Verizon has jumped on the stakeholder capitalism bandwagon via its "Citizen Verizon" responsible business plan based on the tenets of climate protection, human prosperity and digital inclusion.
CEO Hans Vestberg said July 14 that the telecom is making a significant commitment to move the world forward through the power of action and technology. "There has never been a more critical moment to demonstrate the power of purpose," he said. "To continue being one of the world's technology leaders, we must address the economic, environmental and societal issues that are most pressing."
The goals of CV are to: (1) become carbon neutral by 2035 by reducing emissions, investing in renewable energy, and purchasing carbon offsets; (2) prepare 500K people for "jobs of the future" by providing training and job advancement tools, and (3) teach digital skills to 10M students from grades K-12 in support of 1M small business to help them thrive in the digital economy by 2030.
Vestberg also announced the company would convene the inaugural "Citizen Verizon Assembly: Charging Social Change Forward" virtual event of business leaders, activists and thought leaders on July 29.
To be streamed on Yahoo Finance, the hour-long session will focus on the importance of corporate responsibility in the aftermath of the COVID-19 pandemic and Black Lives Matter Movement.
Diego Scotti, executive vice president and chief marketing officer for Verizon, said though Verizon's responsible business plan was in the works prior to COVID-19 and BLM, those crises highlighted the pressing need to act.
"People are fed up of BS, of companies selling, selling, selling," he told Business Insider. Brand affinity now comes from "companies providing value that is real, with stuff that is true, and with stuff that makes a difference."