BOSTON--(BUSINESS WIRE)--State Street Corporation (NYSE: STT) today announced the release of its annual Corporate Responsibility (CR) report for 2018, which highlights the company’s commitment to environmental, social and governance (ESG) principals, responsible investing, diversity and inclusion and corporate citizenship.
“Corporate responsibility is integral to how we conduct business, as both a servicer and manager of global investments,” said Rick Lacaille, global chief Investment Officer of State Street Global Advisors and chairman of State Street’s Executive Corporate Responsibility Committee. “Our focus is on creating long-term value for our clients, employees, shareholders and the communities we serve. I am proud of the progress we have made over the last year and look forward to achieving even more in 2019.”
Highlights of the report include:
- The launch of a multi-year transition to monitor and disclose material ESG risks to our business. By aligning our corporate responsibility reporting with the Sustainability Accounting Standards Board (SASB) framework and the Task Force on Climate-related Financial Disclosures (TCFD), we’re focused on the issues most likely to materially impact our performance
- To address the ESG data challenge, State Street Global Advisors launched R-FactorTM, an ESG scoring system that uses widely adopted materiality frameworks to generate ESG scores for listed companies
Since the launch of Fearless Girl in 2017, more than 423 companies have added a female director to their boards that previously had none, and 22 companies have pledged to do so. Continuing that commitment, State Street Global Advisors is calling on portfolio companies to disclose gender diversity at all levels of management. Because diversity on boards starts with a more diverse workforce
- In 2017, we set new, quantifiable 2025 goals. In 2018, we surpassed our goal to reduce water consumption by 10% per person, achieving a 14% reduction; we reduced our carbon dioxide emissions by 27%, well toward our 30% goal, and achieved a recycling rate of 67% globally
- Our renewable energy credit (REC) purchases funded several innovative environmental improvement programs such as the Paradigm Healthy Cookstoves and Water Treatment Project in Kenya and clean power via windfarms in the US, Poland and India
- Our tax-advantaged investments group committed $139 million to renewable energy projects in 2018 including energy storage, solar power and offshore wind
- In its first three years since inception, our Boston WINs partnership provided college- and career-readiness services to more than 29,500 students — a 63% increase since the program’s launch
- To encourage more women to pursue Science, Technology, Engineering and Math (STEM) careers, our Foundation grant to the United Way in Hyderabad, India will enhance STEM education offered to women in 11 schools, benefiting 4,500 students
- Our community support comes to life through our more than 40,000 employees worldwide. In 2018, we recorded $5.1 million in employee matching gifts and 112,000 employee volunteer hours
To view full details and learn more about State Street’s commitment to corporate responsibility, click here to visit the new mircosite.
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors, including investment servicing, investment management and investment research and trading. With $32.6 trillion in assets under custody and administration and $2.8 trillion* in assets under management as of March 31, 2019, State Street operates globally in more than 100 geographic markets and employs approximately 40,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
* Assets under management include the assets of the SPDR® Gold ETF and the SPDR® Long Dollar Gold Trust ETF (approximately $33 billion as of March 31, 2019), for which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street Global Advisors are affiliated.
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