transocean ltd (RIG) Key Developments
Transocean Ltd. Approves Appointment of Ernst & Young LLP as Auditor
May 22 13
Transocean Ltd. announced that the shareholders approved the appointment of Ernst & Young LLP as company's independent registered public accounting firm for fiscal year 2013, and the reelection of Ernst & Young Ltd, Zurich, as the company's auditor for another one-year term.
Transocean Announces Board Changes
May 21 13
Transocean announced on May 17, 2013 Ian Strachan will replace Michael Talbert as chairman of its board of directors with effect from May 18, 2013. Talbert was not re-elected at the position at the company's annual general meeting. Strachan joined the company's board in December 1999. He was most recently chairman of Transocean's Finance Committee as well as a member of the Corporate Governance Committee.
Transocean Ltd. Approves Amendment to Articles of Association
May 20 13
Transocean Ltd. held its annual general meeting on May 17, 2013. In the meeting, shareholders of the company approved proposal regarding the repeal of the company's staggered board by amendment to Article 23 of the company's Articles of Association.
Transocean Ltd. Approves Dividend; Approves Board Changes
May 17 13
Transocean Ltd. announced dividend at the 2013 Annual General Meeting (AGM) supported the Board's dividend proposal of $2.24 per share out of additional paid-in capital, soundly rejecting the Icahn Group's proposal for an annual dividend of $4.00 per share. The Board expects that the approved dividend will be payable in four quarterly installments set for June 2013, September 2013, December 2013 and March 2014.
Shareholders also elected company's five Director nominees, including Frederico F. Curado, Steven L. Newman, and J. Michael Talbert, who had previously announced his intention to retire from the company's Board of Directors, was not re-elected. One nominee proposed by the Icahn Group, Samuel Merksamer, was elected. There are now fourteen directors on Transocean's Board.
J. Michael Talbert Plans for Retirement from Transocean Ltd. Board of Directors
May 13 13
Transocean Ltd. announced that J. Michael Talbert has advised the Board of Directors that, if re-elected at the company's upcoming Annual General Meeting on May 17, he will retire from the Board no later than the company's 2014 AGM. To facilitate an orderly transition of leadership, should Mr. Talbert be elected by the Board as Chairman following the upcoming AGM, he will step down as Chairman no later than the Board's November 2013 meeting, at which time a new, independent Chairman will be announced. Mr. Talbert, formerly CEO of Transocean from 1994 to 2002, has served on the Board of Directors since 1994.