Star Bulk Carriers’ new chartering-based incentive compensation plan is unlikely in itself to threaten shareholder value, but could be dangerous in the hands of less scrupulous shipowners.
That was the take this week from shipping corporate governance guru Michael Webber, the Wells Fargo Securities equity analyst who admits he is conflicted on the Star Bulk plan.
I don’t like it in general, but I can get why they’re doing it
Michael Webber
Talking to TradeWinds, Webber says he takes comfort from the solid reputation of Star Bulk management and the assent of private equity backer Oaktree Capital Management.
