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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Verizon Communications Inc | NYSE:VZ | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.33 | -0.84% | 39.16 | 39.82 | 38.96 | 39.25 | 16,837,679 | 00:59:59 |
SECURITIES & EXCHANGE COMMISSION
WASHINGTON, D.C. 20548
NOTICE OF EXEMPT SOLICITATION (VOLUNTARY SUBMISSION)
Name of Registrant : Verizon Communications Inc.
Name of Person Relying on Exemption: Association of BellTel Retirees
Address of Person Relying on Exemption : P.O. Box 33, Cold Spring Harbor, New York 11724
Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934:
than rank-and-file managers and other employees receive under the tax-qualified saving plans. We
urge you to support this proposal, submitted by the Association of BellTel Retirees, to prohibit the
practice of paying above-market earnings on the non-tax-qualified retirement saving or deferred
income account balances of senior executive officers.
The Verizon Executive Deferral Plan allows executives to contribute or defer compensation
significantly above the applicable IRS limits on 401(k) accounts, including without limit their
base salary and short-term bonus.
For example, in 2017 then-CEO Lowell McAdam received $73,949 in “above-market
earnings” on his nonqualified plan assets (2018 Proxy, Summary Compensation Table,
page 46, column h).
Institutional Shareholder Services (ISS), the leading proxy advisory firm for institutional
investors, has recommended a vote FOR this proposal each of the past two years. In its 2018
proxy analysis, ISS concluded that paying “above-market earnings on investment options is not
common market practice” and “is not a best practice, as this additional cost has no basis in
executive performance.”
For CEO McAdam, these above-market earnings came on top of $325,150 in Company
matching contributions to his Executive Deferral Plan account and $18,850 to his
Management Savings Plan account (2018 Proxy, page 47).
The $418,000 in total Company matching contributions and “above-market earnings” received by
McAdam for just one year dwarfed the maximum Company contribution available to managers or
other employees participating only in the tax-qualified Savings Plan. Verizon provides a matching
contribution equal to 100% of the first 6% of base salary and short-term incentive compensation
that a participant contributes (Proxy, page 48).
Such massive disparities between retirement benefits offered to upper management and rank-
and-file employees create potential morale problems and reputational risk, which can
adversely affect shareholder value.
We also urge you to use your “say on pay” to vote AGAINST Item 3: “Advisory Vote to
Approve Executive Compensation.” A No Vote will send a message that limiting above-market
earnings on senior executive retirement accounts and requiring shareholder approval of golden
parachute severance benefits are reforms needed to better align executive pay with shareholder
interests.
Please Vote Your Proxy Card FOR Item 4 and FOR Item 8 .
Sincerely yours,
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