AT&T stockholders took to the ballot box today at their annual meeting and voted not only to reelect the entire board of directors, but also on a number of measures concerning how the company should conduct business. Chief amongst them was a provision that would have required the carrier to operate its network according to the tenets of net neutrality. Unfortunately for you (unless you're an AT&T exec), the proposal was voted down by a pretty stunning margin. 94.1 percent of shareholders opposed, with only 5.9 casting their voice in favor of true network neutrality. For more info check out the PR after the break.
AT&T Announces Preliminary Results of 2012 Annual Meeting
SALT LAKE CITY, April 27, 2012 /PRNewswire/ -- At its annual meeting of stockholders today, AT&T Inc.* (NYSE: T) announced that each of the 11 nominees were reelected to the company's board of directors for one-year terms, with each member receiving at least 96.3 percent of the shares voted.
Additionally, AT&T stockholders voted to approve the following items proposed by the board of directors:
The appointment of Ernst & Young LLP as the company's independent auditor, with 98.4 percent of shares cast in favor and 1.6 percent cast against.
The compensation of AT&T's executive officers as described in the 2012 proxy statement, with 93.2 percent of shares cast in favor and 6.8 percent cast against.
The board of directors proposed a fourth item - an amendment to the company's certificate of incorporation to eliminate the article requiring the approval of two-thirds of the outstanding shares for action by written consent. Under Delaware law, the amendment to the certificate of incorporation requires the approval of at least two-thirds of the outstanding shares. This proposal received the approval of 50.9 percent of shares outstanding and did not pass.
The following proposals from stockholders were also voted on:
A proposal asking AT&T to issue a semi-annual report on political contributions and the policies and procedures for making such contributions was defeated by a vote of 61.4 percent against to 38.6 percent in favor.
A proposal asking that AT&T commit to operating its wireless network without the ability to privilege, degrade or prioritize any traffic was defeated by a vote of 94.1 percent against to 5.9 percent in favor.
A proposal asking that AT&T adopt a policy that the chairman of the board be an independent director was defeated by a vote of 56.2 percent against to 43.8 percent in favor.
When final voting results are available, they will be posted on the AT&T Investor Relations website.
*AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc.
AT&T Inc. (NYSE: T) is a premier communications holding company and one of the most honored companies in the world. Its subsidiaries and affiliates – AT&T operating companies – are the providers of AT&T services in the United States and around the world. With a powerful array of network resources that includes the nation's largest 4G network, AT&T is a leading provider of wireless, Wi-Fi, high speed Internet, voice and cloud-based services. A leader in mobile Internet, AT&T also offers the best wireless coverage worldwide of any U.S. carrier, offering the most wireless phones that work in the most countries. It also offers advanced TV services under the AT&T U-verse® and AT&T |DIRECTV brands. The company's suite of IP-based business communications services is one of the most advanced in the world. In domestic markets, AT&T Advertising Solutions and AT&T Interactive are known for their leadership in local search and advertising.
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