Wednesday, May 3, 2006

Verizon Shareholders Re-elect Directors, Other Proposals Defeated

Shareholders in Verizon Communications voted to approve the election of each of Verizon's 13 directors standing for election to a one-year term. Each director received 80 percent or more of the vote. Shareholders also ratified the appointment of Ernst & Young as the company's independent auditor.

The company reported that 61 percent voted in favor of a resolution requesting that director nominees be elected by the affirmative vote of the majority of votes cast at an annual meeting.

Verizon said all other shareholder proposals were defeated. They received the following affirmative votes: cumulative voting, 44 percent; composition of board directors, 25 percent; directors on common boards, 19 percent; separate chairman and CEO, 48 percent; performance-based equity compensation, 20 percent; and disclosure of political contributions, 33 percent.

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