience from various lederstillingen in the company, he brings a unique operational perspective and in-depth knowledge of company’s operational activities all over the world,” writes the company in a stock exchange announcement filed with the SEC.
It has been common for u.s. companies that the same person is both chairman of the board and holds konsernsjefstillingen. Schlumberger believes this is a benefit – despite the fact that several major american companies are about to go away from this arrangement.
“the Board believes that the Kibsgaards role as chairman of the board and chief executive officer is an important link between the management and the board of directors so that the board can perform its supervisory function and to gain perspectives on the company’s business”, states the børsmeldingen.
Million to the Norwegian board members
Kibsgaards is sitting not as the only Norwegian on the board of directors. Former Statoil chief Helge Lund was elected to the board in 2016, and former department head in the oljedepartementet, Tore Sandvold, has been a member of the board of directors since 2004.
Lund received a director’s fee of 90,000 dollars and has been awarded shares worth 143.137 dollars – a total of 1,95 million. Sandvold received a total remuneration and shares of the 306.150 dollars (2,550 million) in 2016.
Sandvold has since he gave up in the civil service and started Sandvold Energy for 15 years ago had revenues of well over 100 million.
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