Proxy Vote Update: AT&T Inc.

Below are the resources for and the results of our recent Proxy Vote on behalf of our clients:
Proxy Materials:

rF Voting results:

  1. Vote for the election of of the following nominees:
    1. Randall L Stephenson – Against (Conflict of Interest).
    2. Scott T Ford – Against (Lack of oversight on approving/proposing compensation package).
    3. Glenn H Hutchins – For
    4. William E Kennard – For
    5. Jon C Madonna – For
    6. Michael B MacCallister – For
    7. John B McCoy – Against (Lack of oversight on approving/proposing compensation package).
    8. Beth E Mooney – For
    9. Joyce M Roch`e – Against (Lack of oversight on approving/proposing compensation package).
    10. Matthew K Rose – Against (Lack of oversight on approving/proposing compensation package).
    11. Cynthia B Taylor – For
    12. Laura D’Andrea Tyson – For
  2. Ratification of appointment of independent auditors:  For
  3. Advisory approval of executive compensation:  Against (Awards are enormously excessive).
    1. Compensation was ~$24,000,000-$6,000,000 for executive officers. There is almost no way to justify fleecing shareholders to this amount regardless of performance; not to mention that AT&T is at best a median performer the last 10-20yrs.  This is why we voted against any board member that was on the compensation committee – inexcusable.
  4. Political spending report – For
  5. Lobbying report – For
  6. Special meetings – For

Post by Phil Ratcliff

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