Verizon Communications Reports Results of Preliminary Shareholder Votes at Annual Meeting

Verizon Communications Reports Results of Preliminary Shareholder Votes at Annual Meeting

Shareholders of Verizon Communications Inc. (NYSE:VZ) have approved the election of each of Verizon’s 15 directors standing for election to a one-year term. In preliminary results of the shareholder vote at Verizon’s annual meeting here today, each director received 90 percent or more of the vote. With a 99 percent vote, shareholders also ratified the appointment of Ernst & Young as the company’s independent auditor.

Preliminary results indicate that the following shareholder proposals were defeated: eliminating stock options, approximately 9 percent; shareholder approval of future severance agreements, approximately 47 percent; compensation consultant disclosure, approximately 47 percent; limit service on outside boards, approximately 12 percent; shareholder approval of future poison pill, approximately 19 percent; and report on charitable contributions, approximately 14 percent. The preliminary results for the proposal on an advisory vote on senior executive compensation are too close to determine whether the proposal passed or was defeated. The outcome will be determined by the final tabulation.

The final results will be tabulated, certified by the independent election inspectors and posted on Verizon’s Web site (www.verizon.com). They will also be reported in Verizon’s Report on Form 10-Q for the second quarter.

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