The shareholders of US telco AT&T have voted 56-44 against adopting a policy that would have required the chairman of the board to be an independent director.
This vote took place during the company’s annual meeting on 27 April. It means that…
The shareholders of US telco AT&T have voted 56-44 against adopting a policy that would have required the chairman of the board to be an independent director.
This vote took place during the company’s annual meeting on 27 April. It means that Randall Stephenson will be able to remain CEO and chairman of AT&T.
Backers of a split between the CEO and chairman roles cited the difficulties for the board to monitor Stephenson’s performance and his “excessive pay”, which stood at US$28m in 2011, they said.
But the board argued that a single person, acting as chairman and CEO, serves a bridge between the board and management.
