Qwest shareholders today approved a proposal that will allow stockholders with a combined stake of at least 10 percent to call a special meeting.
The measure, proposed by shareholder advocate Gerald Armstrong, received 52 percent of votes in favor and 48 percent against.
“Reasonable access for a special meeting allows shareholders to vote on very important matters such as electing new directors, takeover offers and other matters in a timely manner,” Armstrong wrote in a supporting statement for the proposal.
He noted today during Qwest’s annual shareholders meeting in Denver that even if shareowners believe there is a better merger candidate for Qwest, they do not currently have the ability to call a special meeting to discuss the possibility.
Denver-based Qwest and CenturyTel announced plans last month to merge in a $22 billion stock and debt deal. The combined company will be based at CenturyTel’s headquarters in Monroe, La.
A so-called “say on pay” initiative that would have given shareholders an advisory vote on the salaries of top executives was again defeated, with 31 percent in favor, 51 percent against and 18 percent abstaining. The proposal received the same amount of support a year ago.
A proposal to limit how performance shares granted to executives vest and become payable was overwhelmingly voted down, with 7 percent in favor, 91 percent opposed and 2 percent abstaining.
A proposal to separate the role of chairman and chief executive was also defeated, receiving 29 percent of votes in favor and 71 percent against.
Currently, Ed Mueller holds both titles.
Andy Vuong: 303-954-1209, avuong@denverpost.com or
