This excerpt taken from the VZ DEF 14A filed Mar 17, 2008.
Role of the Compensation Consultant and Input from Executive Officers
The Committee has the sole authority to retain and terminate a compensation consultant, and to approve the consultants fees, assignments and other terms of the engagement. The Committee has retained Pearl Meyer & Partners to act as its independent compensation consultant. In the discussion and analysis of compensation we refer to the compensation consultant as the Consultant. The Consultant has not performed any work for the Company's management since the date it was retained by the Committee.
The Consultant advises the Committee on all matters related to the compensation of the named executive officers and assists the Committee in interpreting data received from the Consultant or the Company. The Consultant participates in all Committee meetings.
As part of its routine practice, the Committee seeks the CEOs assessment as to whether the existing compensation policies and practices continue to support the Company's business objectives and reviews with the CEO the applicable performance goals. The Committee also solicits the CEOs views on the Companys performance relative to the pre-established performance measures and the contributions of the other named executive officers to the Companys performance.
The Committee also consults with the Executive Vice President of Human Resources with regard to the design, administration and operation of the Companys compensation program. The Committee has also delegated to him administrative responsibilities with respect to the implementation of its decisions on compensation and benefits, including procedures for communicating the compensation program to the executive officers. The Executive Vice President of Human Resources reports to the Committee on the actions he takes under this delegation.
The Committee takes into consideration information it receives from the Consultant, the CEO and the Executive Vice President of Human Resources. However, the Committee makes an independent determination on all compensation matters. The Committee met six times during 2007 and, at each of these meetings, met in executive session without management present.