Qwest Communications International (NYSE:Q) shareholders rejected three proposals yesterday that would have given them a greater say in executive compensation matters. The proposals were sponsored by retirees and American Federation of State, County, and Municipal Employees Pension Plan. Shareholders voted down the proposal with 67% opposing, 20% supporting, and 14% abstaining. The telecommunications company did face a number of questions about executive pay packages, bonuses and other perks at the annual meeting, however, which should give the board some pause when considering future pay packages for its executives.

The failure of this "say for pay" plan marks a continued trend of failure within many public companies. In fact, Verizon Communication remains one of the only large companies to have adopted such a policy that would provide shareholders with a non-binding vote on executive pay packages. However, it is worth noting that many of these other packages were voted down by a narrow margin - the large amounts of dissident shareholders are likely to affect at least some changes in corporate boardrooms.