Verizon Loses On Proxy Access, But Stock Parachutes Survive

Law360, New York (May 02, 2013, 4:23 PM ET) -- Verizon Communications Inc. shareholders on Thursday won the right for certain longtime investors to nominate board members, but they saw their efforts to rein in stock-based “golden parachute” severance packages fall short.

Shareholders who have owned 3 percent of Verizon's stock for at least three years will have the right to nominate their own directors. The proposal, which passed with about 52 percent of the vote at Verizon's annual meeting, was pushed by a group of Verizon retirees and for the first time opens proxy access...
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