05 Apr '11, 4pm

Transocean Gives Execs Multi-Million Dollar Bonuses In The Same Year It Caused Biggest Oil Spill in US

Notwithstanding the tragic loss of life in the Gulf of Mexico, we achieved an exemplary statistical safety record. (Wall Street Journal ) Apparently safety performance accounts for one-quarter of execs bonuses and despite the Gulf Oil Spill received two-thirds of the maximum possible award for this section. You can read more about how Transocean managed to twist logic into a pretzel in this case at the WSJ link above. In the righteous outcry over the wording of their proxy statement, Transocean lamely back peddled: We acknowledge that some of the wording in our 2010 proxy statement may have been insensitive in light of the incident that claimed the lives of eleven exceptional men last year and we deeply regret any pain that it might have caused. Failing to Acknowledge That There's More To Life Than Human Life Is Painful I'm not at all convinced Transocean understands the i...

Full article: http://www.treehugger.com/files/2011/04/transocean-gives-...

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