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CenturyLink shareholders reject executive pay proposal

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CenturyLink shareholders reject executive pay proposal

CenturyLink Inc. shareholders voted down a proposal regarding overall compensation for the named executive officers of the company on an advisory basis at an annual meeting held May 22.

The compensation proposal was tied to changes in line with CenturyLink's acquisition of Level 3 Communications Inc. and related leadership transitions, including Jeffrey Storey's takeover as company CEO, according to the proxy statement for the meeting.

A shareholder proposal from the AFL-CIO Reserve Fund, which would require CenturyLink to prepare a report on its lobbying activities, was also rejected following a recommendation by the company's board.

Meanwhile, the shareholders approved an amendment to CenturyLink's articles of incorporation to increase the company's shares of common stock to 2.2 billion from 1.6 billion.

The U.S. enterprise communications provider is undergoing a strategic review of its business.