TULSA, Okla. – 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 13 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 compensation of the company’s executive officers as described in the 2013 proxy statement.
- Approval of Verizon’s amended Long-Term Incentive Plan.
Of the six shareholder proposals, five were defeated: network neutrality, lobbying activities, severance approval policy, shareholder right to call a special meeting and shareholder right to act by written consent.
Shareholders approved a resolution that asks Verizon’s Board to adopt a proxy access bylaw, which would allow shareholders to nominate Board candidates under certain conditions. 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 website at www.verizon.com.