Top executives receive increase in payouts one day before announcement of buyout with Chevron. Makes you feel all warm and fuzzy inside.
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If APC would have spent as much time evaluating projects, investments and loans as they do covering their butts they would not be in the mess their in.
Leadership!
From Financial Times -> https://www.ft.com/content/86fae5c8-660b-11e9-a79d-04f350474d62
"In a separate move the day before the Chevron deal was announced, alongside its executive pay changes, Anadarko also altered its articles of incorporation to make it more difficult to pursue legal actions against the company and its board. It adopted what is known as an “exclusive forum selection” rule, meaning that any legal action, such as a claim from investors alleging a breach of a fiduciary duty by Anadarko’s directors, would have to be heard in Delaware, where courts have typically not allowed such cases to make much headway."
Sorry Al but this doesn’t pass the “smell” test. I guess we shouldn’t be surprised. Be pay off for leading APC to mediocrity.
Code of Business Conduct only applies to the lower level folks. Do as I say, not as I do. Unfortunately, this brazen case of chicanery at Anadarko happens every day around the country. I don’t know why shareholders and SEC put up with it. Meanwhile, the workers are expected to chant the corporate motto like a mantra, and the louder you recite it the further your career will go!
Take the CEO’s action and lead by his example. Steal what you can.
Looks alot like they knew that they were going away and authorized themselves parting gifts in the event they go away.
However, if the board of directors acting on behalf of the shareholders approved the inflated payouts, then I suppose it's ok.
Never the less, a bitter taste for the lowly worker bees.
Clearly insider maneuvers but no doubt legally maneuvered.
Well Played
Conflict of interest?
To quote from Anadarko’s Code of Business Conduct and Ethics:
Ethical Decision Making • Ask First, Act Later
You should ask yourself the following questions when faced with a difficult decision:
• Is it legal?
• Is it ethical?
• Does it feel right?
• Am I trying to fool anyone, including myself?
• Would it embarrass Anadarko, myself or my family?
If there is any doubt about the answers to any of these questions, seek advice. You do not have to make this decision alone.
I guess none of the boxes above were checked when making these decisions...
Socialism or capitalism? That’s where this thread went? Don’t be id--ts. Our fearless “leaders” drove this company into a ditch with a mix of incompetence, greed, indecision, cronyism, ego and stupidity and then they gave themselves extravagant parting gifts at your expense. Oh And they’re also in charge of integration. Now let that settle in for the next few months.
ring ring
"Yes?, anonymous hotline?"
Seriously. WTF. Normally like to be kissed first!
Reminds me of a WFB quote that went something like "The problem with socialism is socialism but the problem with capitalism is capitalists"
Our system is just broken. I can’t believe I’m saying this, but our capitalism has just gone too far. I’m curious how the numbers would be if one were to calculate total cost of all employees (salary, benefits, bonuses) and mult by total number of employees in the average American company, and then compare that to the several execs at the very top. If money is an indicator of value of the position, are you really going to tell me these people are as valuable to the company’s bottom line as ALL the other employees combined? These buffoons hire and fire us, and we’re just numbers. You tellin’ me we can’t replace THEM with someone costing half as much and maybe turn a higher profit for shareholders? Maybe play all their games and replace each of these people with 2 or 3 people straight out of college (lower cost, right?). Maybe replace THEM with H1B holders asking for half the pay. Maybe just outsource them and get our executive function served remotely from another country? The annual shareholder’s meeting could have a large screen and the remote exec’s could be on video call?
This makes me absolutely nauseous. I cannot put into words how wrong this feels to me. 🤬
Everyone should read this article in WSJ -- Anadarko Boosted CEO’s Payout Just Before $33 Billion Chevron Merger Al Walker, other executives set to receive millions more from changes made a day before the deal’s announcement
This shouldn't be surprising. If you were in their positions you'd be just as happy about it as they are.