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Activist retirees at Verizon seek to curb above-market exec pay, misconduct

Activist retirees at Verizon Communications Inc. introduced proposals regarding executive pay and executive misconduct.

The Clawback Proposal by Jack Cohen, chairman of the Association of BellTel Retirees, seeks to hold company leaders accountable by clawing back compensation if they violate laws, regulations or company policy that result in financial penalties ultimately paid by shareholders.

The second proposal by the Association of BellTel Retirees is focused on preventing above-market earnings for senior executives on certain retirement and deferred income accounts, according to a March 20 news release.

"We can't allow special deals and sweetheart packages for executives that run counter to the interests of the corporation as a whole," Cohen argued in a statement.

The Association of BellTel Retirees has 134,000 members.