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CWA Resolution Prompts Verizon Reform
Under pressure from CWA to end accounting practices that inflate profits by understating costs, Verizon has announced it will expense the fair value of executive stock options granted on or after Jan. 1, 2003.
By treating stock options as an expense, Verizon will reduce profit by 2 cents a share next year. In November, CWA filed a shareholder resolution to push the company to make the change as a financial incentive to reduce excessive option grants to executives and to give investors a more accurate accounting of Verizon's financial health. CWA represents 85,000 workers at Verizon, the country's largest local phone company.
The Verizon resolution was one of several CWA has filed at communications and media companies in response to the crisis in corporate confidence and governance. "We demand more truthful accounting practices that will better inform and protect shareholders, many of whom are our members," CWA Executive Vice President Larry Cohen said.
By treating stock options as an expense, Verizon will reduce profit by 2 cents a share next year. In November, CWA filed a shareholder resolution to push the company to make the change as a financial incentive to reduce excessive option grants to executives and to give investors a more accurate accounting of Verizon's financial health. CWA represents 85,000 workers at Verizon, the country's largest local phone company.
The Verizon resolution was one of several CWA has filed at communications and media companies in response to the crisis in corporate confidence and governance. "We demand more truthful accounting practices that will better inform and protect shareholders, many of whom are our members," CWA Executive Vice President Larry Cohen said.