AT&T shareholders voted against establishing term limits for outs...
AT&T shareholders voted against establishing term limits for outside directors and capping CEO compensation, according to preliminary proxy voting results announced at AT&T’s annual meeting Wed. in Savannah. Results showed only 7.7% of 525.4 million shareholders voted for directors’…
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term limits and 7.6% voted for a cap on CEO compensation. AT&T Chmn. David Dorman told attendees that the company expected to end the year with net debt under $10 billion, compared with $12 billion at the end of the first quarter. He said AT&T, among other things, planned this year to implement “a single global IP network” and would offer bundled local-long distance services to consumers in as many as 22 states by the end of the year. He said that despite “a challenging environment,” the company gained share in several areas of the business market, including local, IP and managed services. “From an operational standpoint, the challenges of the last year and the downturn of the industry overall have made AT&T a better company,” Dorman said. “We have become more focused and more efficient, improving processes and setting a very specific, simplified vision for our future.”