AT&T Corp. shareholders gave strong support today in proxy voting for all eight director proposals. Among them, the AT&T Broadband-Comcast merger, forming AT&T Comcast Corp., was approved by 95% of the shares cast; and creation of an AT&T Consumer tracking stock won 84% of shares. Also, a resolution including the AT&T consumer tracking stock in AT&T's employee stock purchase plan won 92%; and a one-for-five reverse stock split received 93%.
All five shareholder proposals were soundly defeated. One, offering a choice between the discontinued defined benefit plan or the new cash balance plan, was defeated by 90% of shares casts; and another, excluding pension earnings from total corporate income when calculating performance for executive compensation, lost by 84%. Also, a resolution requiring shareholder approval of "golden parachute" executive severance agreements lost by 79%; and ending reference to sexual preference or orientation in AT&T's equal opportunity statement was rejected by 94%.