Verizon Shareholders Limit Executive Severance Deals, Reject Executive Salary Caps

At its annual company meeting, Verizon shareholders voted 59% in favor of a resolution, which the company had opposed, requesting shareholder approval of executive severance agreements that provide benefits exceeding 2.99 times the sum of an executive's base salary plus bonus. However, only 18% voted in favor of a proposal to cap CEO compensation; just 13% favored a proposal to prohibit stock options; and only 21% were in favor of an indexed stock option proposal.


Verizon's CEO, Ivan Seidenberg, told shareholders that by focusing on basics, the company has been able to improve its competitive position in all segments of its business.http://investor.verizon.com/news/VZ/2003-04-23_X354176.html