Sprint will hold an online-only shareholders meeting and follow California clocks
06/27/2014 2:08 PM
06/27/2014 3:38 PM
Sprint Corp. is skipping the traditional shareholders meeting this year in favor of an online-only get-together.
The event is set for Aug. 6, and shareholders will be able to click into a live webcast of the proceedings. A proxy statement sent to shareholders also said they will be able to vote and submit questions electronically.
Sprint’s proxy said the meeting starts at 1 p.m. Pacific time, though Sprint’s headquarters are in Overland Park.
SoftBank Corp., based in Tokyo, owns 80 percent of Sprint and has set up its U.S. offices in San Carlos, Calif. Sprint also has a data center in Burlingame, Calif. Both communities are in Silicon Valley.
A Sprint spokesman said the location for the cameras and speakers had not been decided.
This is Sprint’s first general shareholders meeting since SoftBank completed is purchase in July 2013.
Sprint had held recent shareholders meetings at the Ritz Charles event center in Overland Park. Its virtual-only meeting is being handled by Broadridge Financial Solutions Inc.
Broadridge worked with 67 public companies during last year’s round of shareholders meetings, said Chuck Callan, the company’s senior vice president. A bit more than half were virtual-only meetings.
Others, including Microsoft Corp., added the webcast to supplement their traditional meetings that shareholders could attend.
Few companies’ meetings draw more than a few shareholders. The meetings, however, often provide a place for protests and even a forum for an unhappy shareholder to get some attention.
Like most shareholders meetings, Sprint’s event promises no surprises, especially given SoftBank’s controlling ownership.
Still, there will be votes tallied on electing directors and a few proposals, including ones on executive pay and stock ownership and on the company’s political contributions.
The proxy makes no mention of T-Mobile US Inc. According to unconfirmed reports, Sprint and SoftBank are working on a bid to buy the smaller U.S. wireless carrier.
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