This excerpt taken from the VZ DEF 14A filed Mar 17, 2008.
Developments in Compensation Policy
The Committee regularly monitors emerging trends and best practices in executive compensation and evaluates whether they are appropriate and relevant for Verizon. In recent years, the Committee has eliminated:
During 2007 the Committee asked management to discuss Verizon's executive compensation programs and certain potential program design changes with large institutional investors. After taking into account these
1 Total shareholder return, which is referred to as TSR, is defined as the change in Verizons stock price plus the value of dividends reinvested in Verizon's stock over the three-year performance period.
discussions, the opinions of shareholders as reflected in the votes on compensation-related proposals presented at the 2007 annual meeting and developments in executive compensation, the following changes were made:
Recognizing the dual objectives of improving the clarity of the Company's compensation program and more closely linking total compensation and shareholder value, the Committee has also made the following changes:
Since these changes will be fully implemented for 2008 and discussed in next years proxy statement, the Committee determined that it would be appropriate to hold Verizons first shareholders advisory vote regarding executive compensation at the 2009 annual meeting.