The sector is subject to an increasing regulatory curve in relation to the use of data and data privacy. The group provides detailed disclosure on the number of data requests it receives from different governments in its global operations – a step we welcome. It also appears to be well positioned to manage emerging regulation; in particular, the California Consumer Privacy law, which aims to improve the privacy rights and protection of California residents. This should also position the company favorably if similar federal legislation develops in the US. We questioned what cyber security challenges the company faces. It advised that as its 5G wireless network expands it may be open to new cyber security threats. However, the group appears to have a robust approach to this risk, including extensive training for employees.
This was a positive meeting with Verizon. In addition to these previous points, we have also asked the company about its environmental targets. We will reassess the company at a later date to measure progress on the areas raised.