Nabors Owners Back Proxy Access Resolution

BY JOANN S. LUBLIN

Nabors Industries Ltd. shareholders on Tuesday approved a proposal that could give them more power to oust the oil driller’s directors, the first time a so-called proxy access resolution has passed at a major company.

The proposal, which calls on Nabors to let big investors list competing board candidates on official company ballots, won a majority of the vote at the drilling contractor’s annual meeting in Hamilton, Bermuda.

Such ballots currently list only management’s nominees, forcing investors who hope to shake up company boards to wage costly campaigns and foot the bill for distributing their own ballots.

Some activist shareholders …

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