- A more contentious than usual Verizon (NYSE:VZ) annual meeting in Albuquerque ended with union-backed shareholder proposals going down to defeat.
- The company's 13 directors were all re-elected, and Chairman/CEO Lowell McAdam got more than 95% of the vote. Executive compensation passed with 92% approval.
- A CWA-backed proposal requiring an independent chairman, supported by CalPERS and CalSTRS, drew just 23.5% approval. A proposal to expand severance approval policy got just 31.3% of votes and went down for the fourth straight year.
- Meanwhile, a proposal backed by the IBEW regarding executive stock retention got just 7.4% approval.
- More than dozen protesters (including strikers and supporters) were arrested outside the meeting after blocking traffic on a busy street.
- Previously: Verizon strikers prepare protests nationwide (May. 05 2016)
- Previously: Union opening up $400M fund for Verizon workers as strike drags on (May. 03 2016)
- Now read Verizon Is Undervalued »
Verizon meeting: Shareholder proposals lose, protesters arrested
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