Business Context and Reporting Period
This Form 8-K reports on the 2010 Annual Meeting of Shareholders held by CenturyLink, Inc. (formerly CenturyTel, Inc.) on May 20, 2010. The filing details the outcomes of shareholder votes on director elections, auditor ratification, corporate name change, executive compensation plans, and several shareholder proposals.
Key Financial Metrics
This filing is a current report regarding corporate governance and shareholder voting results. It does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The filing text does not provide a clear value for any financial metrics.
Material Changes
The most significant material change reported is the formal adoption of the name change from "CenturyTel, Inc." to "CenturyLink, Inc." via an amendment to the Articles of Incorporation, which was approved by shareholders. Additionally, four new Class I directors were elected to serve until 2013.
Outlook, Management Commentary, and Risks
Management commentary is limited to the reporting of vote tallies. The filing notes that shareholders rejected four specific proposals: network management practices, limitations on executive compensation, executive stock retention, and an executive compensation advisory vote. The appointment of KPMG LLP as the independent auditor for 2010 was ratified. For further details on the matters voted upon, the filing references the proxy statement dated April 5, 2010.
Important Facts for Investors to Verify
- Shareholders approved the corporate name change to CenturyLink, Inc. with 251,514,648 votes in favor.
- Four Class I directors (W. Bruce Hanks, C.G. Melville, Jr., William A. Owens, Glen F. Post, III) were elected to the board.
- Shareholders rejected a proposal regarding network management practices, with 129,182,065 votes against.
- Shareholders rejected a proposal to limit executive compensation, with 198,875,042 votes against.
- Shareholders rejected a proposal regarding executive stock retention, with 154,959,021 votes against.
- Shareholders rejected a proposal for an executive compensation advisory vote, with 114,219,223 votes against.
- KPMG LLP was ratified as the independent auditor for 2010.