AT&T Must Face Proxy Vote on Racial Equity Audit, SEC Says (1)

AT&T Inc. must give its investors the opportunity to vote on a shareholder proposal seeking a racial equity audit at the company, the SEC said.

In a letter posted online on Thursday, the Securities and Exchange Commission rejected AT&T’s request to nix the proposal. The proposal, submitted by the Nathan Cummings Foundation, calls for a third-party, independent racial equity audit analyzing AT&T’s impact on minority communities.

The Foundation said in its proposal that AT&T has faced scrutiny over its support for candidates who promote voter suppression efforts, which it said disproportionately impact people of color. The shareholders also cited concerns ...