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  • 2020 AT&T Shareholder Proposal Voting Recommendations
    Print Icon Apr 20, 2020

    AT&T’s Annual Meeting of Stockholders will take place later this month, on April 24. As a CWA member who works at AT&T, you may own stock in the company, which entitles you to vote on stockholder proposals.

    I’m writing to you today to share CWA’s recommendations on the issues under consideration and to encourage you to vote. After you submit your vote, please visit cwaunion.wufoo.com/forms/att- proxy-confirmation to let us know. This will help us get a better understanding of our strength as shareholders, and allow us to use that strength effectively in the future.

    One proposal deserves special consideration. CWA Secretary-Treasurer Emeritus Jeff Rechenbach has proposed that AT&T add an employee director to its Board.

    No one has more insight into how AT&T can achieve long-term success than frontline AT&T employees like you. An employee voice - and vote - on the Board would provide an important counter to vulture hedge funds like Elliott Management and others which have pushed for massive job cuts and stock buybacks.

    Amidst the COVID-19 pandemic, AT&T has acted quickly to resolve our concerns about employee safety and paid leave, and even cancelled a scheduled $4 billion stock buyback. An employee representative on the Board will help keep AT&T on track to continue to put the needs of its employees and customers first.

    CWA recommends that you vote FOR the Employee Director proposal, which is item number 5 on your proxy card.

    This year’s meeting is being held via webcast, but you do not need to attend the meeting to vote. If you hold stock in AT&T you should have received your annual meeting materials, including a proxy voting card either in the mail or electronically. We recommend that you submit your vote electronically following the instructions on your proxy card to ensure that it is received and recorded by the deadline. If you own stock through your 401(k) plan, AT&T recommends voting electronically by April 21, 2020 to allow sufficient time for processing.

    A summary of CWA’s voting recommendations appears below, and a full review of the proposals is available online at cwa-union.org/2020-att-proxy-voting-recommendations.

    I know that this is a difficult time for you and your family. My staff and I are working every day to ensure that AT&T’s managers are honoring the agreements we have made with the company. If you feel that you are being asked to do something that puts your health or safety at risk, contact your shop steward immediately. If necessary, your local president will escalate the issue to the T&T office.

    2020 AT&T Shareholder Proposal Voting Recommendations

    Item Description

    CWA Recommendation

    1. Election of Directors Vote Your Conscience
    2. Ratification of the Appointment of Ernst & Young LLP as Indeptendent Auditor Vote Against
    3. Advisory Approval of Executive Compensation Vote Against
    4. Independent Chair Vote For
    5 Employee Director Vote For
    6. Improve Guiding Principles of Executive Compensation Vote For

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