Verizon Communications

Proxy Season Update: Verizon

2014 Annual Meeting of Stockholders: 11:00 AM EST, Wednesday, April 30, 2014
Conference Center Auditorium, Marathon Oil Tower, 5555 San Felipe Street, Houston, Texas 77056

Verizon has two pending ESG shareholder proposals in 2014.

    • This resolution from the Domini Social Investments asks for annual reports on policy, payments, memberships in groups that write model legislation, information on how these payments occur, and how management and the board of directors monitor them. The proposal says the reports should include:

      1. Company policy and procedures governing lobbying, both direct and indirect, and grassroots lobbying communications.
      2. Payments by IBM used for (a) direct or indirect lobbying or (b) grassroots lobbying communications, in each case including the amount of the payment and the recipient.
      3. IBM’s membership in and payments to any tax-exempt organization that writes and endorses model legislation.
      4. Description of the decision making process and oversight by management and the Board for making payments described in sections 2 and 3 above.

      For purpose of this proposal, a “grassroots lobbying communication” is a communication directed to the general public that (a) refers to specific legislation or regulation, (b) reflects a view on the legislation or regulation and (c) encourages the recipient of the communication to take action with respect to the legislation or regulation. “Indirect lobbying” is lobbying engaged in by a trade association or other organization of which Marathon Oil is a member.

      Both “direct and indirect lobbying” and “grassroots lobbying communications” include efforts at the local, state and federal levels.

      The report shall be presented to the Audit Committee or other relevant oversight committees of the Board and posted on the company’s website.

    • HUMAN RIGHTS: Net Neutrality
      • A pending resolution from the Nathan Cummings Foundation asks Verizon to explain “how Verizon is responding to regulatory, competitive, legislative and public pressure to ensure that its network management policies and practices support network neutrality, an Open Internet and the social values described above.” The SEC turned back a challenge, saying the proposal had not been substantially implemented despite the company’s argument to the contrary.

For more information, download Proxy Preview 2014 to find more lobbying and net neutrality shareholder resolutions.