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NEW YORK – Verizon Communications Inc. (NYSE, Nasdaq: VZ) has announced preliminary results of the shareholder vote at its first virtual-only annual meeting today. In light of the public health concerns raised by the COVID-19 pandemic and the related protocols that federal, state and local authorities have implemented, the meeting was held in a virtual-only format.
Verizon’s shareholders elected each of Verizon’s nine directors to a one-year term. Shareholders also voted in favor of two management proposals:
Approved the compensation of the company’s named executive officers as described in the 2020 proxy statement, and
Ratified the appointment of Ernst & Young LLP as the company’s independent registered public accounting firm.
Four shareholder proposals were defeated: eliminate an investment option under the nonqualified executive savings plan; expand disclosure of the company’s lobbying activities and expenditures; issue a report on the feasibility of incorporating a user privacy metric into executive incentive compensation; and amend the company’s existing policy providing for shareholder approval of executive severance arrangements. A shareholder proposal that calls for an amendment to the company’s bylaws to allow a group of shareholders owning at least 10% of Verizon’s stock to call special shareholder meetings was approved by a slim margin.
Vote tallies are considered preliminary until the final results are tabulated and certified by independent inspectors of election. The final results will be posted on Verizon’s website at www.verizon.com/about/investors.