Verizon executives have passed the test regarding whether their salaries are justifiable. The test took place this past Thursday and the salaries had won major approval from shareholders. The vote took place at Verizon’s annual shareholder meeting in Louisville where compensation for CEO Ivan Seidenberg and other executives were question.
“They can always do better,” stated Association of BellTel Retirees President Bill Jones. “And this is one of the areas where we can continue to work with them.” Jones himself wasn’t too happy about the executive salaries. Verizon has been able to outperform companies in broader markets in very recent years. Seidenberg’s overall compensation was $20.2 million in 2008. Currently he is the best paid CEO out of all of the telecommunications companies.
The vote for the salary is part of the “say on pay” provision being pushed by the BellTel Retirees group. This “say on pay” provision vote will be voted upon every year going forward.