AT&T Announces Preliminary Results of 2021 Annual Meeting

Rhea-AI Summary

AT&T Inc. (NYSE:T) held its annual stockholder meeting, where all 12 board nominees were re-elected for a year. A significant 95.8% of votes supported the appointment of Ernst & Young LLP as the independent auditor. However, the advisory vote on executive compensation only garnered 48.9% approval. Notably, a stockholder proposal for written consent was rejected with 71.7% against. The company is focusing on talent retention to achieve strategic objectives and enhance shareholder value.

Positive

• 95.8% of votes approved Ernst & Young LLP as independent auditor.
• All 12 board nominees re-elected for one-year terms.

Negative

• Only 48.9% voted in favor of executive compensation, indicating shareholder concerns.
• Proposal for stockholder action by written consent was defeated with 71.7% against.

At its annual meeting of stockholders today, AT&T Inc.* (NYSE:T) announced that each of the 12 nominees to the company’s board of directors were reelected for one-year terms. The board members are:

• William Kennard
• Samuel Di Piazza, Jr.
• Scott Ford
• Glenn Hutchins
• Debra Lee
• Stephen Luczo
• Michael McCallister
• Beth Mooney
• Matthew Rose
• John Stankey
• Cynthia Taylor
• Geoffrey Yang 

Additionally, AT&T stockholders voted to approve the appointment of Ernst & Young LLP as the company’s independent auditor (95.8% of votes cast in favor).

In an advisory vote, the compensation of AT&T’s executive officers, as described in the 2021 proxy statement, received 48.9% of votes cast in favor.

“Given the dynamic markets in which we operate, the Board is laser-focused on attracting and retaining the talent necessary to deliver on our strategic objectives and create shareholder value,” said William Kennard, chairman of AT&T’s board of directors. “Over the years, shareholder feedback has helped us design a compensation program that pays for performance, is competitive for key talent, and aligns the interests of executives and stockholders. As we further engage with our owners on this important topic, the Board will carefully consider today’s advisory vote to ensure that our approach to compensation continues to reflect these principles.”

A stockholder proposal regarding stockholder action by written consent was defeated with 71.7% of votes cast against.

When final voting results are available, they will be filed with the SEC and posted on the AT&T Investor Relations website and on AT&T’s proxy voting website.

*About AT&T

AT&T Inc. (NYSE:T) is a diversified, global leader in telecommunications, media and entertainment, and technology. Consumers and businesses have more than 225 million monthly subscriptions to our services. AT&T Communications provides more than 100 million U.S. consumers with entertainment and communications experiences across mobile and broadband. Plus, it serves high-speed, highly secure connectivity and smart solutions to nearly 3 million business customers. WarnerMedia is a leading media and entertainment company that creates and distributes premium and popular content to global audiences through its consumer brands, including: HBO, HBO Max, Warner Bros., TNT, TBS, truTV, CNN, DC Entertainment, New Line, Cartoon Network, Adult Swim and Turner Classic Movies. Xandr, now part of WarnerMedia, provides marketers with innovative and relevant advertising solutions for consumers around premium video content and digital advertising through its platform. AT&T Latin America provides pay-TV services across 10 countries and territories in Latin America and the Caribbean and wireless services to consumers and businesses in Mexico.

AT&T products and services are provided or offered by subsidiaries and affiliates of AT&T Inc. under the AT&T brand and not by AT&T Inc. Additional information is available at about.att.com. © 2021 AT&T Intellectual Property. All rights reserved. AT&T, the Globe logo and other marks are trademarks and service marks of AT&T Intellectual Property and/or AT&T affiliated companies. All other marks contained herein are the property of their respective owners.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210430005419/en/

FAQ

What was the outcome of AT&T's annual stockholder meeting?

All 12 board nominees were re-elected for one-year terms.

What percentage of votes approved Ernst & Young LLP as AT&T's independent auditor?

95.8% of votes cast approved the appointment.

How did stockholders vote on executive compensation at AT&T?

Only 48.9% voted in favor of the executive compensation package.

What happened to the stockholder proposal for written consent at AT&T's meeting?

The proposal was defeated with 71.7% of votes against.