BIRMINGHAM, Ala.--(BUSINESS WIRE)--Regions Financial (NYSE: RF) today announced the release of its 2018 Environmental, Social, and Governance (ESG) Report, documenting the company’s progress on initiatives that make life better for customers, associates and communities, while creating long-term value for shareholders.
“Regions’ strong corporate culture is founded on the idea that creating shared value for all stakeholders—customers, shareholders, associates and communities—is the right way to operate our business,” said President and CEO John Turner. “More than ever, we must consider how environmental, social and governance matters affect our company. We are committed to transparency, and we continuously evaluate opportunities to adopt leading practices and enhance our reporting.”
The full board of directors and its committees oversee matters related to Regions’ environmental, social, and governance practices, performance, and disclosure. Direct oversight responsibility for environmental matters and corporate responsibility is assigned to the Nominating and Corporate Governance (NCG) Committee.
“As directors, we are responsible for providing effective governance and oversight of Regions’ business for the long-term benefit of all stakeholders, including Regions’ customers, shareholders, associates, and communities,” said Ruth Ann Marshall, chair of the NCG Committee. “Regions’ executive management and the board recognize the intersection between strong environmental, social, and governance practices. It defines the long-term success of our company.”
The 2018 Environmental, Social, and Governance Report highlights recent ESG accomplishments, including:
- Introduced an expanded parental leave plan to provide 12 weeks of fully paid leave for birth mothers and six weeks of fully paid leave for birth and adoptive parents.
- Increased the 401(k) Plan matching contribution from 4% to 5% in addition to the annual 2% contribution that all eligible associates receive.
- Raised the entry-level wage to $15 an hour, while also providing career paths and professional growth opportunities for associates.
- Created a Diversity and Inclusion Center of Expertise, led by the head of Diversity and Inclusion.
Customers and Communities:
- Provided 94,000 financial education presentations delivered by the Regions Next Step® Elevate team.
- Contributed $100 million to the Regions Foundation to make purpose-led, performance-driven community investments.(2)
- Formed the Corporate Responsibility and Community Engagement team to address local community development needs and promote inclusive economic growth through economic and community development, education and workforce readiness, and financial wellness.
- Adopted an Environmental Sustainability Policy Statement and created an Environmental Working Group to support the implementation of the Policy Statement and engage associates on sustainability.
- Established the company’s first environmental goals to reduce greenhouse gas emissions and energy usage each by 30% by the year 2023.(3)
- Focusing on sustainable financing, provided $300 million in capital in the form of sale-leasebacks to utility scale and commercial photovoltaic solar projects with overall generating capacity of 147 megawatts.
- The board is 38% diverse based on gender, ethnicity, race, and sexual orientation.
- The board is 92% independent with an independent chairperson.
- Since 2016, the board has appointed six new directors, each with unique skills and backgrounds. This provides the board with additional diverse points of view when making decisions.
- Became a Ceres Company Network Member. Through this partnership, Regions will leverage Ceres’ in-house expertise and relationship with shareholders and other stakeholders to gain insights into ESG best practices, shareholder expectations and other ESG-related guidance.
- Adopted a Vendor Code of Conduct, which reiterates the expectation that vendors adhere to all applicable provisions of our Code of Business Conduct and Ethics. The Vendor Code of Conduct also sets forth expectations for working conditions, human rights, ethical business practices, and environmental conservation.
- Released a Human Rights Statement, honoring and affirming that protections for human rights are embodied in Regions’ values and mission.
The 2018 Environmental, Social, and Governance Report is available on the Regions website at the following link. The report covers the period of January 1 through December 31, 2018, unless otherwise noted. Regions uses the Global Reporting Initiative (GRI) framework to provide transparent and comparable disclosure of the company’s economic, environmental, and social impacts. The Report should be read in conjunction with Regions’ 2018 Annual Report on Form 10-K, 2018 Annual Review, 2019 Proxy Statement and 2018 Community Engagement Highlights, all of which contain additional information about Regions and can be found online at ir.regions.com.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $129 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest, and Texas, and through its subsidiary, Regions Bank, operates approximately 1,500 banking offices and 2,000 ATMs. Additional information about Regions and its full line of products and services can be found at www.regions.com.
(1) Parental leave plan and 401(k) Plan changes went into effect January 1, 2019.
(2) Regions contributed $40 million to the Regions Foundation in 2017 and $60 million in 2018.
(3) 2015 baseline. Greenhouse gas emissions goal is for Scope 1 and 2 emissions.
(4) Corporate Governance metrics are as of April 24, 2019, following the 2019 Annual Meeting.