Verizon Shareholders Will Take Up CWA Proposal

A CWA proposal submitted to the Verizon board of directors to provide information to shareholders on relationships between top company executives and the compensation experts advising them over the past five years will be voted on this year by shareholders.

CWA submitted the proposal to address concerns that compensation consultants may not be fully independent in making executive pay recommendations because they have or expect to get other work from the company.

The New York Times reported last year that Verizon's compensation consultant, Hewitt Associates Inc., also was assisting the company with other paid consulting and human resources work.

Without more information from the company, it's impossible for shareholders to determine "whether that particular consultant or any other compensation consultants are sufficiently independent to provide objective advice," CWA said.

Proposals also have been submitted by the IBEW and BellTel Retirees, a management retiree group, among others. The Verizon annual meeting will be held in May.