Groups including the Association of BellTel Retirees had lobbied for passage of the measure. But, for the fourth consecutive year, the majority voted against the recommendation during AT&T’s annual shareholder meeting this week. However, unlike years past, the margins this time were razor-thin. A little more than 53 percent of shareholders voted against the idea, while nearly 47 percent voted for it.
The “say on pay” issue has grown in importance over the past few years as executives receive millions of dollars in compensation, even if a company’s stock doesn’t perform well. Shareholders want to tie executive pay to share activity.
Shares of AT&T closed 1.45 percent lower on Tuesday at $25.90.