Welcome!

News Feed Item

Verizon Retirees Challenge Board & Senior Management in 2014 Proxy

BellTel Retirees have 11 Victories in 16 Years

COLD SPRING HARBOR, N.Y., March 18, 2014 /PRNewswire/ -- Retirees of Verizon Communications Inc. (NYSE: VZ) today launched their 16th consecutive annual proxy campaign aimed at making the company's senior executives and Board of Directors more accountable to shareholders.

The Association of BellTel Retirees (www.BellTelRetirees.org) and its board members are seeking the support of Verizon's shareholders for two proxy initiatives on the ballot.  The company's annual meeting is May 1, 2014, in Phoenix, AZ.

The resolutions seek to:

A) Have Verizon's board obtain shareholder approval of senior executive severance or termination payments above a specified threshold;
B) Amend the company's bylaws to allow shareholders to nominate a limited number of directors to Verizon's board so that Verizon management will not have sole power to select all board members.

BellTel members have proposed a series of successful corporate governance and executive compensation changes over the last 16 years, dating back to when the company was Bell Atlantic.  The retiree group has achieved an unprecedented 11 victories in 16 years, three by a majority of shares voted --Executive Severance (59% support in 2003); Say on Pay (50.2% support in 2007); and Proxy Access Proposal (53.25% support in 2013).  Another eight proposals were negotiated off the proxy ballot by the company after shareholders showed strong support for the reforms proposed by the Association.  

The two proxies on this year's ballot are:

Severance Approval:
The retirees propose that the Verizon Board obtain shareholder approval of any senior executive officer's new or renewed compensation package that provides for severance or termination payments with an estimated total value exceeding 2.99 times the sum of the executive's base salary plus target short-term bonus.  Severance or termination payments include any cash, equity or other compensation that is paid out or vests due to a senior executive's termination for any reason.

In 2003 Verizon's Board adopted a policy, also proposed by the retirees, requiring shareholder approval of severance agreements with a "cash value" exceeding 2.99 times base salary plus bonus, but excluding equity awards.  The Association believes that the policy should be updated to include the full cost of termination payments, including the estimated value of accelerated vesting of Restricted Stock Units and Performance Stock Units. Under current company policy, severance payouts are bloated by the waiver of performance conditions on restricted stock grants under a variety of termination scenarios.

Shareholder Nominations of Directors:
This proposal would amend Verizon's bylaws to allow shareholders to nominate a limited number of directors for election to the Verizon board and to have those nominees included in the proxy materials that the company prepares and distributes.  This right could be exercised by a shareholder or group of shareholders owning at least 3% of Verizon common stock for a period of three years or more.  The Association believes this bylaw amendment will enhance accountability among directors and allow long-term Verizon shareowners to have a true voice in electing directors who are not all hand-picked by Verizon management. 

At the 2013 Verizon annual meeting, a shareholder proposal urging this policy to be adopted was originally sponsored by the president of the Association of BellTel Retirees and approved by 53.25% of voting shares.  Verizon's board initially refused to adopt and implement the proposal. After, the Association resubmitted the proposal for the 2014 proxy statement, Verizon's Board decided to put the matter on the 2014 proxy ballot with a recommendation that shareholders vote to ratify the proposed bylaw amendment.

C. William Jones, president of the Association, said: "Our Association has a long history of successfully promoting corporate governance and executive compensation reforms that benefit all shareholders.  We believe these measures are important to make senior executives more accountable to the company and its shareholders."

SOURCE Association of BellTel Retirees, Inc.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor – all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Let’s face it, embracing new storage technologies, capabilities and upgrading to new hardware often adds complexity and increases costs. In his session at 18th Cloud Expo, Seth Oxenhorn, Vice President of Business Development & Alliances at FalconStor, discussed how a truly heterogeneous software-defined storage approach can add value to legacy platforms and heterogeneous environments. The result reduces complexity, significantly lowers cost, and provides IT organizations with improved efficienc...
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
"We've discovered that after shows 80% if leads that people get, 80% of the conversations end up on the show floor, meaning people forget about it, people forget who they talk to, people forget that there are actual business opportunities to be had here so we try to help out and keep the conversations going," explained Jeff Mesnik, Founder and President of ContentMX, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
"When you think about the data center today, there's constant evolution, The evolution of the data center and the needs of the consumer of technology change, and they change constantly," stated Matt Kalmenson, VP of Sales, Service and Cloud Providers at Veeam Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
In his session at @DevOpsSummit at 19th Cloud Expo, Yoseph Reuveni, Director of Software Engineering at Jet.com, will discuss Jet.com's journey into containerizing Microsoft-based technologies like C# and F# into Docker. He will talk about lessons learned and challenges faced, the Mono framework tryout and how they deployed everything into Azure cloud. Yoseph Reuveni is a technology leader with unique experience developing and running high throughput (over 1M tps) distributed systems with extre...
To leverage Continuous Delivery, enterprises must consider impacts that span functional silos, as well as applications that touch older, slower moving components. Managing the many dependencies can cause slowdowns. See how to achieve continuous delivery in the enterprise.
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
We all know the latest numbers: Gartner, Inc. forecasts that 6.4 billion connected things will be in use worldwide in 2016, up 30 percent from last year, and will reach 20.8 billion by 2020. We're rapidly approaching a data production of 40 zettabytes a day – more than we can every physically store, and exabytes and yottabytes are just around the corner. For many that’s a good sign, as data has been proven to equal money – IF it’s ingested, integrated, and analyzed fast enough. Without real-ti...
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
I wanted to gather all of my Internet of Things (IOT) blogs into a single blog (that I could later use with my University of San Francisco (USF) Big Data “MBA” course). However as I started to pull these blogs together, I realized that my IOT discussion lacked a vision; it lacked an end point towards which an organization could drive their IOT envisioning, proof of value, app dev, data engineering and data science efforts. And I think that the IOT end point is really quite simple…
As companies gain momentum, the need to maintain high quality products can outstrip their development team’s bandwidth for QA. Building out a large QA team (whether in-house or outsourced) can slow down development and significantly increases costs. This eBook takes QA profiles from 5 companies who successfully scaled up production without building a large QA team and includes: What to consider when choosing CI/CD tools How culture and communication can make or break implementation
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...