Verizon Reports Results of Preliminary Shareholder Vote at 2020 Annual Meeting

Rhea-AI Summary

Verizon Communications (NYSE: VZ) held its first virtual annual meeting on May 7, 2020, due to COVID-19 concerns. Shareholders re-elected all nine directors and approved management proposals for executive compensation and auditor ratification. However, four shareholder proposals were rejected, including enhanced lobbying disclosures and a user privacy metric report. A proposal allowing a 10% shareholder group to call special meetings was narrowly approved. Final vote results will be published on Verizon's website.

Positive

• Shareholders re-elected all nine directors for a one-year term.
• Management proposals for executive compensation and auditor ratification were approved.
• A proposal allowing 10% shareholder groups to call special meetings was approved.

Negative

• Four significant shareholder proposals were defeated, including those for enhanced lobbying disclosures and user privacy metrics.

NEW YORK, May 07, 2020 (GLOBE NEWSWIRE) -- Verizon Communications Inc. (NYSE, Nasdaq: VZ) has announced preliminary results of the shareholder vote at its first virtual-only annual meeting today. In light of the public health concerns raised by the COVID-19 pandemic and the related protocols that federal, state and local authorities have implemented, the meeting was held in a virtual-only format.

Verizon’s shareholders elected each of Verizon’s nine directors to a one-year term. Shareholders also voted in favor of two management proposals:

• Approved the compensation of the company’s named executive officers as described in the 2020 proxy statement, and
• Ratified the appointment of Ernst & Young LLP as the company’s independent registered public accounting firm.

Four shareholder proposals were defeated: eliminate an investment option under the nonqualified executive savings plan; expand disclosure of the company’s lobbying activities and expenditures; issue a report on the feasibility of incorporating a user privacy metric into executive incentive compensation; and amend the company’s existing policy providing for shareholder approval of executive severance arrangements. A shareholder proposal that calls for an amendment to the company’s bylaws to allow a group of shareholders owning at least 10% of Verizon’s stock to call special shareholder meetings was approved by a slim margin. 

Vote tallies are considered preliminary until the final results are tabulated and certified by independent inspectors of election. The final results will be posted on Verizon’s website at www.verizon.com/about/investors.

Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is celebrating its 20th year as one of the world’s leading providers of technology, communications, information and entertainment products and services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $131.9 billion in 2019.  The company offers voice, data and video services and solutions on its award winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, security and control.

VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at www.verizon.com/about/news/. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

Media contact:
Kim Ancin
908.801.0500
kimberly.ancin@verizon.com                                                                                                

Eric Wilkens
201.572.9317
eric.wilkens@verizon.com

 

FAQ

What were the results of Verizon's annual meeting on May 7, 2020?

At the virtual annual meeting, Verizon's shareholders elected all nine directors and approved two management proposals regarding executive compensation and auditor appointment.

Which shareholders' proposals were defeated at Verizon's annual meeting?

Four shareholder proposals were rejected, including those on lobbying disclosures, user privacy metrics, and executive severance arrangements.

What major decisions were made at Verizon's virtual annual meeting?

Major decisions included the re-election of directors and approval of management proposals, while a proposal for special shareholder meetings was narrowly approved.

Where can I find the final results of Verizon's annual meeting?

The final results will be posted on Verizon's official website after being certified by independent inspectors of election.