Business Services Industry
Verizon Shareholders Vote to Limit Severance Packages for Senior Executives.
Knight Ridder/Tribune Business News, April, 2003
By Kimberly Blanton, The Boston Globe Knight Ridder/Tribune Business News
Apr. 24--Signaling a growing backlash against soaring executive compensation, Verizon Communications shareholders voted yesterday to limit the size of severance packages granted to the company's senior executives.
Institutional investors, such as the $130 billion California state employees pension fund, were the driving force behind the passage of the nonbinding resolution. It advised Verizon to seek shareholder approval in the future for severance packages for chief executive Ivan Seidenberg and other top executives when the value of those packages far exceeds their regular pay.
"That shows the little people can make a difference," said Bob Rehm, an activist...
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