A notice to Verizon retirees who live in the region, from an organization that lobbies on their behalf:
— Retirees of Verizon Communications Inc. (NYSE: VZ) have launched their 15th annual proxy campaign to call upon major shareholders at one of America’s largest publicly traded companies to vote for retiree resolutions that limit “excessive Executive Golden Parachutes” and allow long-term Verizon shareowners owning at least 3% of the company’s shares to nominate candidates for election to the company’s board.
The 128,000-member Association of BellTel Retirees (www.belltelretirees.org), has proposed a series of successful corporate governance and executive compensation changes over the last 15 years, first when the company was NYNEX, then Bell Atlantic and now Verizon.
The retiree group has achieved unprecedented nine-victories, two by a majority vote (2003 Executive Severance- with support from 59% of shares voting; AND 2007 Say on Pay – with support from 50.18% of shares voting) and seven others the company and its successor boards negotiated off the proxy ballot.
The retirees’ most recent victory comes in 2013. As its proxy statement discloses, Verizon agreed to substantially reduce the payouts of performance-based stock that its senior executives can earn for below-average stock returns. After the retirees filed their proposal, the company’s board of directors approved a reduction in the amount of the Performance Stock Unit payout so that it became more closely aligned with the retiree’s proposal.
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