AT&T INC. | Right To Act By Written Consent at AT&T Inc.

Status
Filed
Previous AGM date
Resolution details
Company ticker
T
Lead filer
John Chevedden
Resolution ask
Adopt or amend a policy
ESG theme
  • Governance
ESG sub-theme
  • Shareholder rights
Type of vote
Shareholder proposal
Filer type
Shareholder
Company sector
Telecom
Company HQ country
United States
Resolved clause
RESOLVED : Shareholders request that the board of directors take the necessary steps to permit written consent by the shareholders entitled to cast the minimum number of votes that would be necessary to authorize an action at a meeting at which all shareholders entitled to vote thereon were present and voting (without any unnecessary restriction based on length of stock ownership or the method by which shareholders hold their shares). This includes shareholder ability to initiate any appropriate topic for written consent.
Supporting statement
Acting by written consent is hardly ever used by shareholders but the main point of having a right to act by written consent is that it gives shareholders greater standing to engage effectively with management when AT&T underperforms. This proposal received 42% support at previous AT&T annual shareholder meeting. This 42% support likely represented more than 50% support from the AT&T shares that have access to independent proxy voting advice and are the most informed shareholders regarding AT&T ballot items. AT&T shareholders, who do not have access to independent proxy voting advice, can give deference to the view of the most informed AT&T shareholders The following challenging 2025 news reports on AT&T make it more important to adopt this proposal without delay: AT&T's Q3 2025 revenue of $30 billion fell short of analyst expectations, leading to a stock price decline of 3-5%. This revenue miss prompted several firms, including Barclays and Scotiabank, to downgrade their outlook for AT&T due to concerns over competitive pressures and future growth. The FCC enforced a ruling in response to the "Salt Typhoon" Chinese state-sponsored cyberattacks that breached several telecom companies, including AT&T. This required AT&T to invest in security improvements and opened AT&T up to potential fines for non-compliance. The FCC later repealed this specific ruling, a move that some felt left customer data protection at risk. AT&T is also dealing with the fallout of a major data breach that impacted over 73 million customers, with a judge approving a $177 million settlement. AT&T faced customer dissatisfaction after reducing the monthly autopay discount for those using credit cards, which contributed to customer churn. A lawsuit by a partner, Tilson, against AT&T's fiber joint venture, Gigapower, resulted in Tilson's bankruptcy and potential delays in AT&T's fiber network expansion plans. CEO John Stankey warned that potential new tariffs could increase the cost of smart phones and network equipment, which might lead to higher prices. In August 2025, Fitch Ratings placed AT&T on a "Rating Watch Negative" following its plan to acquire $23 billion in wireless spectrum from EchoStar, indicating concerns about the impact on AT&T?s debt leverage.

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