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AT&T Retiree Coalition groups have submitted two proposals for the 2008 Annual Stockholders's meeting on April 25. If you receive an AT&T Proxy statement, please vote your shares. This is one way we can express our unhappiness with the way the company is treating its retirees. ACER recommends a “FOR” vote on both of these voting items.
- Item No. 4:
Pension Credit Policy
The proposal (submitted by ACER and SNET RetireesAssociation of Ameritech/SBC Retirees) urges the Board to determine future awards of performance-based compensation for executive officers using a measure of earnings that excludes non-cash “pension credits” that result from projected returns on employee pension fund assets, and to report annually to shareholders on the specific financial performance measure used to award performance pay.
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Item No. 7:
Advisory Vote on Compensation
The proposal (submitted by the Association of Ameritech/SBC Retiree) urges the Board to include an advisory resolution proposing that stockholders approve or disapprove the compensation of named executive officers in the proxy statement for each annual meeting of stockholders.
Apr 25, 2008 Update (Preliminary results): Item 4 was defeated by a vote of 54.2 percent against to 45.8 percent in favor. Item 7 defeated by a vote of 56.3 percent against to 43.7 percent in favor. Although they did not pass, the high number of votes cast in support sent a strong message that stockholders and retirees are concerned about executive compension. Both proposals received enough support to guarantee inclusion in next year's statement if they are resubmitted. For complete preliminary results, see AT&T Announces Preliminary Results of 2008 Annual Meeting.
Other Stockholder Proposals
Pease review any Proxy statements you receive for proposals that could help retirees and vote accordingly. The more companies that are forced to adopt policies that represent our interests, the more likely they are to pass at AT&T. And if nothing else, they support our fellow retirees and working people.
The Association of BellTel Retirees is urging members to VOTE FOR its shareholder resolution on Verizon's proxy card for the upcoming Annual Meeting on May 1 in Lincoln, Nebraska. If you have Verizon stock, please vote your proxy FOR Item 5 - Separate the Roles of Board Chairman and CEO. This proposal asks the Board to amend Verizon's Corporate Governance Guidelines so that in the future the Board will select its Chairman from among the directors who do not also serve as an executive officer of the company.
If you hold General Electric stock, please review and vote FOR the stockholder proposals which include two on executive compensation (Item 3 - Recoup Unearned Management Bonuses and Item 7 - Advisory Vote on Executive Compensation), and one similar to the BellTel Retirees proposal (Item 2 - Separtate the Roles of CEO and Chairman) and one to limit the number of boards a Director may sit on (Item 4 - Curb Over-Extended Directors).
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