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Shareholders knock Stillwater compensation

By Associated Press
Published On: May 08 2013 01:23:59 PM MDT
STILLWATER MINE
BILLINGS, Mont. -

Results of the contested election for Montana's largest publicly-traded company show that almost two-thirds of shareholders disapprove of Stillwater Mining Company's compensation of its top executives.
    
Certified results of the May 2 shareholder vote were announced Wednesday. Four incumbent board members were ousted by a slate of replacements including former Montana Gov. Brian Schweitzer.
    
Schweitzer and a New York hedge fund campaigned against alleged mismanagement by the company's board including Chairman and Chief Executive Officer Frank McAllister.
    
McAllister was among four members re-elected. He had been criticized as overpaid after making almost $5 million last year even though the company's stock price has dropped sharply under his tenure.
    
The shareholder vote to disapprove of the company's compensation plan was advisory only. The new board will settle the matter.