Hillsdale Man Wants To Hold Verizon Executives Accountable Regarding Pay

HILLSDALE, NJ — A borough man wants to hold Verizon executives accountable by clawing back executives' salaries when the company violates the law or its own policies.

The Association of BellTel Retirees, introduced a proposal recently on behalf of the group's 134,000 members that would claw back compensation and recoup incentive earnings from senior executives whose conduct results in "substantial criminal or civil penalties" against the company.

The proposal stems from a matter where Verizon agreed to pay $90 million to settle allegations related to unauthorized third-party charges subscribers were billed for — a process known as "cramming," the group claim in a statement.

“As the largest individual group of shareholders, Verizon retirees want and expect a voice in the corporate governance of our company and we have our finger on the pulse,” said BellTel President Jack Brennan, a Hillsdale resident.

Another multi-billion dollar company has taken similar steps regarding its leadership.

Wells Fargo's board said Monday it would claw back $75 million in compensation from two executives on whom it pegged most of the blame for the company's fraudulent accounting scandal, The New York Times reported.

The clawbacks are the largest in the banking industry's history.

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