State Street Achieves Its Environmental Goals Three Years Ahead of Schedule and Details Corporate Re
Updated: Dec 10, 2020
State Street Corporation (NYSE: STT) today announced the release of its 2016 Corporate Responsibility (CR) report, which highlights the company’s commitment to corporate citizenship, and environmental, social and governance (ESG) activities. The report details how State Street exceeded its environmental goals set for 2020, three years ahead of schedule, including reducing greenhouse gas emissions and water use by 20 percent per person, and diverting 90 percent of waste sent to landfills. State Street was recently included on CR Magazine’s 100 Best Corporate Citizens list for 2017, jumping 30 spots since last year. The company ranked highest among banks included on the list.
“At State Street, corporate responsibility is central to our culture and core values,” said Jay Hooley, chairman and chief executive officer of State Street. “As a company celebrating its 225th year, we are very proud of the steps we have taken to advance innovative ESG efforts across the globe as they become increasingly integral to the long-term success of our clients, our business and the communities in which we operate.”
2016 Corporate Responsibility Highlights Include:
State Street is now aligning with new industry best practice of using data-driven, Science-Based Targets to measure greenhouse gas emissions. Strong progress has been made against the company’s goal for 2025 of reducing our greenhouse gas emissions by 30 percent. (Click here to see how State Street is managing its carbon footprint.)
The Boston Workforce Investment Network (WINs) program, State Street’s four-year, $20 million effort to advance job readiness and create meaningful career pathways for Boston Youth employed 233 Boston WINs-students, hired 827 interns and trainees through the partner WINs organizations, and launched three new mentoring programs by the end of 2016. The program is now present in 20 Boston Public High Schools.
Employees recorded a record-breaking 120,000 volunteer hours and claimed $4.1 million through State Street’s matching gifts program – both increases from 2015.
State Street significantly increased annual investment in compliance, audit and risk management and adopted a comprehensive compliance framework across the company, including doubling the size of its compliance staff and making risk management part of each employee’s annual performance ratings.
ESG is now integrated into State Street’s vendor selection process, factoring in ethical business practices, economic impact, environmental stewardship and broader social issues such as human trafficking and slavery.
State Street created a proprietary gender diversity index and ETF. A percentage of the revenue from the ETF is being directed to organizations and programs that inspire and equip girls and young women to be future business leaders.
“We know that over the long term ESG issues can have a material impact on a company’s ability to thrive financially, grow, recruit and retain good talent, and benefit the broader community, said Rick Lacaille, global chief investment officer at State Street Global Advisors and chairman of State Street’s Executive Corporate Responsibility Committee. “With more than 30,000 employees and offices in 30 countries, we help steward and safe-keep assets for investors, including managing the retirement savings of more than 13 million people. Our activities must reflect the complexity of our impacts. We’re excited to rise to this challenge and manage our impact the right way.”
Click here to read the full Corporate Responsibility report on State Street’s website.
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 $29.83 trillion in assets under custody and administration and over $2 trillion* in assets under management as of March 31, 2017, State Street operates globally in more than 100 geographic markets. For more information, visit State Street's website.
*AUM reflects approx. $33.33 billion (as of March 31, 2017) with respect to which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street Global Advisors are affiliated.