Last week, AT&T sent a letter to the Securities and Exchange Commission saying that it will not disclose information about how it shares private data with the NSA. Reuters reports that Verizon is now taking a similar stance, but rather than challenging the proposal from its own shareholders by taking the necessary steps with the SEC, the wireless carrier plans to skip the vote all together if it can.
According to Reuters, proposals with a social agenda have become more common in recent years, especially in light of privacy concerns, and the companies feel pressured to push back. In this case, Verizon has informed the “activist investors” that their proposal has “procedural deficiencies,” and thus will be excluded from Verizon’s proxy filing. The investors have since responded with additional material, but Verizon refuses to budge.
“At this point, we have not taken any formal position on the proposal,” wrote Verizon spokesman Bob Varettoni. “The SEC requires shareholders to demonstrate their eligibility to submit a proposal. We’ve simply sought the information that we believe is necessary to determine the proponent’s eligibility.”
