AUSWR
The Association of U S West Retirees
 

 

 

Lucent shareholders OK
By The Associated Press
Denver Post
Thursday, February 16, 2006

Shareholders of Lucent Technologies Inc. on Wednesday approved proposals urging the board of the telecommunications-equipment maker to link executive pay more closely to company performance.

The shareholders dismissed a suggestion that senior managers get no bonuses until retiree benefits are restored, according to preliminary results of voting released from the company's annual meeting, which took place in Wilmington, Del.

The measures were proposed by shareholders and opposed by the board.

Neither of the proposals that passed are binding.

One, approved with 54 percent of the votes, requests that the board adopt a policy in which at least 75 percent of stock options granted senior executives be based on "performance criteria adopted by the board disclosed to shareowners."

The other proposal, which passed with 53 percent of the votes, encouraged the board to exclude the company's pension credit when determining performance-based compensation for its executives.  The Murray Hill, N.J.-based company has said it already does that.

Lucent has about 500 workers in Colorado.

http://www.denverpost.com/business/ci_3514043