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Verizon Communications Highest-Ranked U.S. Telecommunications Company in Covalence Ethical Rankings Study
Newly Released Report Is Latest Recognition of Verizon's Corporate Responsibility EffortsNews Release
NEW YORK – August 11, 2009 –
Verizon Communications is the highest-ranked U.S.-based telecommunications company in a recently released ethical-ranking study by Covalence, a research firm in Geneva, Switzerland, that tracks the reputations of multinational corporations.
Verizon ranked second in the telecommunications sector - behind Vodafone, which is headquartered in England - and 35th overall in Covalence's second-quarter report, up 11 spots from its first-quarter ranking. Covalence reviewed a total of 541 global companies, including 30 telecommunications companies.
The Covalence study is based on a reputation index that uses data from thousands of documents found in the media, as well as publications from large enterprises, nongovernment organizations and other sources. The data is then classified according to 45 criteria such as labor standards, waste management, human rights policy, environmental impact of production and social sponsorship.
Earlier this year, Verizon's corporate responsibility efforts were recognized 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, which was the only telecommunications company on the list, 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.
Verizon is a responsible steward of the environment, and its energy-conservation, waste-prevention and recycling efforts have yielded an estimated annual average reduction of 332,295 metric tons in greenhouse-gas emissions over the last five years. That's equivalent to nearly 61,000 cars not driven for one year.
Verizon also recently issued the company's first human rights statement supporting the broad principles in the UN Universal Declaration of Human Rights, many of which can be applied to how global businesses can build good relationships around the world and work successfully among different customs and cultures.
To learn more about Verizon's corporate responsibility efforts, visit http://responsibility.verizon.com/. Photos of examples of Verizon's corporate responsibility efforts are available at http://verizon.mediaseed.tv.
About the Verizon Foundation
The Verizon Foundation, the philanthropic arm of Verizon Communications, supports the advancement of literacy and K-12 education through its free educational Web site, Thinkfinity.org, and fosters awareness and prevention of domestic violence. 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. For more information on the foundation, visit www.verizonfoundation.org.
Verizon Communications Inc. (NYSE:VZ), headquartered in New York, is a global leader in delivering broadband and other wireless and wireline communications services to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving more than 87 million customers nationwide. Verizon's Wireline operations provide converged communications, information and entertainment services over the nation's most advanced fiber-optic network. Wireline also includes Verizon Business, which delivers innovative and seamless business solutions to customers around the world. A Dow 30 company, Verizon employs a diverse workforce of more than 235,000 and last year generated consolidated operating revenues of more than $97 billion. For more information, visit www.verizon.com.
Brian C. Malina, 908-559-6434