ConocoPhillips Directors Hit By Investor Lawsuit Alleging Breaches Of Fiduciary Duties

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Company Name(s): 
ConocoPhillips
Case Name: 
ConocoPhillips Shareholder Derivative Action 08/05/2011
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: COP
Lawsuit Overview
Type of Lawsuit: 
Shareholder Derivative Action
Date Filed: 
08/05/2011
Summary: 

San Diego, Aug 05, 2011 (Shareholders Foundation) -- An investor in shares of ConocoPhillips (NYSE: COP) filed a lawsuit against certain directors of ConocoPhillips alleging breaches of fiduciary duties in connection with executive compensation plan.

According to the complaint the plaintiff alleges that certain directors and executives of ConocoPhillips for breach of fiduciary duty in connection with the company’s executive compensation plan.

Even though ConocoPhillips’ annual Total Revenue increased from $152.39billion in 2009 to $198.65billion in 2010, its Total Revenue fell from $246.93billion in 2009.
Additionally, even though ConocoPhillips’ annual Net Income rose from $8.9billion in 09 to $11.35billion in 2010, its Net Income fell from $11.89billion in 07.

However, its CEO’s total compensation rose from $14.38million in 2009 to $17.93million in2010, its retired President’s pay rose from $12.29million to $14.35million, its Senior VP, Refining, Marketing, Transportation & Commercial’ pay increased from $3.1million to $4.1million, and its CFO’s compensation increased from $2.5million to $3.32million.

Specifically the plaintiff claims that ConocoPhillips’ executive compensation plan doesn’t comply with tax regulations that allow for deductions. The plaintiff alleges that the proxy statement that was mailed, beginning on March 31, 2011 to NYSE COP stockholders for their annual meeting held on May 11, 2011 contained false and misleading statements. On the May 11, 2011 executive compensation plan was approved by about 59 percent of the votes cast, so the lawsuit.