Verizon Communications Inc. shareholders voted 61% in favor of a resolution calling for the election of directors by a majority vote of shares, according to a news release issued after the New York-based firm's its annual meeting today. The $558 million United Brotherhood of Carpenters and Joiners of America Pension Fund, Washington, sponsored the proposal.
"Verizon's board of directors, which has been monitoring the active debate on the majority-voting issue, said it will review its policy and consider the shareholder vote as well as all of the issues involved in making a change," the release said.
The other shareholder proposals up for a vote were defeated, according to the news release. Cumulative voting received 44% in favor; independent composition of board directors, 25%; restriction of directors on common boards, 19%; separation of chairman and CEO positions, 48%; performance-based equity compensation, 20%; and disclosure of political contributions, 33%.
Each of Verizon's 13 directors standing for election was elected with 80% or more of the vote, the release stated.
All the vote tallies are preliminary.
