Lumen Energy | Shareholder Vote on Poison Pill at Lumen Energy

Status
Filed
Previous AGM date
Resolution details
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 HQ country
United States
Resolved clause
RESOLVED : Shareholders request that our Board adopt a rule to redeem any current or future Poison Pill unless such plan or amendments to such plan are submitted to a shareholder vote, as a separate ballot item, within 12 months.
Supporting statement
Poison pills prevent shareholders, and the overall market, from exercising their right to discipline management by turning it out. They entrench the current management, even when it's doing a poor job. They water down shareholders? votes and deprive them of a meaningful voice in corporate affairs." ? "Take on the Street" by Arthur Levitt, SEC Chairman, 1993-2001. ?That?s the key negative of poison pills ? instead of protecting investors, they can also preserve the interests of management deadwood as well.? ? Morningstar.com, Aug. 15, 2003. If our management adopts this proposal it will be a sign that management values our shareholder input. Now could be a ripe time for this rule since Lumen Technologies stock was at $45 in 2014 and was down drastically to $7 in late 2025 despite a robust stock market.

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