CHENIERE ENERGY
NYSE:  LNG      Annual Meeting: 6/11/2015

Cheniere Energy has had a somewhat strained relationship with its shareholders in recent years. While investors are likely pleased with the astronomical rise in the company’s stock price over the past five years, they certainly do not appear to be as receptive of the company’s generous compensation practices.

Cheniere’s 2014 annual meeting, initially scheduled for June 2014, was postponed after the company received a shareholder lawsuit regarding its equity granting practices and vote counting methodology–coincidentally, CEO Charif Souki had received an equity grant valued at $133 million in the year leading up to the lawsuit. By the time the company had rescheduled the meeting (for September 2014), it had withdrawn two proposals originally on the June 2014 agenda requesting shareholder approval for a 2014-2018 LTIP and an increase in the shares available for issuance under the existing equity plan to fund the proposed LTIP. This wasn’t enough to satisfy shareholders though, as the company’s say-on-pay proposal received just 46% support.

The company settled the aforementioned lawsuit in December, and has committed to fairly extensive restrictions on share-based compensation as a result, but these restrictions certainly haven’t stopped the company from lavishing its executive team, most notably Mr. Souki, with exorbitant pay packages. At this year’s meeting, shareholders will consider whether the company’s decision to replace the withdrawn 2014-2018 LTIP with a cash-based program that does not require shareholder approval, on substantially the same terms as the withdrawn plan, ultimately addresses their outstanding concerns with the company’s compensation practices.

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