Proxy Advisor Recommends Voting Against Halliburton's Compensation Plan

Halliburton (NYSE:HAL) said in a filing on Monday that a leading proxy advisor advised shareholders to vote against its executive compensation plan.

According to a regulatory filing, Institutional Shareholder Services (ISS) reprimanded the company's compensation committee members for failing to address issues regarding long-term incentive pay.

According to the document, the consulting firm also took issue with what it perceived to be a nearly 20 percent rise in Chief Executive Jeff Miller's long-term incentive value in 2021.

According to the petition, Halliburton labeled ISS's research "misleading" and stated that its "performance had excelled to the benefit of Halliburton's stockholders," citing its restricted expenditure, debt reduction, and increased dividend.

The vote is on a non-binding, advisory motion, and the outcome has no effect on the company.

On Monday, shares of Halliburton traded at $33.36, down 10.7 percent on the day but up almost 46 percent year-to-date.

Advisory shareholders voted against Halliburton's proposed CEO compensation plan.

ISS did not reply quickly to a request for comment.