2023 Verizon Proxy Proposals

The Association of BellTel Retirees will present two proxy proposals at this year’s Verizon Annual Meeting. They are the “Golden Parachute” proposal and the “Executive Clawback” proposal.

Golden Parachute Proxy:  

The Golden Parachute urges shareholder approval of new and renewed compensation packages for senior executives, specifically packages that include severance or termination payments valued at more than 2.99 times the sum of the base salary plus target short-term bonus.

In 2022 this measure achieved a powerful 44 percent of shareholder votes, up nearly 6 percent from the year prior.

Currently, massive compensation packages are costly to current shareholders, including the tens of thousands of retiree shareholders.

On top of that, ballooning executive compensation packages each passing year further widens the pay disparity between upper management and rank-and-file employees.

Executive Clawback Proxy:

For its second measure of this year, the Association is also resubmitting our Executive Clawback Proxy. This proxy stipulates that if a senior executive engages in activities that harm the company, the executive needs to return any awards or benefits received.

The Association believes Verizon’s current policy is outdated and would not allow for an effective clawback.

An example of executive clawback, is when McDonald’s, the fast-food company, clawed back $105 million from its ex-CEO, after he failed to disclose intimate relationships with several employees.

The Golden Arches recouped funds from the CEO’s initial exit package following the revelations.

After more facts were revealed, McDonald’s sought and clawed back more money for what he would have normally been paid had he been fired “for cause.”

No other shareholder activist organization has achieved the success of the Association of BellTel Retirees. Over our many years of shareholder activism, your Association has won an astounding 12 proxy proposals.

The Association of BellTel Retirees asks, when the Verizon proxy statements arrive in either late March or early April, or alternatively if you only receive it digitally, to vote YES for the Golden Parachute and Executive Clawback proposals.