Archived from groups: alt.cellular.sprintpcs (More info?)
Reuters
UPDATE - ISS recommends vote against Sprint director
Thursday April 8, 11:17 am ET
(Updates throughout with details)
WASHINGTON, April 8 (Reuters) - Institutional Shareholder Services, a
proxy voting advisory service, said on Thursday it was recommending
withholding votes for a member of Sprint Corp.'s (NYSE:FON - News) board
of directors, citing the company's selection of board candidates and its
CEO's compensation.
ADVERTISEMENTISS said it would have recommended a broader vote against
Sprint's board, but only one candidate up for re-election, Linda Koch
Lorimer, was a continuing board member. It also recommended votes for
two shareholder proposals.
Sprint, one of the largest U.S. long-distance and cellular telephone
companies, did not immediately return calls seeking comment.
ISS said it had "serious concerns about the effectiveness" of Sprint's
board, saying the process for choosing directors "appears to be less
than independent and partly driven by CEO connections."
ISS also faulted Sprint for giving Chairman and Chief Executive Gary
Forsee what it called an "extravagant" pay package in his first year on
the job. Forsee was paid about $16.4 million in cash, stock and other
compensation in 2003, and received 2.8 million stock options.
The shareholder proposals favored by ISS would call on Sprint to
separate the titles of chairman and CEO and to establish a
performance-based stock option plan. In its proxy, Sprint opposed both
proposals and cited ISS in support of its arguments.
http://biz.yahoo.com/rc/040408/telecoms_sprint_director_2.html
Reuters
UPDATE - ISS recommends vote against Sprint director
Thursday April 8, 11:17 am ET
(Updates throughout with details)
WASHINGTON, April 8 (Reuters) - Institutional Shareholder Services, a
proxy voting advisory service, said on Thursday it was recommending
withholding votes for a member of Sprint Corp.'s (NYSE:FON - News) board
of directors, citing the company's selection of board candidates and its
CEO's compensation.
ADVERTISEMENTISS said it would have recommended a broader vote against
Sprint's board, but only one candidate up for re-election, Linda Koch
Lorimer, was a continuing board member. It also recommended votes for
two shareholder proposals.
Sprint, one of the largest U.S. long-distance and cellular telephone
companies, did not immediately return calls seeking comment.
ISS said it had "serious concerns about the effectiveness" of Sprint's
board, saying the process for choosing directors "appears to be less
than independent and partly driven by CEO connections."
ISS also faulted Sprint for giving Chairman and Chief Executive Gary
Forsee what it called an "extravagant" pay package in his first year on
the job. Forsee was paid about $16.4 million in cash, stock and other
compensation in 2003, and received 2.8 million stock options.
The shareholder proposals favored by ISS would call on Sprint to
separate the titles of chairman and CEO and to establish a
performance-based stock option plan. In its proxy, Sprint opposed both
proposals and cited ISS in support of its arguments.
http://biz.yahoo.com/rc/040408/telecoms_sprint_director_2.html
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