The Association of BellTel Retirees announced yesterday it has two shareholder proposals that will be voted on at the 2024 Verizon (NYSE: VZ) annual shareholder meeting taking place on May 9. The first centers on the senior executive clawback policy and the second targets lead sheathed cables. Since 2003, the BellTel Retirees have spurred 12 changes to corporate governance, including three by majority vote (in 2013, 2007 and 2003).
The second proposal is regarding lead-covered cables abandoned by telecom providers including Verizon and AT&T. This issue was reported on extensively in a 2023 Wall Street Journal investigative series and in Inside Towers. The U.S. Department of Justice and the Environmental Protection Agency with its Superfund office are currently investigating.
This Lead Cables Proposal requests that Verizon conduct a comprehensive independent study, to be released by December 2024, to assess all potential sources of shareholder liability related to abandoned lead-sheathed cables. This would include a comprehensive mapping of the locations impacted and conclusions on the potential cost of remediation, along with the most responsible and cost-effective way to prioritize a solution to remedying sites that pose a risk to environmental and public health.
Frank Bruzek, BellTel’s Chief Financial Officer, said, “It is critical that Verizon focuses and communicates on this issue with the same rigor it does with its current business performance measures.”
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