Proxy Statement
Executive Compensation

Introduction

The Human Resources Committee designs and oversees the total compensation program for Verizon's named executive officers. Throughout the discussion and analysis of compensation, we refer to the Board of Directors as the Board and the Human Resources Committee as the Committee.

During 2007, Verizon's named executive officers were:

 

Ivan G. Seidenberg

Chairman and Chief Executive Officer

 

Dennis F. Strigl

President and Chief Operating Officer

 

William P. Barr

Executive Vice President and General Counsel

 

Doreen A. Toben

Executive Vice President and Chief Financial Officer

 

Lowell C. McAdam

Executive Vice President and President and Chief Executive Officer,
Verizon Wireless Joint Venture

The Committee evaluates and approves each element of these officers’ compensation. However, the independent members of the Board approve all decisions relating to the CEO's compensation after they have reviewed the Committee’s evaluation and considered its recommendations.

Role of the Compensation Consultant and Input from Executive Officers

The Committee has the sole authority to retain and terminate a compensation consultant, and to approve the consultant’s fees, assignments and other terms of the engagement. The Committee has retained Pearl Meyer & Partners to act as its independent compensation consultant. In the discussion and analysis of compensation we refer to the compensation consultant as the Consultant. The Consultant has not performed any work for the Company's management since the date it was retained by the Committee.

The Consultant advises the Committee on all matters related to the compensation of the named executive officers and assists the Committee in interpreting data received from the Consultant or the Company. The Consultant participates in all Committee meetings.

As part of its routine practice, the Committee seeks the CEO’s assessment as to whether the existing compensation policies and practices continue to support the Company’s business objectives and reviews with the CEO the applicable performance goals. The Committee also solicits the CEO’s views on the Company’s performance relative to the pre-established performance measures and the contributions of the other named executive officers to the Company’s performance.

The Committee also consults with the Executive Vice President of Human Resources with regard to the design, administration and operation of the Company’s compensation program. The Committee has also delegated to him administrative responsibilities with respect to the implementation of its decisions on compensation and benefits, including procedures for communicating the compensation program to the executive officers. The Executive Vice President of Human Resources reports to the Committee on the actions he takes under this delegation.

The Committee takes into consideration information it receives from the Consultant, the CEO and the Executive Vice President of Human Resources. However, the Committee makes an independent determination on all compensation matters. The Committee met six times during 2007 and, at each of these meetings, met in executive session without management present.