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Verizon Holders Pass 'Say-on-Pay' Plan

By Roger Cheng and Amol Sharma

Verizon Communications Inc.'s shareholders narrowly approved a nonbinding proposal to give shareholders an advisory vote on executive compensation, one of the first such "say-on-pay" measures to win a majority at a U.S. company.

The final tally, which came two weeks after the vote at the company's annual shareholder meeting, showed 50.18% of the votes cast favored the proposal. Verizon is under no obligation to implement the resolution, but spokesman Peter Thonis said the company's board will review the result and consider what actions to take.

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