LOUISVILLE, Ky. - In announcing preliminary results of the shareholder vote at Verizon Communications Inc.'s annual meeting here today, the company reported that a substantial majority of the shareholders approved each of the following management proposals:
- Election of each of Verizon's 12 directors standing for election to a one-year term.
- Ratification of the appointment of Ernst & Young as the company's independent auditor.
- Approval of the overall executive pay-for-performance compensation policies and procedures employed by the company.
- Approval of Verizon's long-term and short-term incentive plans.
Of the five shareholder proposals, four were defeated: prohibit granting stock options, separate offices of chairman and CEO, cumulative voting, and shareholder approval of benefits paid after an executive's death.
Shareholders approved a resolution that asks Verizon's Board of Directors to take the necessary steps to give holders of 10 percent of Verizon shares the ability to call a special meeting. Current Verizon bylaws provide that holders of 25 percent of shares may call a special meeting of shareholders. Verizon's Board said that it will consider the outcome of the vote in its ongoing review of the company's corporate governance practices.
Vote tallies are considered preliminary until the final results are tabulated and certified by independent election inspectors. The final results will be posted on Verizon's Web site at www.verizon.com.
Verizon Communications Inc. (NYSE:VZ), headquartered in New York, is a global leader in delivering broadband and other wireless and wireline communications services to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving more than 86 million customers nationwide. Verizon's Wireline operations provide converged communications, information and entertainment services over the nation's most advanced fiber-optic network. Wireline also includes Verizon Business, which delivers innovative and seamless business solutions to customers around the world. A Dow 30 company, Verizon employs a diverse workforce of more than 237,000 and last year generated consolidated operating revenues of more than $97 billion. For more information, visit www.verizon.com.