Four Qwest stockholder proposals, including a “say on pay” initiative, were defeated today, the Denver-based company announced at its annual shareholder meeting at the Denver Performing Arts Complex.
A proposal that would have allowed stockholders who hold a combined stake of 10 percent or more to call special meetings narrowly lost, with 47 percent of shareholders voting in favor and 52 percent against.
The say-on-pay proposal, which would have given stockholders an advisory vote on the compensation of top executives, received 31 percent of votes in favor and 58 percent against.
The measure received 20 percent of votes in favor when it was presented two years ago.
Amid growing scrutiny of executive-pay packages, some large corporations have adopted such measures, including Apple and Verizon Communications.
A proposal to allow Qwest stockholders the authority to approve or deny retirement benefits for senior executives received 23 percent of votes for and 70 percent against.
A proposal to reincorporate Qwest in North Dakota was soundly defeated, with 97 percent of shareholders voting against it.
Totals do not add up to 100 percent because some shareholders withheld votes on certain items.
Andy Vuong: 303-954-1209 or avuong@denverpost.com
