ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Wednesday, April 17, 1996 TAG: 9604170038
SECTION: BUSINESS PAGE: B-8 EDITION: METRO
AT&T to get public slap from investors
NEW YORK - Angered that AT&T CEO Robert Allen's pay rose as the company cuts 40,000 jobs, some institutional investors will withhold support or oppose re-election of the company's directors.
The action at the company's wednesdaywon't be enough to oust the directors, but it is a rare public slap by investor groups that generally wield their considerable clout in private.
In February, AT&T's board gave Allen a salary and bonus of $2.68 million, 20 percent less than he received in 1994. But his overall compensation, with stock incentives included, rose to $16 million from $6.7 million in 1994.
Representatives of the disgruntled investment funds said Tuesday they were shocked Allen could receive such a boost when AT&T's performance has been mixed for several years.
``We feel it's in the best interest of our participants that we withhold votes, because of the whole Mr. Allen situation,'' said Jack Kenneally of the Hotel Employees and Restaurant Employees International Union Pension Fund.
- Associated Press
Theater chain to do better for disabled
WASHINGTON - In an agreement with the Justice Department, one of the nation's largest movie theater chains pledged Tuesday to give disabled people seats beside their families and not just at the back of its theaters.
The United Artists Theater Circuit Inc. promised a wide range of changes, including parking lots and restrooms, to make its more than 2,300 movie screens in 29 states more accessible to disabled people. It denied any violation of the law but agreed to pay more than $500,000 to disabled individuals to settle a lawsuit.
The Justice Department is investigating 50 other theater chains and individual theaters for violations of the Americans with Disabilities Act, said John Wodatch, chief of the department's disability rights section.
- Associated Press
Briefly ...
A State Corporation Commission hearing on a motion for a temporary injunction against Lloyd's of London has been postponed until 10 a.m. April 24. The hearing had been set for today. The SCC's division of securities and retail franchising asked the commission earlier this month to stop the British insurance underwriter from collecting payments from Virginia investors on grounds that the company violated state securities laws.
Roanoke Electric Steel Corp. on Tuesday declared a common stock dividend of 11 cents per share, payable May 24 to shareholders of May 8.
LENGTH: Medium: 55 linesby CNB