State Street Corporation (NYSE: STT) today announced the release of its 2017 Corporate Responsibility (CR) report, which highlights its commitment to the environment, corporate citizenship, as well as diversity and inclusion.
“The world has changed dramatically since State Street’s founding more than 225 years ago,” said Jay Hooley, State Street chairman and CEO. “However, one constant for us is our commitment to conducting our business in a responsible manner. I am proud of the corporate responsibility accomplishments outlined in this report, and we are focused on delivering against our goals for the future.”
2017 Corporate Responsibility Report highlights include:
- State Street pledged to reduce its greenhouse gas emissions by 30% (an increase over the 20% target achieved in 2017), reduce water consumption by 10% per full-time employee and achieve a recycling rate of 80%– all by 2025.
- State Street and its asset management business, State Street Global Advisors, joined the Task Force on Climate-related Financial Disclosures, a global initiative aimed at improving the quality and consistency of corporate reporting on climate-related financial risk. Over the course of four years, State Street Global Advisors has also held over 240 climate-related engagements with 168 companies.
- In 2017, State Street Global Advisors engaged a total of 610 global companies representing more than 45% of its total assets (12,291 in portfolio) on Environmental, Social and Governance (ESG) issues. Of those engagements, 271 were on environmental and social issues alone.
- State Street’s charitable arm, State Street Foundation—which celebrated its 40th year in 2017—provided US$20.3 million in grants to charitable organisations worldwide.
- In addition, more than a fifth of State Street employees participated in community volunteer activities, devoting more than 123,000 hours of their time and talents to charitable causes.
Diversity and Inclusion
- State Street signed the CEO Action for Diversity and Inclusion pledge to welcome and respect diversity and inclusion, and share best practices with its peers.
- The company completed its second set of three-year diversity goals in 2017, achieving or exceeding those goals in five of eight categories. For example, in 2014, 18% of our US workforce at vice president (VP) level were employees of color; we set a goal of increasing this to 22% by 2017, this was then exceeded by 3% reaching 25% during this timeframe.
- State Street has now set new three- and five-year goals to increase the number of women and employees of color in management roles.
- For the fourth year in a row, State Street also received 100 percent on the Human Rights Campaign’s Corporate Equality Index, which benchmarks corporate policies and practices pertinent to LGBT+ employees. In addition, State Street was recognized for the representation of women on its board, receiving “W” company certification from US national campaign group, ‘2020 Women on Boards’. Within the UK, it was also recognized by national newspaper, The Times as a ‘Top 50 Employer for Women’ for the fifth year in a row.
To view full details, see State Street’s 2017 Corporate Responsibility Report.