shareholders reject proposals
By Andy Vuong, Staff Writer
Wednesday, May 23, 2007
Article Last Updated: 05/23/2007 01:03:00 PM MDT
Qwest shareholders defeated proposals today that would have
given them an advisory vote on executive compensation and tied
stock option awards to the company's performance.
They also rejected two other measures that would have required
the Qwest to seek shareholder approval on supplemental
retirement plans for executives and to separate the roles of
chairman and chief executive.
The results were announced today at Denver-based Qwest's annual
shareholder meeting, which featured a protest from shareholders
about the company's executive pay policies.
More than dozen Qwest/US West retirees and shareholders held
signs before the meeting to encourage the company to give
shareholders a say on pay. Joining them was shareholder
advocate Scott Adams, who was dressed in a chicken suit holding
a sign that read, "Qwest Don't Be A Chicken - Give Shareholders
a Say on Pay."
Sixty-seven percent of stockholders were against the so-called
"say on pay" proposal that would given them an advisory vote
annually on pay packages awarded to top executives. Twenty
percent voted for the proposal and 14 percent abstained.
Eighty-two percent of investors voted against a measure that
would have required the board to link 75 percent of future
equity compensation to the company's performance.
The proposal on retirement plans was defeated by a 68 to 32
percent margin. Eighty-two percent of shareholders voted
against splitting the roles of chairman and CEO. Dick Notebaert
currently serves in both roles.
The meeting, held at the Grand Hyatt in downtown Denver, lasted
about an hour and a half.
Staff writer Andy Vuong can be reached at 303-954-1209 or