DENVER, May 12, 2010 — Qwest Communications (NYSE: Q) today announced preliminary voting results following its annual shareholders’ meeting at the Denver Center for Performing Arts Complex. At the meeting, shareholders elected each of Qwest’s 12 directors standing for election to a one-year term.
Shareholders approved the ratification of KPMG LLP as the company’s independent auditor for 2010 with approximately 98 percent voting in favor. In addition, a management proposal to approve an amendment to the company’s Employee Stock Purchase Plan passed with approximately 98 percent of shareholders voting in favor of the proposal.
The preliminary results of the four shareholder proposals are as follows (all percentages are approximate):
- A proposal requesting that our Board adopt a policy limiting the circumstances under which performance shares granted to executives will vest and become payable was rejected with 91 percent voting against, 7 percent voting in favor and 2 percent abstaining.
- A proposal urging our Board to adopt a policy that stockholders have the opportunity at each annual meeting to vote on an advisory resolution proposed by management to approve certain compensation of our executives was rejected with 51 percent voting against, 31 percent voting in favor and 18 percent abstaining.
- A proposal requesting that our Board establish a policy of separating the roles of Chairman and Chief Executive Officer whenever possible was rejected with 71 percent voting against and 29 percent voting in favor.
- A proposal requesting that our Board amend our bylaws to allow 10 percent or greater stockholders to call special meetings of stockholders was approved with 48 percent voting against and 52 percent voting in favor.