PITTSBURGH -- Shareholders of Verizon Communications Inc. (NYSE:VZ) have approved the election of each of Verizon's 15 directors standing for election to a one-year term. In preliminary results of the shareholder vote at Verizon's annual meeting here today, each director received 90 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.
Preliminary results indicate that the following shareholder proposals were defeated: eliminating stock options, approximately 9 percent; shareholder approval of future severance agreements, approximately 47 percent; compensation consultant disclosure, approximately 47 percent; limit service on outside boards, approximately 12 percent; shareholder approval of future poison pill, approximately 19 percent; and report on charitable contributions, approximately 14 percent. The preliminary results for the proposal on an advisory vote on senior executive compensation are too close to determine whether the proposal passed or was defeated. The outcome will be determined by the final tabulation.
The final results will be tabulated, certified by the independent election inspectors and posted on Verizon's Web site (www.verizon.com). They will also be reported in Verizon's Report on Form 10-Q for the second quarter.
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.