AFL-CIO criticized AT&T Thurs. for trying ’to deprive shareholder...
AFL-CIO criticized AT&T Thurs. for trying “to deprive shareholders of meaningful oversight of AT&T management’s controversial breakup plan.” Union disapproved of company’s filing preliminary proxy statement with SEC Wed. in which it proposed to amend its charter to reduce…
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approval threshold for mergers and asset disposition to simple majority from current 2/3 majority of outstanding shares. “AT&T is essentially asking shareholders to relinquish an important right before they have enough information to decide if they want to exercise that right,” said Richard Trumka, AFL-CIO secy.-treas. Union’s concern is effect charter change would have on AT&T’s plan to break up into 3 separate companies and 4 publicly listed securities. AFL-CIO has expressed concern about breakup.