This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Verizon To Propose Proxy Access Bylaw For Shareholder Approval

NEW YORK, Dec. 5, 2013 /PRNewswire/ -- The Board of Directors of Verizon Communications Inc. (NYSE, Nasdaq: VZ) today approved proxy access amendments to the company's bylaws.

Proxy access allows eligible shareholders to place their own director nominees on the company's proxy card, along with the board candidates nominated by the company. Verizon's bylaw amendment specifies a three-percent/three-year holding requirement for eligibility. An individual or group of shareholders who meets the eligibility threshold and who complies with certain procedural and disclosure requirements may include in Verizon's proxy materials shareholder-nominated director candidates to fill up to 20 percent of the available board seats. 

The proxy access amendments are intended to implement a non-binding shareholder proposal that was approved by shareholders at the company's May 2013 annual meeting.

Sandra Moose, presiding director of the Verizon Board of Directors, stressed the importance of being responsive to the company's shareholders. She said: "The Verizon board is committed to best practices in governance and recognizes the support the company's investors have shown for access to the proxy statement for director elections. After considering the views expressed by our investors in their votes and during our conversations with them, we decided that implementing a proxy access right will further strengthen Verizon's corporate governance framework."

Verizon's board is regarded as a leader in the governance field, adopting other key governance reforms. For example, after considering the views of its shareholders, Verizon voluntarily adopted a policy to provide shareholders with an annual advisory vote related to executive compensation before so-called "say on pay" votes were mandated, adopted majority voting for the election of directors, and provided shareholders the right to call a special meeting.

Consistent with good governance practice, the board has decided to put the proxy access amendments to a vote of its shareholders at the company's annual meeting next year. The amendments will not become effective unless they are approved by shareholders.  

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,826.30 -279.47 -1.54%
S&P 500 2,081.18 -23.81 -1.13%
NASDAQ 4,931.8150 -75.9760 -1.52%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs