Age credit issue prompts another SEC filing by Devon Energy

 

Devon Energy wants to make sure its shareholders understand it does not make a regular practice of awarding age credits to its executives.

In a second proxy filing made this week with the Securities and Exchange Commission, the Oklahoma City energy company also defended the age credits given last year to two of its executives.

“We have filed a proxy supplement that responds to concerns raised about age credits that were granted in 2019 under Devon’s pension plan to two executive officers. We believe the age credits were appropriate under the circumstances and ultimately benefit Devon’s stockholders,” stated the company in the proxy filing.

The company repeated its stance that it has not made and has no intention in the future to make, granting age credits a practice.

“Devon believes that companies should not routinely credit pension benefits beyond what has been earned and is mindful of the decisions we make for succession purposes, as well as the costs that would be incurred,” stated Devon in the filing.

The filing was made in support of the company’s proposed executive compensation and asked shareholders to vote for the plan.

Source: SEC filing

 

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