Verizon shareholders approved the pay packages of top executives, drowning out any complaints that compensation was excessive with an overwhelming 90 percent of the vote, reports the Associated Press.
Although the “say on pay” vote was advisory, had the vote gone the other way, CEO Ivan Seidenberg and other executives could have found themselves blanketed with embarrassment. A leading critic of the compensation said afterward that the 90-percent vote in favor of the package shows that most shareholders are pleased with Verizon Communications, which has posted consistent profits.
“They can always do better,” said Bill Jones, president of the Association of BellTel Retirees, which tried to marshal opposition to the pay package. “And this is one of the areas where we can continue to work with them.”
Seidenberg’s compensation was valued at $20.2 million in 2008, essentially the same as in the previous two years.
Verizon is one of 15 companies adopting its own provisions this year for allowing shareholders vote on pay.