The driver for our meeting was to gain an understanding of its employee engagement and how its Verizon 2.0 strategy is evolving.
We questioned the group on the diversity of its board and how its oversees its ESG approach. Verizon highlighted that 30% of its board is currently female. It also explained that its Verizon 2.0 strategy included an ESG focus, which the board oversees. Its ESG strategy focuses on being:
• transformative – issues that could significantly change the impact of the business
• strategic – issues that represent risk or opportunity to the business
• fundamental – issues managed as part of its responsible business practice.
Within the strategy, the company focuses on SDG 4 (providing young people with relevant technology skills). To date, it has reached 1.7 million students through its Verizon Innovation program. It also aligns with SDG 8 (reducing environmental impacts). From 2016 to 2017, Verizon achieved a 28% reduction in its carbon intensity.
We are supportive of the company’s Verizon 2.0 strategy and its commitment to ESG goals and targets. We have encouraged the group to be more explicit on how ESG strategic aims link to remuneration.