Say-on-pay is ap­proved at Ver­i­zon

Los Angeles Times - - Business -

Ver­i­zon Com­mu­ni­ca­tions Inc. in­vestors ap­proved a pro­posal to give them more say on ex­ec­u­tive pay, the sec­ond time such a mea­sure has passed in the U.S.

The non­bind­ing pro­posal won 50.18% of votes, the com­pany said in a state­ment. Ver­i­zon, the sec­ond-largest U.S. phone ser­vice provider, had been un­able to an­nounce a re­sult at its May 3 an­nual meet­ing be­cause the vote was so close.

Ver­i­zon, which paid Chief Ex­ec­u­tive Ivan Sei­den­berg $21.3 mil­lion last year, has been one of the main tar­gets of la­bor groups that want to rein in com­pen­sa­tion. The AFL-CIO, which en­dorsed the pro­posal, said Sei­den­berg didn’t de­serve the pay he re­ceived from 2002 through 2006 be­cause Ver­i­zon shares fell in the pe­riod.

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