Summary
Verizon Communications Inc. (VZ) filed an 8-K on December 4, 2008, to report an amendment to its corporate bylaws. The primary change, approved by the Board of Directors on December 3, 2008, clarifies that the Board itself is responsible for establishing the retirement policy for its directors. This amendment to Article IV, Section 4.12(a) of the Bylaws is effective immediately as of the filing date. While this filing is procedural and does not involve significant financial transactions or strategic shifts, it demonstrates a commitment to formalizing corporate governance procedures. Investors interested in the specifics of director retirement policies can refer to Verizon's Corporate Governance Guidelines, where the updated policy is detailed.
Key Highlights
- 1Verizon Communications Inc. filed an 8-K on December 4, 2008.
- 2The filing reports an amendment to Verizon's corporate bylaws.
- 3The amendment clarifies that the Board of Directors establishes the director retirement policy.
- 4Article IV, Section 4.12(a) of the Bylaws was amended.
- 5The amendment was approved by the Board of Directors on December 3, 2008.
- 6The amended Bylaws are effective as of December 4, 2008.
- 7The specific director retirement policy is detailed in Verizon's Corporate Governance Guidelines.