At Verra Mobility, our success is embedded within our Core Values: Own It, Do What's Right, Lead With Grace, and Win Together. As a global leader in smart mobility, we serve our customers at their highest point of need, with the best people doing their best work to provide technology solutions that enrich lives by making mobility safer and easier.
Key to our performance is an equally strong commitment to doing business ethically and with integrity. Doing things with integrity is not just an expectation at Verra Mobility, it is ingrained into our culture and is at the foundation of our Core Values. Verra Mobility's Code of Business Ethics and Conduct (the "Code"), sets high standards of conduct and business ethics. The Code goes beyond legal requirements, and sets expectations for Verra Mobility employees to be honest and always conduct themselves with integrity. Verra Mobility strives to cultivate a culture where its directors, officers, employees, agents, contractors and consultants not only conduct business in accordance with the letter and spirit of all relevant laws and regulations but also seek to exceed such standards. We also require all full- and part-time employees, including management, to take anti-corruption and anti-bribery training on an annual basis, and in 2021, 100% of such employees completed the training. Our Compliance and Ethics Committee, which includes our Chief Financial Officer, Chief People Officer and General Counsel, oversees Verra Mobility's anti-corruption and anti-bribery policy and procedures.
We conduct business under three business segments: Commercial Services, where we provide integrated technology and data-driven insights to manage tolls, violations, and vehicle titling and registrations for rental car companies, fleet management companies, and large fleet operators; Government Solutions, where we work with government customers globally (such as states, counties, municipalities and school districts) by installing, maintaining, and managing leading photo enforcement technology that positively impacts driver behavior and makes transportation safer and easier; and Parking, where we provide an integrated suite of parking software and hardware solutions to help universities, municipalities, parking operators, healthcare facilities and transportation hubs optimize their infrastructure and make parking more efficient.
Our products and services are at the epicenter of the smart mobility ecosystem and enable our customers to leverage technology to provide eco-friendly solutions, preserve human life, and keep our communities and citizens safe.
As a global company, our commitment to a greener and safer planet is embedded in our actions and innovative solutions. Our employees take pride in the work they do and are empowered by our vision. As a company, we are committed to being good stewards of the environment. We ensure that our employees, customers and suppliers recognize that there are many things we can do to reduce our environmental footprint. Verra Mobility is dedicated to energy savings and efficiency through our commitment to upgrading all facilities with LED lighting. In addition, we are committed to reducing waste by purchasing ecosystem-safe products and encouraging employees to eliminate disposables at all office locations. Furthermore, all Verra Mobility locations internationally have implemented recycling programs to reduce waste.
In Commercial Services, our customers offer our electronic tolling solutions in their Rental Car and Commercial Fleet sectors in North America and part of Europe. Studies show that paying for tolls electronically significantly reduces or eliminates idling and traffic back-ups at toll booths and thus reduces greenhouse gas emissions. Furthermore, digital connections with municipalities and toll authorities significantly reduce demand for paper records as well as the associated impact of mailing physical copies.
In Parking, we offer solutions that significantly improve parking efficiency, which leads to decreased idling time and unnecessary vehicle travel, helping to cut down on emissions. Our digital citation solutions help to reduce paper waste.
Verra Mobility subsidiaries have also received certifications in the U.S. and abroad for our commitment to environmental corporate responsibility.
Our Products and Services Preserve Human Life
Our Government Solutions products and services help save lives and promote healthier communities. We serve as a value-add partner to government agencies by providing road safety cameras that promote traffic safety and reduce traffic violations. We work with our customers to identify problematic traffic areas and install, maintain and manage technology platforms in school zones, crosswalks, busy intersections and on school buses to promote community safety and preserve human life.
Recruiting and Managing a Global, Diverse and Skilled Workforce
We are a purpose-driven company making mobility safer and easier, and our employees are critical to our success. Our success depends upon attracting, retaining and developing a diverse group of talented individuals who possess the skills necessary to support our business objectives, assist in the achievement of our strategic goals, contribute their own unique perspective and skill set and create long-term value for our stockholders. We have implemented purposeful hiring strategies that include opportunities for internal mobility and promotion and an employee referral program, both of which we believe will further strengthen our growing employee base and promote retention at our Company. We have a multifaceted talent development framework that includes functional training, management training and targeted development programs.
Our compensation programs are designed to align the compensation of our employees with Company and individual performance, and to provide a compensation package that will attract, retain, motivate and reward employees to achieve superior results. The structure of our compensation programs balances incentives for both short-term and long-term performance. In addition to cash compensation, and depending on geographic location domestically and internationally, we offer employees benefits such as life insurance, health (medical, dental and vision) insurance, health savings accounts, flexible spending accounts, accident insurance, paid time off, volunteer time off, paid parental leave and a company-sponsored 401(k) plan.
Data Privacy & Security
Verra Mobility is dedicated to protecting personal information of its employees, contractors, customers, consultants and vendors. Verra Mobility employees and contractors receive robust Security and Privacy Awareness training and certification every year.
Our customers include large, multinational corporations and government agencies who depend upon our operational efficiency, non-interruption of service, and accuracy and security of information. We devote significant resources to our cybersecurity programs and have implemented security measures to protect our systems and data, and to prevent, detect, and respond to data security and privacy incidents. As a trusted advisor to our customers, data privacy is of paramount importance and key to our success as an organization. Additionally, Verra Mobility is insured against information security risks.
We use dynamic compliance frameworks, aligned with current standards, to manage data privacy and security. For example, our privacy framework consists of fourteen pillars that align with key data privacy regulations, standards and guidance. These frameworks provide the foundation of privacy and security governance upon which to build accountable privacy and security programs. Each year, Verra Mobility participates in audits and/or assessments initiated by customers, governing bodies and industry experts, including but not limited to quarterly penetration tests, PCI audits, SOC 1, SOC 2, NLETS, SOX, ISO 27001 and BIO.
Verra Mobility is committed to responsible disposal of electronic waste. It is our practice to dispose of electronic waste by donating used equipment to nonprofit organizations or through a third-party vendor that specializes in the disposal of electronic waste.
The Verra Mobility Privacy Office is governed by the Vice President of Global Privacy, who reports to our Chief Technology Officer. The Vice President of Global Privacy leads a Privacy Champions Group composed of representatives from various business units, disciplines and geographies at Verra Mobility. Together, the CTO, VP of Global Privacy, and Privacy Champions Group make up the Verra Mobility "Privacy Council." The CTO briefs the Audit Committee on information security matters at each of its regularly scheduled meetings throughout the year.
Verra Mobility is a Bronze Member of the International Association of Privacy Professionals (IAPP).
At Verra Mobility, we believe that good corporate governance helps ensure the Company is managed for the long-term benefit of its stockholders. Our commitment to good corporate governance includes following regulatory requirements, Nasdaq listing standards and recognized best practices while ensuring effective leadership and oversight by our Board of Directors and senior management team. Our Board of Directors adopted Corporate Governance Guidelines, which provide a foundation for Verra Mobility's governance and describe the principles and practices that our Board follows in carrying out its responsibilities. Our Nominating and Corporate Governance Committee, which is comprised entirely of independent directors, oversees the Company's environmental, social and governance initiatives.
Verra Mobility's Board of Directors also promotes Verra Mobility's business and organizational objectives through oversight, review and counsel. The Board oversees the Company's business affairs and integrity, works with management to determine the Company's mission and long-term strategy, performs the annual CEO evaluation, oversees CEO succession planning, establishes internal control over financial reporting and assesses company risks and plans for risk mitigation. Our Board is comprised of a diverse group of experienced business and industry leaders.
Corporate governance at Verra Mobility is designed to promote the long-term interest of our shareholders, maintain internal checks and balances, strengthen management accountability, engender public trust and foster responsible decision-making and accountability. Our Nominating and Corporate Governance Committee oversees stockholder engagement.