ONEOK is planning for now to go ahead with its annual shareholders meeting in late May in Tulsa unless the coronavirus pandemic causes the need for a virtual meeting.
The meeting will be held at 9 a.m. Central Daylight time on Wednesday, May 20 at ONEOK Plaza, 100 West Fifth Street in Tulsa, according to a proxy statement filed recently with the Securities and Exchange Commission.
“We intend to hold our annual meeting of shareholders in person. However, due to the emerging public health impact of coronavirus disease 2019 (COVID-19), we are planning for the possibility that the annual meeting of shareholders may be held solely by means of a virtual meeting format. If we take this step, we will announce our decision to do so in advance, and details on how to participate will be set forth in a news release issued by us and available at www.oneok.com,” stated John W. Gibson, chairman of the board of directors.
The company’s board of directors urged shareholders to vote in support of ONEOK’s executive compensation program including for CEO and President Terry K. Spencer who in 2019 received a $25,000 increase in his base salary and a long-term incentive target hike of $900,000. In 2019, Spencer received a total direct compensation of nearly $7,424,100, much of which the company said was “incentive-based and at-risk.”
Directors include: Brian L. Derksen, Julie H. Edwards, John W. Gibson, Mark W. Helderman, Randall J. Larson, Steven J. Malcolm, Jim W. Mogg, Pattye L. Moore, Gary D. Parker, Eduardo A. Rodriguez and Terry K. Spencer.
Directors received a $75,000 cash retainer and a $135,000 stock retainer from May 2019 to April 2020. Chairmen of committees received additional funds including $20,000 for the head of the Audit Committee, $15,000 for the leader of the Executive Governance and $20,000 for the chair of the Corporate Governance.
What did the directors get paid in 2019? The SEC filing showed non-management director compensation that chairman Gibson received a total of $380,335 while Derksen was paid $210,500, Edwards received $230,732, Helderman got $262,500 and Larson was paid $235,500. Malcolm received $223,000, Mogg $215,500, Moore $230,663, Parker $210,500 and Rodriguez $210,500.
The proxy statement indicated that the average tenure of a board member is 11.1 years as of the 2020 annual meeting. Six directors each had more than 10 years experience; two had six to 10 years membership on the board while three were on the board up to five years as a director.
Click here to view SEC filing by ONEOK.
Source: SEC