At SBC Communications’ annual company meeting, shareowners rejected a proposal to eliminate all bonuses and other incentive compensation for executives. The vote was 87% against the proposal. The following issues were also voted on by SBC shareowners:
- shareowners approved a proposal to require a shareholder vote on the adoption of any shareholder rights plans
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shareowners rejected a proposal to require stock options and other stock-based compensation to be subject to performance “hurdles” or “indexing” features, that stock earned by executives be subject to undetermined holding periods and that executives be subject to downside financial risk
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shareowners re-elected seven SBC board members to three-year terms: Gilbert F. Amelio, Clarence C. Barksdale, Martin K. Eby Jr., Charles F. Knight, Toni Rembe, Carlos Slim Helu, and Patricia P. Upton
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shareowners ratified the re-appointment of Ernst & Young LLP as SBC’s independent auditor
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SBC chairman and CEO, Edward E. Whitacre Jr, told shareholders that the company is “fundamentally solid” and that growth in DSL and long distance give the company momentum
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