Verizon Corporate Responsibility Report Shows How Company's Technology and Employees Are Addressing Societal Challenges
* Environment -- Verizon's total energy reduction measures in 2008 reduced greenhouse-gas emissions by 83,900 metric tons. Verizon conducted a successful pilot project to install software that automatically senses when computers are not in use and puts them in "sleep" mode. Full rollout of this program in 2009, covering approximately 100,000 computers will deliver $7 million in energy savings. Verizon has increased its use of solar and fuel cell technology for backup power. Effective Jan. 1, Verizon established an Energy Star-like standard for telecom equipment, requiring the company's vendors to provide equipment that is 20 percent more energy efficient than the previous generation of equipment.
* Philanthropy -- In 2008, the Verizon Foundation awarded more than $68 million in grants to nonprofit agencies in the U.S. and abroad. It also matched the charitable donations of Verizon employees and retirees, resulting in an additional $26 million in combined contributions to nonprofits. Through Verizon Volunteers, one of the nation's largest employee volunteer programs, Verizon employees and retirees have volunteered more than 3 million hours of community service since 2000.
Verizon's commitment to corporate responsibility was recognized earlier this year by Corporate Responsibility Officer magazine and The Big Money, a Web site that focuses on aspects of economics and money.
CRO magazine ranked Verizon No. 32 on the publication's 100 Best Corporate Citizens List. Verizon is the only telecommunications company on the list. Verizon received its highest CRO score for philanthropy, ranking 9th in that category.
Verizon ranked 40th on The Big Money's Socially Responsible Investing Stock Screener, out of 500 publicly traded companies in the U.S. IW Financial, which specializes in environmental, social and governance issues, was contracted by The Big Money to compile the list and rank companies according to social responsibility criteria including the companies' policies covering gays and lesbians, the environment and treatment of employees.