The New Jersey State Governor’s Jefferson Awards honored Prudential Financial, Inc. (NYSE:PRU) for the company’s commitment to public and community service during a ceremony held on June 4 at the Newark Museum. Prudential was recognized in the “Corporate Leadership” category and was among 25 honorees lauded for volunteerism.
“Prudential has a long-standing commitment to support the communities where we live and work, and we're honored to be recognized for that,” says Lata Reddy, vice president, Corporate Social Responsibility at Prudential and president of The Prudential Foundation. “Our employees exemplify that commitment by giving of their time, skills and expertise for the benefit of others.”
The Jefferson Awards honors individuals who perform outstanding community service. Prudential was selected for the award because its long-standing commitment to corporate social responsibility in New Jersey and, specifically, the Prudential Foundation’s Building Diverse Leadership Program, a three-year initiative designed to increase diversity and build capacity on non-profit boards. In its first year, Building Diverse Leadership placed 24 employees on boards of New Jersey non-profits.
The Prudential Foundation awards approximately $25 million annually to improve education and community development and to support the arts. And its Social Investment program provides $45 million annually to develop and preserve affordable housing, improve access to quality education, and connect neighborhoods and residents to economic growth opportunities. “Prudential leverages its resources in a very unique way. HANDS is fortunate to have received not only grants and social investments from Prudential, but also a great member of our board. It is this deep partnership that creates a long-term impact in the nonprofit sector and in the community,” said Patrick Morrissy, executive director of Housing and Neighborhood Development Services, Inc., (HANDS), a nonprofit that revitalizes neighborhoods in Orange and East Orange, N.J. Morrissy nominated Prudential for the award.
The Prudential Foundation provided financial support to HANDS and placed Gillian Parascandola, a director in Group Insurance at Prudential, to the HANDS board through the company’s Building Diverse Leadership initiative.