Lumen Energy | Simple majority vote at Lumen Energy

Status
97.14% votes in favour
AGM date
Proposal number
6
Resolution details
Lead filer
Individual
Resolution ask
Adopt or amend a policy
ESG theme
  • Governance
ESG sub-theme
  • Shareholder rights
Type of vote
Shareholder proposal
Filer type
Shareholder
Company HQ country
United States
Resolved clause
Shareholders request that our board take each step necessary so that each voting requirement in our charter
and bylaws (that is explicit or implicit due to default to state law) that calls for a greater than simple majority
vote be replaced by a requirement for a majority of the votes cast for and against applicable proposals, or a
simple majority in compliance with applicable laws. If necessary this means the closest standard to a majority of
the votes cast for and against such proposals consistent with applicable laws. This includes making the
necessary changes in plain English.
Supporting statement
Filed by John Chevedden. Shareholders request that our board take each step necessary so that each voting requirement in our charter
and bylaws (that is explicit or implicit due to default to state law) that calls for a greater than simple majority
vote be replaced by a requirement for a majority of the votes cast for and against applicable proposals, or a
simple majority in compliance with applicable laws. If necessary this means the closest standard to a majority of
the votes cast for and against such proposals consistent with applicable laws. This includes making the
necessary changes in plain English.
Shareholders are willing to pay a premium for shares of companies that have excellent corporate governance.
Lumen Technologies' supermajority voting requirements have been found to be one of 6 entrenching
mechanisms that are negatively related to company performance according to "What Matters in Corporate
Governance" by Lucien Bebchuck, Alma Cohen and Allen Ferrell of the Harvard Law School. Supermajority
requirements can be used to block proposals supported by most shareholder but opposed by the Board
of Directors.
This proposal topic, as a shareholder proposal, received 98% support each in 2024 at Domino's Pizza, FMC
Corporation, ConocoPhillips, Masco Corporation and Power Integrations

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