AT&T investors nix proposal to split CEO and chairman roles

AT&T (NYSE: T) investors decided against a plan to split chairman and CEO into separate positions, during its recent annual meeting in Salt Lake City.

Investors' decision not to separate the chairman and CEO jobs was reached by a vote of 56 percent to 44 percent.

Those who voted for an independent chairman argued they wanted additional oversight over AT&T's chief executive officer, Randall Stephenson. They argued, specifically, that Stephenson's $28 million in total compensation in 2011 was excessive.

However, AT&T's board maintained that the service provider had a lead independent director, and the combined CEO-chairman role was a way to "bridge the gap between the board and management."

A separate proposal to issue a semiannual report on the company's political contributions was defeated by a vote of 38 percent to 61 percent.

In announcing its board meeting results, AT&T noted that executive pay was approved 93 percent to 7 percent.

Meanwhile, the AT&T board rejected a proposal to incorporate net-neutrality rules on its wireless network.

May 1, 2012

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