Verizon Communications Inc

Our Board reviews the risks associated with Verizon's strategic plan throughout the year, including our plans for meeting our climate-related commitments. Each committee of the Board oversees the management of the specific risks and opportunities related to our environmental sustainability strategy and the transition to a low-carbon economy that fall under that committee's area of responsibility, routinely receiving updates from management on these matters. The committee chairs provide regular updates to our full Board on the activities of their committees. Several of our Directors have experience with climate-related issues, including renewable energy, network resilience, technological solutions and emissions management. [...] The Corporate Governance and Policy Committee, which met five times in 2022, oversees Verizon's sustainability strategy and our public policy engagement. At least annually, the Committee reviews the company's progress and engagement on carbon reduction and other sustainability initiatives. [...] The Executive Climate Oversight Committee, composed of the leaders of our Finance, Legal, ESG, Sustainability and Centralized Operations functions, has direct responsibility for assessing the company's management of climate-related risks and opportunities. Representatives from Fleet, Global Real Estate, Network, Strategy and Treasury report into the Committee on climate-related issues and initiatives that fall within their purview. A member of the Committee briefs the Strategic Leadership and Responsible Business Councils and the Board of Directors on these matters.

#### Board oversight

Our Board oversees the management of strategic and operational risks by using several difer­ent levels of review. Each of our Board's four standing committees oversees the management of specific climate-related risks and opportunities that fall within that committee's areas of respon­sibility. The committee chairs provide regular updates to our full Board on the activities of their committees. In addition, our Board reviews the risks associated with Verizon's strategic plan throughout the year, including our plans for meeting our climate-related commitments.

**Audit Committee**

The Audit Committee receives updates on climate-related operational and financial risks in connection with its oversight of Verizon's enterprise risk management program. At least annu­ally, the executives in charge of Verizon's business groups and corporate functions review the primary risks associated with their particular business group or function with the Committee. Environmental and climate-related risks discussed in these reviews include operational and finan­cial risks relating to energy management and our climate-related commitments, maintaining network reliability during catastrophic and weather-related events, and possible changes in car­bon policy (i.e., laws or regulations that seek to mitigate climate change).

**Corporate Governance and Policy Committee**

The Corporate Governance and Policy Committee oversees Verizon's sustainability matters and Verizon's position and engagement on important public policy issues that may afect our business and reputation. Verizon's Chief ESG Ofcer briefs the Committee several times each year on Verizon's ESG priorities, commitments, and reporting, including our progress on meeting our environmental sustainability commitments. Verizon's Executive Vice President and Chief Administrative, Legal, and Public Policy Ofcer (CAO) provides the Committee with an annual update on the current policy issues facing the company and leads a discussion of Verizon's preparedness to manage potential risks, including climate-related events, that may impact corporate reputation.

**Finance Committee**

The Finance Committee monitors and oversees Verizon's capital allocation and financing activities, including our green finance program. The Committee also oversees the strategy for managing risk related to Verizon's renewable energy exposure through renewable energy purchase agreements.

**Human Resources Committee**

The Human Resources Committee is responsible for establishing the performance measures and targets for Verizon's incentive plans. Each year, the Committee evaluates and selects metrics for employees' incentive awards that align with Verizon's strategic goals. Since 2014, the annual shortterm incentive awards for management employees have included ESG performance measures, including a carbon intensity reduction target. In 2020, the Committee increased the weighting of the ESG performance measures, including this target, from 5% to 10% of the total short-term incentive award for corporate employees, including our CEO and CFO. In connection with setting and monitoring performance, the Committee receives periodic briefings on Verizon's progress toward meeting this target.

**Executive Climate Oversight Committee**

The ECO Committee, formed in 2020, is the highest level management committee with direct responsibility for assessing and managing Verizon's climate-related risk and opportunities. The Committee, composed of our Chief Financial, Chief Administrative, Chief ESG, and Chief Sustain­ability Ofcers, meets quarterly to monitor Verizon's progress on its climate-related commitments and recommends changes or enhancements to Verizon's climate-related strategy. Representa­tives from the Strategy, Network, Fleet, Global Real Estate, Treasury, Sustainability, and ESG organizations report to the Committee on climate-related issues and initiatives that fall within their responsibilities. The Chief ESG Ofcer periodically updates senior management and the Corporate Governance and Policy Committee of the Board of Directors on the issues considered by the ECO Committee, the company's progress in meeting its climate-related commitments, and any significant developments relating to the company's strategy for managing climate-related risks. The Chief ESG Ofcer and the Chief Sustainability Ofcer (CSO) also periodically update the Strategic Leadership and Responsible Business Councils on matters considered by the Com­mittee, as those management governance councils are instrumental to coordinating the integra­tion of sustainability considerations into our overall strategy and business operations.