TMCnet Feature

Investors of AT&T (News - Alert) and other U.S. wireless carriers no longer need to fight…for their right…to vote on net neutrality regulations, thanks, in part, to the Beastie Boys' Michael Diamond, better known as "Mike D."

The musician is one of three individual AT&T investors represented by Trillium Asset Management, which helped – along with other shareholder groups – to convince the U.S. Securities and Exchange Commission to require AT&T and other carriers to allow net neutrality proposals to be put up to a shareholder vote.

The SEC (News - Alert) last week denied the requests of AT&T, Verizon (News - Alert) and Sprint, which said that net neutrality – or the idea that all traffic should be treated without privilege or bias – isn't a significant enough issue to be considered by shareholders. The commission disagreed, noting that there has been a "sustained public debate over the last several years concerning net neutrality."

So, unless AT&T, Verizon and Sprint (News - Alert) decide to challenge the findings in court, they will be obligated to include net neutrality proposals in future ballots if their shareholders ask them to.

The ruling represents a change in course for the SEC, which initially agreed with the carriers in regards to the nature of the public discourse surrounding net neutrality. Trillium and other shareholder groups had been petitioning the SEC for years.

The decision "allows shareholders to come to the table for the first time on an issue that we think is really of preeminent importance," Farnum Brown, an investment strategist Trillium, told Bloomberg Business Week, which first broke the story.

The proposal set forth by the AT&T shareholder groups would recommend that the carrier "publicly commit to operate its wireless broadband network consistent with network neutrality principles."

In a letter to the commission, AT&T said it was "very concerned" that the proposal would "directly interfere with its network management practices and seriously impair its ability to provide wireless broadband service to its customers." Clearly the company's pleases fell on deaf ears.

While the ruling represents a major victory for net neutrality supporters, it might not actually change anything. We will have to wait and see if the shareholder groups can round up enough support to turn the proposals into resolutions.

Beecher Tuttle is a TMCnet contributor. He has extensive experience writing and editing for print publications and online news websites. He has specialized in a variety of industries, including health care technology, politics and education. To read more of his articles, please visit his columnist page.

Edited by Rich Steeves