NEW YORK -- Verizon Communications Inc. (NYSE:VZ) today announced final results of the shareholder vote at the company's annual meeting in Pittsburgh.
These results show that the shareholder proposal seeking an advisory vote on senior executive compensation was approved, receiving 50.18 percent of the vote. In announcing preliminary results May 3, Verizon reported that voting had been too close to determine an outcome on the advisory proposal. Independent election inspectors have since tabulated and certified final results.
Verizon stated: "In furthering shareholder interests, the Board of Directors has established senior executive compensation practices that are closely linked to company performance. The Board is committed to continuous review of the company's compensation practices and will further consider its policies in light of the high level of shareholder interest and the active discussion taking place with respect to the advisory vote issue in a variety of forums, including in the U.S. Congress."
As previously announced, all other shareholder proposals were not approved, and the management proposals passed.
Shareholders approved the election of each of Verizon's 15 directors standing for election to a one-year term. Consistent with preliminary results, all directors were elected by a vote of at least 90.39 percent. Shareholders also ratified the appointment of Ernst & Young as the company's independent auditor with a 98.91 percent vote.
The following shareholder proposals did not receive a majority vote: eliminating stock options, 8.96 percent; shareholder approval of future severance agreements, 47.01 percent; compensation consultant disclosure, 46.94 percent; limit service on outside boards, 11.97 percent; shareholder approval of future poison pill, 18.98 percent; and report on charitable contributions, 14.30 percent.
Unlike many companies, Verizon does not include abstentions in the vote count, so the percentages cited above reflect "for" vs. "against" votes rather than "for" vs. all votes cast.
The final results were tabulated and certified by independent election inspectors Carl T. Hagberg and Raymond J. Riley of Carl T. Hagberg and Associates.
Verizon Communications Inc. (NYSE:VZ), headquartered in New York, is a leader in delivering broadband and other wireline and wireless communication innovations to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving 60.7 million customers nationwide. Verizon's Wireline operations include Verizon Business, which delivers innovative and seamless business solutions to customers around the world, and Verizon Telecom, which brings customers the benefits of converged communications, information and entertainment services over the nation's most advanced fiber-optic network. A Dow 30 company, Verizon has a diverse workforce of more than 238,000 and last year generated consolidated operating revenues of more than $88 billion. For more information, visit www.verizon.com.