Comcast Directors Re-Elected, Company-Sponsored Proposals Adopted Overwhelmingly at 2004 Annual Meeting
Comcast Corporation today announced preliminary results from the company's 2004 annual meeting of shareholders in which all board members were re-elected overwhelmingly, each receiving more than 92% of the vote; all company-sponsored proposals were adopted overwhelmingly, with more than 96% of the vote; and all shareholder proposals were defeated. The meeting was held this morning at the Wachovia Center in Philadelphia.
Comcast President and CEO Brian L. Roberts said, "Comcast is well
positioned for the future with an unparalleled distribution platform, a strong
balance sheet, and bright growth opportunities. Today's shareholder vote is a
gratifying confirmation of our strategy for future growth. I have never been
more excited about Comcast's business and prospects."
Comcast also announced Roberts has become chairman of the company's board
of directors, following C. Michael Armstrong's election to retire as non-
"I'd like to thank Mike for his guidance and advice during our complex
integration over the last eighteen months," Roberts said. "The success of
this integration has exceeded even my most optimistic projections. Our
company has benefited from Mike's experience and strategic insight."
Roberts, 44, has served as president of Comcast since 1990. Armstrong
became chairman of the board upon Comcast's acquisition of AT&T Broadband in
November of 2002. With Armstrong's retirement, Roberts became chairman of the
board under the company's articles of incorporation. This provision was put
into place at the time of the AT&T Broadband acquisition as part of a
governance structure that would provide for stability and be in the best
interest of shareholders. Armstrong, 66, who remains a member of the Comcast
board, has elected to serve as a consultant to Comcast as permitted under the
terms of his employment agreement.
Comcast Corporation (Nasdaq: CMCSA, CMCSK) (http://www.comcast.com) is
principally involved in the development, management and operation of broadband
cable networks and programming content. The Company is the largest cable
company in the United States, serving more than 21 million cable subscribers.
The Company's content businesses include majority ownership of Comcast
Spectacor, Comcast SportsNet, E! Entertainment Television, Style Network, The
Golf Channel, Outdoor Life Network and G4. Comcast Class A common stock and
Class A Special common stock trade on The NASDAQ Stock Market under the
symbols CMCSA and CMCSK, respectively.
2004 Preliminary Proxy Voting Results
Wednesday, May 26, 2004
Comcast Proposal One: Election of Directors.
- Brian L. Roberts received approximately 94.7% support of the votes
- Ralph Roberts received approximately 95.6% support of the votes cast.
- C. Michael Armstrong received approximately 95.4% support of the votes
- Julian A. Brodsky received approximately 95.6% support of the votes
- S. Decker Anstrom received approximately 92.1% support of the votes
- Kenneth J. Bacon received approximately 97.4% support of the votes
- Sheldon M. Bonovitz received approximately 94.9% support of the votes
- Joseph L. Castle II received approximately 96.5% support of the votes
- J. Michael Cook received approximately 97.3% support of the votes
- Dr. Judith Rodin received approximately 96.3% support of the votes
- Michael I. Sovern received approximately 96.5% support of the votes
Comcast Proposal Two: Ratification of the Appointment of Independent
Auditors. This proposal passed with approximately 98.6% of the votes cast.
Comcast Proposal Three: Approval of the 2002 Restricted Stock Plan. This
proposal passed with approximately 96.5% of the votes cast.
Comcast Proposal Four: Approval of an Amendment to the Company's Articles
of Incorporation. This proposal passed with approximately 96.2% of the votes
Shareholder Proposal Five: To Have Independent Directors Constitute Two-
Thirds of the Board. This proposal was defeated by approximately 74.9% of the
Shareholder Proposal Six: To Disclose Political Contributions. This
proposal was defeated by approximately 95.4% of the votes cast.
Shareholder Proposal Seven: To Nominate Two Directors for Every Open
Directorship. This proposal was defeated by approximately 93.9% of the votes
Shareholder Proposal Eight: To Limit Compensation to Senior Executives.
This proposal was defeated by approximately 94.9% of the votes cast.
Shareholder Proposal Nine: To Adopt a Recapitalization Plan. This
proposal was defeated by approximately 69.0% of the votes cast.