Friday, May 4, 2007
Shareholders at yesterday's annual meeting of Verizon voted on a shareholder proposal calling for an advisory vote on executive pay, and the vote is too close to call. The company said it would be a week before the results would be announced. Shareholder anger has focused on the $20 million compensation of CEO Ivan G. Seidenberg. If it passes, it will be the first "vote on pay" proposal to be adopted at a major U.S. corporation. See NYTimes, Verizon Vote on Pay Levels to Be Decided in a Recount; WSJ, Verizon Shareholders May Get 'Say on Pay'.