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Miller Energy shareholders approve changes to board [The Knoxville News-Sentinel, Tenn. :: ](Knoxville News-Sentinel (TN) Via Acquire Media NewsEdge) April 16--A board shuffle at Miller Energy Resources was approved on Wednesday, a move that comes in the wake of unrest among shareholders of the Knoxville-based oil and gas firm. During the company's annual meeting, shareholders approved an eight-member board that will include former New Mexico Gov. Bill Richardson. Miller had come under fire last year, when a group of dissident shareholders criticized the company's management and the compensation for top executives. At least one shareholder raised pointed questions on Wednesday. Rocky Roquemore distributed a letter, which said the battle to restore confidence in the company is not over. Among other things, Roquemore's letter criticized Miller's compensation practices, saying it has at least eight people on the payroll who are "making CEO pay." "Surely we can find one experienced and competent oil executive to handle multiple chores at a single, reasonable salary," the letter said. In an interview, though, Roquemore noted that the company has added independent directors and said he thought Miller had gotten the message. "I'm not selling any shares, and I probably will buy some more when I'm able," he added. In December, dissident Miller shareholders had proposed their own slate of directors for the company, including Richardson, and last month the company agreed to a deal in which the former U.S. Energy Secretary would join the board. Miller had previously said five existing board members would not be renominated, including President David Voyticky and chief operating officer David Hall. The company had also previously announced the elimination of nearly 7.3 million stock options that would have been awarded to five top executives. Those options would have vested in tranches if the stock price exceeded $8, $10 and $12 a share for at least 20 trading days in 2014 and the company met a certain production target. Miller's stock closed at $5.44 a share on Wednesday. Top executives have seen their salaries rise, though. In July, CEO Scott Boruff's salary was boosted from $500,000 to $795,000, while Voyticky's base salary jumped from $475,000 to $750,000. In an interview on Wednesday, Boruff cited the changes to the company's board and indicated that executive pay is based on a third-party analysis. "We continue to upgrade the board," he said. "And so moving forward this year, we set the platform for another tremendous year of growth." ___ (c)2014 the Knoxville News-Sentinel (Knoxville, Tenn.) Visit the Knoxville News-Sentinel (Knoxville, Tenn.) at www.knoxnews.com Distributed by MCT Information Services |