Verizon Communications Inc. (NYSE, NASDAQ:VZ) has announced preliminary results of the shareholder vote at its annual meeting here today. The company reported that a substantial majority of the shareholders approved 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 registered public accounting firm.
- Approval of the overall executive pay-for-performance compensation policies and procedures employed by the company.
- Approval of the Verizon Board's recommendation that shareholders vote in favor of holding future advisory votes related to executive compensation every year.
In addition, all four shareholder proposals were defeated: disclose prior government service, performance thresholds of performance stock units, cumulative voting and shareholder right to call a special meeting.
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 website at www.verizon.com.