When we were employed by Verizon, money from our paychecks could voluntarily be set aside into a Verizon Savings Plan, which was then invested in company stock.
Over the years some of us may have sold our stock as it rose and fell. Yet, for those of us who have maintained our shares in a Verizon Savings 401K Plan, there is some rather important fine print we should be aware of.
As shareholders you have a right, even a duty, to vote in the annual Shareowner Proxy regarding important governance measures that benefit the company and your portfolio.
What you may not know is that for those who maintain their shares in the Verizon Savings 401k Plan, if you do not elect to vote your shares by a specific deadline – this year it was May 9th – in advance of the May 12th Meeting, the Verizon Board can vote those shares on your behalf.
This means that, your vote will be used in accordance with the recommendations of management, whether you want that to or not.
At the time of publication, the 2022 Verizon Annual meeting in Irving, Texas, will have already taken place. So, if you didn’t vote, the board voted for you.
So please, in future years, remember that your vote is very important. Don’t simply take it for granted.
When we are united, our collected efforts make us stronger.
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