By Stephen Nakrosis

Verizon Communications Inc. on Thursday released results from the first year of its Responsible Marketing Action Plan, adding the company intends to increase its diversity and equity goals around the creative supply chain.

Verizon said its plan also includes goals to address bias in advertising and media and to build an inclusive work environment and retain diverse talent.

The company said in 2021 it set a goal to spend 30% of its video, experiential and print production budget with diverse companies. Verizon said it exceeded that goal, with video spending 65% with diverse-owned video production companies, experiential spending 46% and print spending 45%.

For this year, Verizon said it will increase its overall goals from 30% to 40% "to continue driving momentum and maintain steady progress."

Verizon also said it continues to work to fight racism and eliminate bias in advertising, content and media, adding 100% of its advertising goes through gender and cultural bias testing.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

June 02, 2022 12:22 ET (16:22 GMT)

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