Cheniere postpones annual meeting amid pushback on exec compensation

|About: Cheniere Energy, Inc (LNG)|By:, SA News Editor

Cheniere Energy (LNG) says it is postponing its annual meeting from next week until Sept. 11, citing a lawsuit filed following the company's plans to ask shareholders for permission to issue another 30M shares (valued at ~$2B) for employee compensation over the next five years.

The plaintiff is an individual shareholder seeking class action status; he seeks to recover 25M shares of LNG stock which he says have been improperly awarded to employees and directors under an 2011 incentive plan even though the company did not count abstentions as “no” votes, in violation of Delaware law.