Elliott's Hess Nominees Say They'll Work For No Bonuses

Law360, New York (May 13, 2013, 12:00 PM EDT) -- Elliott Management Corp.’s five nominees for the board of Hess Corp. said Monday that if elected Thursday, they'll forgo a performance-based cash bonus Elliott had promised them, putting an end to one of this proxy season’s more creative tactics.

Elliott had agreed to pay its directors $30,000 for every percentage point Hess’ stock outperforms its peers over the next three years. But Hess criticized the move, saying it would compromise the directors' independence and reward short-term thinking.

The five directors said Monday that the public back-and-forth...
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