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CWA and IBEW Press Proposals on Corporate Governance at Verizon Annual Meeting
Richmond, Va., -- At the Verizon Communications annual meeting in Richmond, Va., set for April 28, the Communications Workers of America and the International Brotherhood of Electrical Workers will ask shareholders to support two key resolutions. One calls for the chairman of the board to be an independent director of the company (Item 5, submitted by the AFL-CIO) and the second would prohibit awards of stock options to executives if Verizon spins off any of its assets (Item 8, submitted by CWA).
Before the meeting, CWA and IBEW members will rally in support of these proposals for good corporate governance and to safeguard good jobs and quality service.
Item No. 5, to separate the jobs of CEO and Chairman, takes on new meaning since those positions were combined effective December 31, 2003, and filled by Ivan Seidenberg, who will chair the annual meeting. The resolution is supported by Institutional Shareholder Services (ISS) and will be presented at the meeting by CWA District 13 Vice President Vincent Maisano.
Item No. 8, which opposes stock options for Verizon executives in the event of asset spinoff, is being tracked by the AFL-CIO as a key vote. This means that pension fund managers' votes on this resolution will be tracked by the AFL-CIO. This resolution, introduced at last year's meeting, garnered nearly 13 percent of the shares voted. It will be presented at the Richmond meeting by Myles Calvey, Chair, IBEW T-6 Council.
Other issues that will be presented to shareholders by the two unions include the proposed sale of Verizon's 2.6 million phone lines in upstate New York. The sale would be a disaster for upstate New York workers and consumers and would affect 5,500 workers. Chris Shelton, assistant to CWA District 1 Vice President Larry Mancino, will address shareholders on this issue.
Pam Harrison, a Verizon retiree and chair of the CWA Local 1103 Retired Members' Council, will remind shareholders that some Verizon retirees have not received an increase in pension benefits for more than 11 years, although during that time, the cost of living has increased by 30 percent.
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For additional information on Item #5, to separate the positions of chairman and CEO, contact Brandon Rees, AFL-CIO, 202-637-5313. On Item #8, opposing stock options for executives in the event of an asset spinoff, contact Suman Ray, CWA, 202-434-1185. On the proposed sale of upstate New York assets, contact Bob Master, CWA District 1, 212-344-2515.
Before the meeting, CWA and IBEW members will rally in support of these proposals for good corporate governance and to safeguard good jobs and quality service.
Item No. 5, to separate the jobs of CEO and Chairman, takes on new meaning since those positions were combined effective December 31, 2003, and filled by Ivan Seidenberg, who will chair the annual meeting. The resolution is supported by Institutional Shareholder Services (ISS) and will be presented at the meeting by CWA District 13 Vice President Vincent Maisano.
Item No. 8, which opposes stock options for Verizon executives in the event of asset spinoff, is being tracked by the AFL-CIO as a key vote. This means that pension fund managers' votes on this resolution will be tracked by the AFL-CIO. This resolution, introduced at last year's meeting, garnered nearly 13 percent of the shares voted. It will be presented at the Richmond meeting by Myles Calvey, Chair, IBEW T-6 Council.
Other issues that will be presented to shareholders by the two unions include the proposed sale of Verizon's 2.6 million phone lines in upstate New York. The sale would be a disaster for upstate New York workers and consumers and would affect 5,500 workers. Chris Shelton, assistant to CWA District 1 Vice President Larry Mancino, will address shareholders on this issue.
Pam Harrison, a Verizon retiree and chair of the CWA Local 1103 Retired Members' Council, will remind shareholders that some Verizon retirees have not received an increase in pension benefits for more than 11 years, although during that time, the cost of living has increased by 30 percent.
###
For additional information on Item #5, to separate the positions of chairman and CEO, contact Brandon Rees, AFL-CIO, 202-637-5313. On Item #8, opposing stock options for executives in the event of an asset spinoff, contact Suman Ray, CWA, 202-434-1185. On the proposed sale of upstate New York assets, contact Bob Master, CWA District 1, 212-344-2515.