Say-on-Pay Gets Support at Verizon
A proposal to give Verizon Communications’ shareholders a voice in its executive pay practices passed with 50.18 percent of the vote, the company said yesterday — the clearest sign yet of investor irritation over chief executive compensation.
A similar resolution passed at Blockbuster this month. During this proxy season, shareholders at some 20 companies have voted on such proposals, which are nonbinding.Shareholder dismay over executive pay has been a common theme at annual meetings this year. At yesterday’s meeting for owners of J. C. Penney, a proposal to limit executive severance payments won majority support.
Advisory votes on executive pay are an annual event at public companies in Britain and Australia but most United States companies that have received such proposals from their owners have lined up against them.
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