Cincinnati Bell Agrees to Say-on-Pay Settlement

Multiple news sources have reported that Cincinnati Bell has agreed to settlement terms in In re Cincinnati Bell, Inc. Derivative Litigation. The complaint in this case alleged that the board of directors breached its fiduciary duties by approving the company?ÇÖs 2010 executive compensation plan after certain shareholders voted against it in an advisory say-on-pay vote. The settlement terms include a variety of corporate governance changes that, among other things, will more clearly communicate the Company?ÇÖs executive compensation practices to its shareholders, and the payment of plaintiff?ÇÖs attorneys' fees and expenses. A list of the corporate governance changes can be found in Section 2.1 here.