Securities Law Prof Blog

Editor: Eric C. Chaffee
Univ. of Toledo College of Law

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Friday, May 4, 2007

Recount for Shareholders' Advisory Pay Proposal at Verizon

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'.

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