Exhibit A is a group of former Verizon Communications Inc. employees who led a resolution saying that an investor or group of investors who own 3% of the telecommunications giant's stock for at least three years can nominate their own board members. The resolution won 53% of votes cast at Verizon's annual meeting Thursday in Tulsa, Okla.
"I'm very pleased," said Bill Jones, the 74-year-old president of the Association of BellTel Retirees. "If Verizon adopts this, it will lead to better corporate governance. That will make for a better, healthier company. As retirees who rely on Verizon for our pension, a better, healthier company is exactly what we want."
The BellTel retirees have been a thorn in Verizon's side for quite some time. Six years ago, they pushed management to adopt say-on-pay votes, and a decade ago, led the call to limit golden parachutes awarded to departing executives.
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