DENVER—Shareholders of Qwest Communications International Inc. have rejected proposals to give themselves an advisory vote on the company’s executive pay and give large shareholders the power to call a special meeting.
However, the two proposals drew many votes by shareholder standards at the phone company’s annual meeting in Denver on Wednesday morning.
The proposal to give owners of 10 percent or more of the company’s shares the power to call a special meeting got a 47 percent “yes” vote. The “say on pay” proposal had 31 percent of shares voted in favor.
Several companies have instituted “say on pay” provisions. Another phone company, Verizon Communications Inc., gave shareholders their first advisory vote on pay two weeks ago. They approved the compensation package by 90 percent of the vote.
