A coalition of investors, which had requested that Verizon Communications Inc. (NYSE: VZ) publish regular reports on government and law enforcement requests for confidential customer data, today commended the company for publishing its first report and made recommendations for improving future reports.
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In a victory for shareholders concerned about the role of telecommunications companies in government surveillance programs, Verizon Communications announced that it will begin to publish regular reports on the number of government requests it receives for customer data.
The move came nearly a month after institutional investors filed proposals with Verizon and AT&T demanding that the companies issue semiannual reports on government information requests.
Citing intense global concern over the impact of disclosures regarding surveillance programs directed by the U.S. government agencies, investors in AT&T Inc. (NYSE: T) and Verizon Communications Inc. (NYSE: VZ) have filed shareholder proposals calling on the companies to publish semi-annual reports detailing how often they have shared information with U.S. or foreign governments and what type of customer information has been shared.
The prime sponsor of the AT&T proposal is the $160.7 billion New York State Common Retirement Fund, which manages assets on behalf of more than one million State employees and retirees. Trillium Asset Management LLC, a Boston-based investment management firm, is the lead proponent of the Verizon. Other investment firms and organizations – including the American Civil Liberties Union of Northern California – co-filed at one or both of the companies.