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Members of the non-profit
The BellTel Retirees have a long and successful history of shareowner advocacy at Verizon, acting as an integral check for better governance practices. Since 2003, they have achieved 12 changes to corporate governance, including three by majority vote (2013, 2007, 2003).
This measure seeks to strengthen the current policy, which Verizon adopted following a successful 2003 BellTel-backed proposal that achieved 59% of shares voted. Retirees believe much more scrutiny is needed over exit packages, reflective of the one currently available to CEO
The second retiree proposal, by BellTel Chairman
Proposal #7 urges enhancing the standard from “willful misconduct” to “conduct” that can cause financial or reputational risk to the company.
“The executive clawback policy governing senior executives, should reflect the same expectations that all other employees of Verizon are duty-bound to follow. There should not be a double standard,” said Steed, who submitted the proposal. “Since employees can be disciplined or dismissed for failing to execute their duties, senior executives should certainly not be rewarded for harm they cause to the company’s brand or reputation, or actions that result in Verizon needing to pay penalties or restitution.”
Retiree and employee shareowners whose shares are held within a Verizon savings/401k plan are required to vote by no later than
Contact Details
+1 646-213-1366
SPetrafesa@ButlerPR.com
+1 646-213-1802
TButler@ButlerPR.com
Company Website
https://belltelretirees.org/
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