ALBUQUERQUE, N.M., May 5, 2016 /PRNewswire/ -- Verizon
Communications Inc. (NYSE, Nasdaq: VZ) has announced preliminary
results of the shareholder vote at its annual meeting here
today.
The company reported that Verizon's shareholders elected each of
Verizon's 13 directors to a one-year term, with Chairman and CEO
Lowell McAdam receiving over 95
percent of the vote, and ratified the appointment of Ernst &
Young LLP as the company's independent registered public accounting
firm. The shareholders overwhelmingly approved the compensation of
the company's executive officers as described in the 2016 proxy
statement, with over 92 percent of the vote.
Despite recent assertions from unions that the company's major
shareholders were calling for change, all six of this year's
shareholders proposals were defeated.
A proposal regarding an enhanced executive stock retention
policy from the International Brotherhood of Electric Workers
Pension Benefit Fund was soundly defeated with only approximately
7.4 percent of shareholders voting in favor. A proposal from a
member of the Association of BellTel Retirees to expand the
company's current severance approval policy was defeated for the
fourth consecutive year, with approximately 31.3 percent of the
vote for and 68.7 percent of the vote against.
A proposal from Kenneth Steiner
-- presented at the meeting by a representative of the
Communications Workers of America -- requiring an independent
chairman of the board was also defeated, with approximately 23.5
percent of the vote for and 76.5 percent against.
The remaining three shareholder proposals were defeated as
follows:
Renewable energy targets: Defeated, with approximately 8.4
percent of the vote for and 91.6 percent of the vote
against.
Indirect political spending report: Defeated, with approximately
30.1 percent of the vote for and 69.9 percent of the vote
against.
Lobbying activities report: Defeated, with approximately 33.9
percent of the vote for and 66.1 percent of the vote against.
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.
Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in
New York City, generated nearly
$132 billion in 2015 revenues.
Verizon operates America's most reliable wireless network, with
112.6 million retail connections nationwide. The company also
provides communications and entertainment services over America's
most advanced fiber-optic network, and delivers integrated business
solutions to customers worldwide.
VERIZON'S ONLINE NEWS CENTER: News releases, feature stories,
executive biographies and media contacts are available at Verizon's
online News Center at www.verizon.com/news/. News releases are also
available through an RSS feed. To subscribe, visit
www.verizon.com/about/rss-feeds/.
Media contact:
Bob
Varettoni
917.734.4156 (cell)
robert.a.varettoni@verizon.com
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SOURCE Verizon Communications Inc.