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Verizon Communications Shareholders Elects All 13 Directors

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Verizon Communications Inc. (NYSE: VZ) revealed that its shareholders elected each of its 13 directors to a one-year term. According to the company, its Chairman and CEO, Lowell McAdam, received over 95 percent of the vote.

Verizon said that the shareholders also ratified the hiring of Ernst & Young LLP as its independent registered public accounting firm. The company added that its shareholders overwhelmingly approved the compensation of its executive officers as described in the 2016 proxy statement, with more than 92 percent of the vote.

Significantly, the telecom service provider indicated that despite the recent threat from unions that the company's major shareholders were ready for change, all six proposals from the shareholders were defeated in the current year's annual meeting.

It has become a matter of routine affairs that the lobbying activities vote get defeated with 66.1% voted against and 33.9 percent favoring it. Also, another proposal in respect of an improved executive stock retention policy promoted by a shareholder of Pension Benefit fund was defeated with only 7.4 percent voting for it.

Verizon said that 91.6 percent of the shareholders voted against the renewable energy targets while 8.4% favoring them. Similarly, a proposal of indirect political spending was defeated with 69.9 percent voted against and 30.1 percent voted in favor of it.

 

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