- Cheniere Energy (NYSEMKT:LNG) investors who are filing suit say the company can’t use stock exchange rules to justify $1.86B in stock grants they claim were never legally approved by shareholders.
- The shareholders have told a Delaware judge that LNG didn’t meet the legal requirements to approve grants that made CEO Charif Souki last year's highest-paid CEO and put other top execs on a par with CEOs at companies such as American Express, Coca-Cola and Pfizer.
- The company had argued earlier it followed NYSE rules in tallying shareholder votes from 2013 which nearly tripled executive and employee stock awards in its long-term compensation plan; the investors say exchange rules aren’t considered law and can’t be used to override Delaware law and LNG’s bylaws.
- In SEC filings Friday, LNG said it would “reassess its strategy” for bonuses following shareholder backlash.
From other sites
at MarketRealist.com (Apr 7, 2015)
at MarketRealist.com (Mar 16, 2015)
at Nasdaq.com (Mar 5, 2015)
at Nasdaq.com (Feb 11, 2015)
at Nasdaq.com (Jan 28, 2015)
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