<SEC-DOCUMENT>0001214659-24-006365.txt : 20240409
<SEC-HEADER>0001214659-24-006365.hdr.sgml : 20240409
<ACCEPTANCE-DATETIME>20240409105304
ACCESSION NUMBER:		0001214659-24-006365
CONFORMED SUBMISSION TYPE:	PX14A6G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20240409
DATE AS OF CHANGE:		20240409
EFFECTIVENESS DATE:		20240409

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VERIZON COMMUNICATIONS INC
		CENTRAL INDEX KEY:			0000732712
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				232259884
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08606
		FILM NUMBER:		24831565

	BUSINESS ADDRESS:	
		STREET 1:		1095 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036
		BUSINESS PHONE:		212-395-1000

	MAIL ADDRESS:	
		STREET 1:		1095 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10036

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BELL ATLANTIC CORP
		DATE OF NAME CHANGE:	19920703

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TRILLIUM ASSET MANAGEMENT, LLC
		CENTRAL INDEX KEY:			0000884541
		ORGANIZATION NAME:           	
		IRS NUMBER:				042549211
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		PX14A6G

	BUSINESS ADDRESS:	
		STREET 1:		TWO FINANCIAL CENTER
		STREET 2:		60 SOUTH STREET, SUITE 1100
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02111
		BUSINESS PHONE:		617-423-6655

	MAIL ADDRESS:	
		STREET 1:		TWO FINANCIAL CENTER
		STREET 2:		60 SOUTH STREET, SUITE 1100
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02111

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TRILLIUM ASSET MANAGEMENT CORP
		DATE OF NAME CHANGE:	20000519

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FRANKLIN RESEARCH & DEVELOPMENT CORP
		DATE OF NAME CHANGE:	19990326
</SEC-HEADER>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NOTICE OF EXEMPT SOLICITATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to Rule 14a-103</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of Registrant: Verizon Communications Inc</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Name of Person Relying on Exemption: Trillium Asset Management, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Address of Person Relying on Exemption: Trillium Asset Management,
LLC, 60 South Street, Suite 1100, Boston, MA 02111</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Written materials are submitted pursuant to Rule 14a-6(g)(1) promulgated
under the Securities Exchange Act of 1934.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="trilliumlogo_color.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">April 9, 2024</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Verizon Communications Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Item 4 Cease Political Spending Study</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Item 4, filed by the Trillium Asset Management ESG Global Equity Fund,
asks Verizon&rsquo;s board of directors to commission, oversee, and publish an independent third-party study which examines the impact
on the company, the sector, and American democracy of the company adopting a policy prohibiting the use of corporate or PAC funds for
direct or indirect contributions to political candidates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>This shareholder proposal is meaningfully different than a similar
proposal filed for 2023 in that it seeks improved disclosure and analysis by the board of the impact of political spending in the form
of a study. This study may be able to help investors assess risk and better understand the role of political spending in the company&rsquo;s
business strategy and its relationship to profit and shareholder return.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the following reasons we encourage Verizon shareholders to support
this shareholder proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Corporate political spending has been a topic of controversy for many
years. While some argue that it is necessary for companies to engage in political donations to protect their interests, we believe that
it can be detrimental to both the company and the broader economy. One study found that corporate political activity in the form of lobbying
and PAC spending by S&amp;P 500 companies was strongly and negatively related to company value.<SUP>1</SUP> This suggests that ceasing
political spending does not necessarily put a company at a competitive disadvantage.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">While each have their own reasons, the following 20 companies<SUP>2</SUP>
have prohibited all political spending:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 33%; border: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Accenture</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Assurant</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Automatic Data Processing</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Becton, Dickinson and Co.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Boeing</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">DuPont de Nemours</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Goldman Sachs Group</P></TD>
    <TD STYLE="width: 35%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Honeywell International</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">MSCI</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ulta Beauty</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Welltower</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Hess</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">International Business Machines</P></TD>
    <TD STYLE="width: 32%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Nvidia</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">United Rentals</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Colgate-Palmolive</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Mettler-Toledo International</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ralph Lauren</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Verisign</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Waters</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Verizon&rsquo;s statement of opposition baldly argues that stopping
political spending would put it at a severe disadvantage. The problem with this assertion is two-fold. One, it is lacking in any factual
support or evidence &ndash; it is a conclusion without any backing. Two, it assumes the results of the study we seek. In addition, the
company fails to directly respond to the primary points of the shareholder proposal. Specifically:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17pt">1.</TD><TD>Verizon does not argue that its political contributions reflect the diverse preferences and views of its stakeholders.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17pt">2.</TD><TD>Verizon does not provide data to show that its political contributions create economic value for the company or its shareholders.
If it is so confident that it does, it should be eager to prove that point.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0pt"></TD><TD STYLE="width: 17pt">3.</TD><TD>Verizon merely asserts that ceasing political contributions would put it at a disadvantage but provides no evidence to support this
claim.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[1] https://hbr.org/2022/01/corporate-political-spending-is-bad-business</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[2] https://www.politicalaccountability.net/wp-content/uploads/2024/02/2023-CPA-Zicklin-Index.pdf</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="trilliumlogo_color.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Finally, we believe that widely diversified and indexed investors have
a compelling interest in the health and wellbeing of American democracy. As the chief economics commentator for the Financial Times and
the author of the recent book <I>The Crisis of Democratic Capitalism</I> argued, capitalism cannot survive without democracy.<SUP>3</SUP>
Corporate political spending, which we believe is lacking in stakeholder legitimacy, economic justification, or evidence of effectiveness,
and all the while presenting reputational headaches, appears to be contrary to the well-functioning democracy that we need. Which is also
why we are concerned that by one accounting Verizon has contributed $346,000 to political candidates who either sought to overturn the
2020 U.S. Presidential Election or have endorsed those efforts.<SUP>4</SUP></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We therefore urge Verizon shareholders to vote FOR Item 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For questions regarding Item 4, please contact: Jonas D. Kron, Chief
Advocacy Officer of Trillium Asset Management at <FONT STYLE="color: #0563C1">jkron@trilliuminvest.com</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">IMPORTANT NOTICE: The views expressed are those of the authors as of
the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be a forecast
of future events or a guarantee of future results. These views may not be relied upon as investment advice. The information provided in
this material should not be considered a recommendation to buy or sell any of the securities mentioned. It should not be assumed that
investments in such securities have been or will be profitable. To the extent specific securities are mentioned, they have been selected
by the authors on an objective basis to illustrate views expressed in the commentary and do not represent all of the securities purchased,
sold or recommended for advisory clients. The information contained herein has been prepared from sources believed reliable but is not
guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is for
informational purposes and should not be construed as a research report.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THIS IS NOT A PROXY SOLICITATION AND NO PROXY
CARDS WILL BE ACCEPTED.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Please execute and return your proxy card according
to Verizon Communications Inc instructions.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[3] https://www.rnz.co.nz/national/programmes/afternoons/audio/2018880611/new-book-examines-crisis-of-democratic-capitalism</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">[4] https://popular.info/p/these-50-companies-have-donated-over</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0"></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
