OVERLAND PARK, Kan. -- In announcing preliminary results of the shareholder vote at Verizon Communications Inc.'s annual meeting here, the company reported that shareholders approved the election of each of Verizon's 13 directors standing for election to a one-year term. Each director received 80 percent or more of the vote.
With a 99 percent vote, shareholders also ratified the appointment of Ernst & Young as the company's independent auditor.
The company reported that 61 percent voted in favor of a resolution requesting that director nominees be elected by the affirmative vote of the majority of votes cast at an annual meeting.
Verizon's Board of Directors, which has been monitoring the active debate on the majority voting issue, said it will review its policy and consider the shareholder vote as well as all of the issues involved in making a change.
The other shareholder proposals were defeated. They received the following affirmative votes: cumulative voting, 44 percent; composition of board directors, 25 percent; directors on common boards, 19 percent; separate chairman and CEO, 48 percent; performance-based equity compensation, 20 percent; and disclosure of political contributions, 33 percent.
All vote tallies are considered preliminary until the final results are tabulated and certified by independent election inspectors.
Verizon Communications Inc. (NYSE:VZ), a Dow 30 company, is a leader in delivering broadband and other communication innovations to wireline and wireless customers. Verizon operates America's most reliable wireless network, serving 53 million customers nationwide; one of the most expansive wholly-owned global IP networks; and one of the nation's premier wireline networks, serving mass market and wholesale customers. Based in New York, Verizon has a diverse workforce of more than 250,000 and generates annual consolidated operating revenues of approximately $90 billion. For more information, visit www.verizon.com.