Talk, talk…

October 24, 2003

Qwest’s Communications’ (Q) audit committee had lots to talk about in 2002. According to the proxy filed on Friday, the audit committee met 26 times last year, or more than twice a month. Compare that to 2000, when the audit committee met just six times. With 4 members of the committee each receiving $2,000 a pop, nall that talking quickly adds up: $208,000, which doesn’t include travel expenses. Of course, that wasn’t the only interesting thing in the proxy. Qwest also noted that the State of New Jersey, which like California State Teachers Retirement System (CalSTRS) and the State Universities Retirement System of Illiniois (SURSI) is suing Qwest, filed an ammeneded complaint last week that said the company, Arthur Andersen and several former and current directors “caused the stock to trade at artificially inflated prices by employing improper accounting policies and by issuing false statements about Qwest’s business, revenues and profits.”

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