- In preliminary results from its 2021 annual meeting, AT&T (T -0.5%) notes that along with some general rubber-stamping, the company's say-on-pay vote failed to receive majority support.
- Each of the company's 12 nominees to the board were re-elected, and shareholders approved the appointment of Ernst & Young as its auditor.
- But the advisory vote on executive compensation received just 48.9% of votes cast in favor.
- “Given the dynamic markets in which we operate, the Board is laser-focused on attracting and retaining the talent necessary to deliver on our strategic objectives and create shareholder value,” says Chairman William Kennard. "“Over the years, shareholder feedback has helped us design a compensation program that pays for performance, is competitive for key talent, and aligns the interests of executives and stockholders. As we further engage with our owners on this important topic, the Board will carefully consider today’s advisory vote to ensure that our approach to compensation continues to reflect these principles.”
- Meanwhile, a shareholder proposal regarding stockholder action by written consent failed with 71.7% of votes against.