In the Summer 2023 edition of the BellTel Newsletter, our team announced that we had achieved a proxy win for retirees at the 2023 Verizon Annual meeting.
In advance of this announcement we were led to believe that one of our proxy proposals, Golden Parachutes, would be implemented into Verizon corporate policy and, as a result, it was recommended to shareholders by the proxy advisory service, Institutional Shareholder Services (ISS), that this measure therefore not be approved.
Our 2023 Golden Parachute proxy measure urged that Verizon should be required to seek shareholder approval for any new or renewed compensation packages for senior executives that include severance or termination payments valued at more than 2.99 times the sum of their base salary plus target short-term bonus.
Our understanding at the time was that our shareholder proposal was no longer necessary because Verizon intended to effectively implement our requested policy changes.
Upon further research and communication with executives at Verizon and ISS, we have come to the understanding-that these changes did not happen.
Verizon has not implemented our recommended Golden Parachute policy changes, and due to the underwhelming vote as a result, we are not able to resubmit this proxy for three years. The Association and one of its officers have, however, submitted shareholder proposals on two other topics for a vote at the 2024 Annual Meeting.
We tell you this in the effort to always remain 100 percent transparent with our fellow shareowners and all our members. We are committed to providing you with relevant, accurate, and factual information for all areas of our activities.
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