SPN: Superior Energy’s Board Votes Itself a Raise
Superior Energy Services (SPN) issued the following statement in an 8K filing:
On April 11, 2007, the Board of Directors of Superior Energy Services, Inc., upon recommendation of its Nominating and Corporate Governance Committee, approved increases in the cash and equity compensation payable to non-management directors. The Nominating and Corporate Governance Committee received input from an independent compensation consultant in order to ensure that non-management director compensation reflected current competitive market conditions.Effective May 1, 2007, the amount of the annual retainer for non-management directors will be increased from $30,000 to $40,000 per year. In addition, the dollar amount of restricted stock units awarded to non-management directors following the 2007 annual meeting of stockholders will be increased to $140,000 from $100,000 awarded in 2006.
That sounded awfully generous to us, but looking through the recent proxies for other small- and mid- size oil and oil services companies on our watch lists it looks pretty much in line, if not at the low end.
If there are any such companies in need of a new director, we hereby offer our services.
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