Our Support
- Unions and Retirees Seek to Rein In Verizon CEO Pay through Shareholder Proposals at Annual Meeting
The AFL-CIO is supporting a number of shareholder proposals at the Verizon annual meeting on Thursday, May 3, which sets the stage for limiting excessive CEO compensation.
"Verizon's CEO is the poster child for pay for failure. We're backing these shareholder proposals because working family shareholders deserve a strong company focused on long term gains and a fair say in what the CEO is paid," said AFL-CIO Secretary Treasurer Richard Trumka. "These proposals are a major first step in improving this company's corporate governance." |
- Did Verizon Violate Securities Rules?
On April 12, 2007, Verizon sent an e-mail communication to its employees. In response, the AFL-CIO filed a complaint on April 19, 2007, with the Securities and Exchange Commission, accusing Verizon of false and misleading statements. |
- How Verizon Might Avoid Ruckus Over CEO's Pay
Verizon Chief Executive Ivan Seidenberg has reason to worry. Some of the same shareholder activists who targeted former Pfizer chief Henry McKinnell and former Home Depot chief Robert Nardelli for excessive pay last year now have the telecom boss at the top of their hit list.
Messrs. McKinnell and Nardelli lost their jobs largely as a result. Will Mr. Seidenberg go as well? |
- Getting a Say on Pay for Execs
John A. Parente believes Ivan G. Seidenberg is basically a decent guy.
But that's not keeping the Verizon Communications Inc. retiree from siding with others who say Seidenberg, the company's chairman and chief executive, is paid more than he should be. Indeed, the AFL-CIO has put him in its cross hairs, calling Seidenberg the 2007 "poster boy" for executives whose pay is out of line with the value they have delivered to shareholders.
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- AFL-CIO Goes After 6 Verizon Directors
The AFL-CIO has launched a campaign to unseat six members of Verizon Communications' compensation committee, saying they rewarded chief executive Ivan G. Seidenberg with generous pay even as the company's stock languished.
The push to organize a "no" vote at Verizon's annual meeting May 3 is among the first efforts by activist shareholders to unseat board members this year, and corporate governance experts say it is a test case for how much influence shareholders could wield in determining the composition of boards of directors at public companies.
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- Verizon targeted for board shake-up
The AFL-CIO, a major shareholder in public firms, is targeting Verizon Communications Inc. this year for a shake-up of its board of directors as it accuses the company's CEO of collecting excessive pay while turning in a subpar performance. |
- AFL-CIO to Target Verizon Over CEO Pay
The AFL-CIO, the largest U.S. union federation, is targeting Verizon Communications Inc. (VZ.N) in a campaign against high executive pay, and will vote against the company's compensation committee at the company's May 3 annual meeting. |
- Another big raise for CEOs
CEO bonuses were up 13% last year. Some say efforts to link executive pay to performance are working, but critics argue that the rules of the game have been designed to ensure a big payday. |
- AFL-CIO Campaigns To Oust Verizon Compensation Committee
Hoping to repeat what it sees as successes at Home Depot Inc. (HD) and Pfizer Inc. (PFE), the nation's largest labor-union group has begun a campaign to oust the Verizon Communications (VZ) board members who oversaw what the union says is $110 million in pay for Chief Executive Ivan Seidenberg over a five-year period in which company shares have sagged. |
- Verizon Is Targeted by AFL-CIO for Governance Reforms
Verizon Communications Inc., which paid Chief Executive Officer Ivan Seidenberg $21.3 million last year, is the main target of labor groups aiming to rein in U.S. corporate compensation, an AFL-CIO official said.
The largest U.S. labor federation will protest at Verizon's annual shareholder meeting, seek removal of compensation- committee members and lobby for corporate-governance reforms at the second-largest U.S. telephone company, AFL-CIO Treasurer Richard Trumka told reporters in Washington today.
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- AFL-CIO Targeting Verizon Over Board Shakeup, Chief Executive's Pay
The AFL-CIO, a major shareholder in U.S. public companies, is targeting Verizon Communications Inc. this year for a shakeup of its board of directors as it accuses the company's chief executive of collecting exorbitant pay while turning in a poor performance.
Executive pay is emerging as the No. 1 issue at this spring's annual meetings of public companies. Verizon is the second-largest U.S. telecommunications company.
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