Verizon Communications Inc. has urged shareholders to vote against a shareholder proposal for an independent Board chair, as detailed in a letter dated April 30, 2024, ahead of the Annual Meeting of Shareholders scheduled for May 9, 2024. The Board recommends against the proposal, emphasizing the need for flexibility in leadership decisions and highlighting the current structure's effectiveness, which includes a strong independent Lead Director. The proposal was previously rejected by over 70% of voting shareholders last year, and despite a new recommendation from Institutional Shareholder Services (ISS) to vote for the proposal, Verizon disagrees, citing no significant concerns with the company's governance structure. The letter also outlines Verizon's strategic achievements in 2023, including the appointment of a new leadership team, restructuring efforts...Show More

Verizon Communications Inc. has urged shareholders to vote against a shareholder proposal for an independent Board chair, as detailed in a letter dated April 30, 2024, ahead of the Annual Meeting of Shareholders scheduled for May 9, 2024. The Board recommends against the proposal, emphasizing the need for flexibility in leadership decisions and highlighting the current structure's effectiveness, which includes a strong independent Lead Director. The proposal was previously rejected by over 70% of voting shareholders last year, and despite a new recommendation from Institutional Shareholder Services (ISS) to vote for the proposal, Verizon disagrees, citing no significant concerns with the company's governance structure. The letter also outlines Verizon's strategic achievements in 2023, including the appointment of a new leadership team, restructuring efforts, and growth in wireless subscribers and revenue. The first quarter of 2024 continued this positive trend, with significant wireless service revenue growth and the strongest first quarter Consumer postpaid phone net add performance since 2018. Verizon attributes future growth prospects to its investment in C-Band spectrum, which is expected to drive wireless mobility and fixed wireless access growth.