Verizon Communications Inc. shareholders Thursday approved a board proposal for proxy access, allowing shareholders to nominate directors using the company's proxy materials, according to a Verizon statement providing proxy-results from its annual meeting.
The binding proposal was sponsored by Verizon's board and management as an amendment to the company's bylaws.
The C$201.5 billion (US$182.6 billion) Canada Pension Plan Investment Board, Toronto; $183.3 billion California State Teachers' Retirement System, West Sacramento; and $177.9 billion Florida State Board of Administration, Tallahassee; all voted in favor of the proposal.
The board-sponsored proposal will enable shareholders holding at least 3% of Verizon stock for at least three years to nominate up to 20% of directors to the company's board. With an 11-member board, the newly approved bylaw amendment will enable shareholders to nominate two directors.
The board sponsored the proposal this year after considering the voting results of a non-binding shareholder proposal introduced last year and calling for proxy access that was approved by a vote of 53% vote in favor, according to a separate Verizon statement. The board opposed that proposal last year.