American Tower Corp. Announces 2024 Annual Meeting of Stockholders

Ticker: AMT · Form: DEF 14A · Filed: Apr 10, 2024 · CIK: 1053507

American Tower Corp /Ma/ DEF 14A Filing Summary
FieldDetail
CompanyAmerican Tower Corp /Ma/ (AMT)
Form TypeDEF 14A
Filed DateApr 10, 2024
Risk Levellow
Pages15
Reading Time18 min
Key Dollar Amounts$3 billion, $11.1 b, $11.0 b, $1.4 billion, $7.1 billion
Sentimentneutral

Sentiment: neutral

Topics: proxy statement, annual meeting, stockholders, virtual meeting, corporate governance

TL;DR

<b>American Tower Corporation is holding its 2024 Annual Meeting of Stockholders virtually on May 22, 2024, urging shareholders to vote.</b>

AI Summary

AMERICAN TOWER CORP /MA/ (AMT) filed a Proxy Statement (DEF 14A) with the SEC on April 10, 2024. American Tower Corporation will hold its 2024 Annual Meeting of Stockholders on May 22, 2024, at 11:00 a.m. Eastern Time. The meeting will be conducted virtually via a live audio webcast at www.virtualshareholdermeeting.com/AMT2024. Stockholders are encouraged to vote their shares online, by telephone, by mail, or at the virtual meeting. The filing is a Definitive Proxy Statement (DEF 14A) filed on April 10, 2024. The company's fiscal year ends on December 31.

Why It Matters

For investors and stakeholders tracking AMERICAN TOWER CORP /MA/, this filing contains several important signals. This filing provides essential information for stockholders to participate in and vote at the annual meeting, influencing corporate governance decisions. The virtual format allows for broader participation but requires specific instructions for access and voting, impacting shareholder engagement.

Risk Assessment

Risk Level: low — AMERICAN TOWER CORP /MA/ shows low risk based on this filing. The filing is a routine proxy statement for an annual meeting, with no immediate financial or operational disclosures that would significantly alter risk perception.

Analyst Insight

Review the proxy statement to understand the proposals being voted on and cast your vote to influence corporate governance.

Key Numbers

  • 2024 — Annual Meeting Year (American Tower Corporation's 2024 Annual Meeting of Stockholders)
  • May 22 — Annual Meeting Date (Wednesday, May 22, 2024)
  • 11:00 a.m. ET — Annual Meeting Time (11:00 a.m. Eastern Time)

Key Players & Entities

  • AMERICAN TOWER CORP /MA/ (company) — Registrant
  • Steven O. Vondran (person) — President and Chief Executive Officer
  • 2024 (date) — Annual Meeting year
  • May 22, 2024 (date) — Annual Meeting date
  • 11:00 a.m. Eastern Time (time) — Annual Meeting time
  • www.virtualshareholdermeeting.com/AMT2024 (url) — Virtual meeting link

FAQ

When did AMERICAN TOWER CORP /MA/ file this DEF 14A?

AMERICAN TOWER CORP /MA/ filed this Proxy Statement (DEF 14A) with the SEC on April 10, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by AMERICAN TOWER CORP /MA/ (AMT).

Where can I read the original DEF 14A filing from AMERICAN TOWER CORP /MA/?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by AMERICAN TOWER CORP /MA/.

What are the key takeaways from AMERICAN TOWER CORP /MA/'s DEF 14A?

AMERICAN TOWER CORP /MA/ filed this DEF 14A on April 10, 2024. Key takeaways: American Tower Corporation will hold its 2024 Annual Meeting of Stockholders on May 22, 2024, at 11:00 a.m. Eastern Time.. The meeting will be conducted virtually via a live audio webcast at www.virtualshareholdermeeting.com/AMT2024.. Stockholders are encouraged to vote their shares online, by telephone, by mail, or at the virtual meeting..

Is AMERICAN TOWER CORP /MA/ a risky investment based on this filing?

Based on this DEF 14A, AMERICAN TOWER CORP /MA/ presents a relatively low-risk profile. The filing is a routine proxy statement for an annual meeting, with no immediate financial or operational disclosures that would significantly alter risk perception.

What should investors do after reading AMERICAN TOWER CORP /MA/'s DEF 14A?

Review the proxy statement to understand the proposals being voted on and cast your vote to influence corporate governance. The overall sentiment from this filing is neutral.

How does AMERICAN TOWER CORP /MA/ compare to its industry peers?

American Tower Corporation operates as a real estate investment trust, primarily involved in the ownership and operation of wireless and broadcast communications infrastructure.

Are there regulatory concerns for AMERICAN TOWER CORP /MA/?

The filing is made under Schedule 14A of the Securities Exchange Act of 1934, which governs the information required in proxy statements for shareholder meetings.

Industry Context

American Tower Corporation operates as a real estate investment trust, primarily involved in the ownership and operation of wireless and broadcast communications infrastructure.

Regulatory Implications

The filing is made under Schedule 14A of the Securities Exchange Act of 1934, which governs the information required in proxy statements for shareholder meetings.

What Investors Should Do

  1. Review the proxy statement for details on proposals and director nominees.
  2. Vote your shares prior to the May 22, 2024 meeting date.
  3. Access the virtual meeting via the provided webcast link.

Key Dates

  • 2024-05-22: 2024 Annual Meeting of Stockholders — Key date for shareholder voting and participation.
  • 2024-04-10: Filing Date — Date the Definitive Proxy Statement was filed with the SEC.

Year-Over-Year Comparison

This is the initial filing for the 2024 proxy season, detailing the upcoming annual meeting and associated proposals.

Filing Stats: 4,418 words · 18 min read · ~15 pages · Grade level 15.3 · Accepted 2024-04-10 08:03:04

Key Financial Figures

  • $3 billion — in expansion and returned approximately $3 billion to stockholders through common share di
  • $11.1 b — total revenue by approximately 4.0% to $11.1 billion, grew property revenue (2) by app
  • $11.0 b — ty revenue (2) by approximately 5.1% to $11.0 billion, net income decreased by approxim
  • $1.4 billion — ome decreased by approximately 19.4% to $1.4 billion (3) and grew Adjusted EBITDA (2) by app
  • $7.1 billion — ted EBITDA (2) by approximately 6.7% to $7.1 billion; Had record colocation and amendment g
  • $3.0 billion — ur Data Centers segment; Declared over $3.0 billion in cash dividends to common stockholder
  • $1.8 billion — n stockholders; Deployed approximately $1.8 billion in capital expenditures in 2023, with t
  • $9.87 — e (AFFO Attributable per Share) (4) was $9.87 and ROIC (4) was 9.3% for the full year
  • $331 million — oreign currency losses of approximately $331 million in 2023 as compared to foreign currency
  • $449 million — foreign currency gains of approximately $449 million in 2022. (4) Performance metric under
  • $600 million — (GHG) emissions. We have invested over $600 million since 2012 in our three-pronged strateg

Filing Documents

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 44 Compensation Discussion and Analysis 47 Executive Summary 48 Overview of Our Compensation Program 55 Compensation Determinat ions for 202 3 57 Other Compensation and Governance Practices and Policies 64 Updates to Our 2024 Compensation Program 67 Compensation Committee Report 68

Executive Compensation Tables

Executive Compensation Tables 69 Severance Program 75 Pay Versus Performance 78 CEO Pay Ratio 82 Securities Authorized for Issuance U nder Equity Compensation Plans 83

Security Ownership of Certain Beneficial Owners and Management

Security Ownership of Certain Beneficial Owners and Management 84 Delinquent Section 16(a) Reports 85 STOCKHOLDER PROPOSALS 86 PROPOSAL 4 Stockholder Proposal Regarding the Special Meeting 86 PROPOSAL 5 Stockholder Proposal Regarding Disclosure of Racial and Gender Pay Gaps 89 QUESTIONS & ANSWERS 93 ADDITIONAL INFORMATION 97 Proposals of Stockholders 97 Proxy Access 97 Householding of Annual Meeting Materials 98 Annual Report on Form 10-K 98 APPENDIX A A-1 Definitions, Reconciliations to Measures under GAAP and Calculation of Defined Measures A-1 Reconciliations to Historical Results A- 4 Proxy Statement Summary The following pages provide a summary of important information you will find in this Proxy Statement. As it is only a summary, please review the complete Proxy Statement before submitting your vote. Proposals To Be Voted On and Our Board's Recommendations PROPOSALS BOARD'S RECOMMENDATION SEE PAGE 1 DIRECTORS: Election of Directors FOR each nominee 10 2 AUDIT: Ratification of Independent Accountant FOR 41 3 COMPENSATION: Advisory Vote on Executive Compensation FOR 44 4 STOCKHOLDER PROPOSAL: Stockholder proposal regarding the ownership threshold required to call a special meeting AGAINST 86 5 STOCKHOLDER PROPOSAL: Stockholder proposal regarding disclosure of racial and gender pay gaps AGAINST 89 AMERICAN TOWER CORPORATION 2024 PROXY STATEMENT 1 PROXY STATEMENT SUMMARY American Tower's Strategy and Vision To strategically partner with our customers to strengthen our global leadership position as an owner, operator and developer of multitenant, neutral-host digital infrastructure—deploying our capital to add scale to our core business, selectively extending our product platform, developing our talent and creating a sustainable culture that both drives returns for our stockholders and bridges the digital divide. American Tower's Key Obj

Executive Compensation Philosophy

Executive Compensation Philosophy WE REWARD BASED ON KEY FEATURES Company annual and three-year performance relative to pre-established financial goals; Company annual financial performance relative to that of competitor and peer group companies; Successful completion of key near-term goals and strategic objectives, while positioning the Company to generate attractive long-term return for stockholders; and Other relevant considerations, such as retaining executives with above-average performance and proven leadership ability. Equity awards weighted toward long-term performance-based metrics; Reasonable retirement and welfare benefits, and no pension arrangements; Clawback policy; Stock ownership guidelines; Anti-insider trading policy, including prohibition on hedging and pledging; Double-trigger equity vesting and no tax gross-ups in the event of a change of control; Use of an independent compensation consultant; and Regular risk assessment of compensation programs. Say on Pay Our stockholders have historically approved our say-on-pay proposal at a high rate, with approximately 96% of votes cast in favor of our executive compensation program at our 2023 annual meeting of stockholders. FOR THE PAST 3 YEARS, we received an average stockholder approval rate of over 95% in support of our executive compensation program. Framework of 2023 Compensation CEO Target Compensation Average of Other NEOs Target Compensation AMERICAN TOWER CORPORATION 2024 PROXY STATEMENT 8 PROXY STATEMENT SUMMARY Executive Pay Structure OVERVIEW ANNUAL BASE SALARY American Tower provides a competitive level of compensation to its executive officers to attract and retain highly qualified executive talent and reward sustained performance over time. Base salary is reviewed by the Compensation Committee and determined annually. ANNUAL PERFORMANCE INCENTIVE PROGRAM American Tower provides at-risk, variable cash pay opportunity for performance over one year t

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