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State Street’s 2011 Corporate Responsibility Report Highlights Reduced Environmental Footprint, Increased Philanthropy And Volunteerism

Stocks in this article: STT

State Street Corporation (NYSE: STT) today announced the release of its full 2011 corporate responsibility report. Published annually since 2004, the report highlights the company’s environmental, social and governance (ESG) performance over the past year, and its goals for the future.

“Corporate responsibility is highly valued by our global client base who recognize its role in helping to drive innovation,” said chairman, president and chief executive officer, Jay Hooley. “From reduction of waste, water and carbon emissions to volunteering and charitable giving, it is integral to our values that we not only continue to minimize our environmental footprint, but also give back to the communities in which we and our clients operate.”

Highlights for 2011 include:

Environmental Sustainability accomplishments

  • State Street lessened its carbon dioxide emissions by 24,500 metric tons through the use of cloud computing.
  • State Street’s energy efficiency initiatives which included installing more than 2,000 efficient, light-emitting diode (LED) lights in our Massachusetts offices as well as modifying infrastructure equipment saved 11.84 million kilowatt-hours of electricity, $1.69 million, and an estimated 6,788 metric tons of carbon emissions.
  • A manager-initiated flex work program, launched at State Street in 2011, resulted in 1,574 new flex work arrangements. Employees participating in this environmentally and family-friendly program self-reported savings of more than 140,000 miles driven per week by the end of the year.
  • State Street also achieved ISO 14001 certification at its flagship buildings in Dublin, Edinburgh and London, a global standard that provides a framework for managing environmental responsibilities.

Philanthropy and Volunteerism Accomplishments

  • State Street’s charitable contributions rose 15 percent to $20.5 million from $17.8 million in 2010.
  • State Street matched $2,170,000 of employee charitable gifts, a seven percent increase from $2,027,000 in 2010.
  • The total number of employee volunteer hours grew to eight percent, totaling 85,000 hours and valued at $1.85 million.
  • Launched in fall 2011, State Street’s inaugural Global Giving Campaign, a six-week company-wide initiative focused on education, raised $3.5 million in gifts to participating charities worldwide.

Business Accomplishments

  • State Street Global Advisors (SSgA), State Street’s investment management business launched a new High Quality Green Bond strategy during 2011 that offers investors a way to direct fixed income investments to climate solutions through a portfolio of green bonds managed by SSgA.
  • At year-end 2011 SSgA managed $108 billion in assets incorporating ESG factors.

“We continue to take steps to further align our corporate responsibility strategy with State Street’s core value to be a global force and local citizen,” said George Russell, State Street’s director of Corporate Citizenship and president of the State Street Foundation. “Transparency and accountability are critical to this objective for which the publication of our annual Corporate Responsibility report is an important milestone”

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