Verizon has announced that shareholders annually will get to approve or reject the company’s pay plans—starting in 2009.
At the company’s annual meeting in May, more than half of the shareholders voted in favor of a “say on pay” proposal fronted by The Association of BellTel Retirees.
C. William Jones, executive director of the association, said he was delighted, but also “puzzled as to why they are delaying it till the 2009 meeting.”
In response to lavish executive pay packages, at least seven companies nationwide adopted “say on pay” resolutions in 2007. Most proposals grant only an advisory vote to shareholders, leaving the final word to the board.