Say-on-pay is approved at Verizon
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.