AT&T shareholders again reject 'say on pay'

A proxy vote that would have allowed AT&T shareholder advisory approval of executive compensation fell short last week by a fairly close margin. The results of the vote were announced by AT&T after its annual meeting took place last Thursday in Chattanooga, Tenn.

The tally was 53.4% against to 46.6% in favor of the so-called “say on pay” measure. It was the fourth consecutive year that shareholders voted on such a proposal, and proponents failed to gain more significant support since last year. The results of the previous three votes:

2009: 53% against; 47% in favor
2008: 56.3% against; 43.7% in favor
2007: 56% against; 44% in favor

Verizon has had a shareholder advisory vote on CEO pay since at least 2007. The Association of BellTel Retirees initiated the Verizon “say on pay” effort. In late March, the group issued a statement urging Verizon retirees to use that voting right this Thursday at the Verizon annual meeting in Little Rock, Ark., to vote against the proposed executive pay package for this year. The BellTel Retirees group said it is urging shareholders to support an additional proxy proposal to change how Executive Performance Stock Units are awarded.