Since 2010, when the FCC introduced its first go at net neutrality rules, Verizon has led the charge to gut the regulations. And Big V ultimately succeeded in early 2014, when a federal appeals court ruled that the FCC didn’t have the statutory authority to enact such strict guidelines. And now that the FCC is taking another stab at neutrality, Verizon is once again dangling the threat of legal action, even though it claims the proposed new rules won’t hurt its business. But what may hurt Verizon’s bottom line, say the company’s investors, is its reputation as a neutrality foe.

Earlier this week, Verizon investors from the Nathan Cummings Foundation and Trillium Asset Management LLC, resubmitted a shareholder proposal [PDF] that had previously received approval from 26.4% of investors, representing around $30.6 billion in company shares.

“We believe open Internet policies help drive the economy, encourage innovation and reward investors,” reads the proposal, which criticizes Verizon for being “inconsistent and contradictory” with its position on the issue.

“Company representatives have expressed clear support for ‘paid prioritization’ of Internet content,” continues the proposal. “Verizon wants a ‘two-sided market’ involving payment for Internet service by subscribers and by the companies who want to reach them… Yet in October 2014, Verizon’s corporate web site stated that Verizon ‘has no plans to undertake the hypothetical ‘paid prioritization’ business model.'”

The investors say they are “confused by this ambiguity and troubled by the potential negative impact that paid prioritization could have on innovative technology start-ups, which drive so much economic growth.”

The proposal expresses concern that Verizon’s current policies regarding network management leaves the company exposed to “potential regulatory and legislative risk.”

“There may also be reputational and commercial risk in not providing customers with evidence of open Internet policies that apply to wireless communications and preclude business models based on paid prioritization,” explain the investors, who ask the Verizon Board of Directors to issue a report on “how Verizon is responding to regulatory, competitive, legislative and public pressure to ensure that its network management policies and practices support network neutrality and an Open Internet.”

Verizon is not commenting on the proposal as it’s still pending before the company’s board.

Verizon investors say net neutrality opposition could harm its reputation [Ars Technica]

Shareholders Press Verizon Board on Net Neutrality Stance [OpenMic.com]

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