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State Street’s Corporate Responsibility Report Highlights Achievements In Energy Efficiency, ESG And Community Investments

Stocks in this article: STT

State Street Corporation (NYSE: STT) today announced the release of its 2013 corporate responsibility (CR) report, which highlights the company’s environmental, social and governance (ESG) activities.

“We’re continually refining how we can have the most positive impact on our economy, society and environment through responsible business practices,” said Alison Quirk, executive vice president and chief human resources and citizenship officer. “In 2013, we conducted a global scan of sustainability issues that are most important to our stakeholders and impact our business. We’ve captured those insights in our 2013 CR report to illustrate how State Street and its employees are giving back through philanthropy, community service and a commitment to the environment.”

Highlights from 2013 include:

Business

  • ESG assets under management at State Street Global Advisors reached an all-time high of $203.7 billion, accounting for 9% of total assets under management as of December 31, 2013
  • Over the past two years, State Street’s investments in renewable energy projects have grown to more than $400 million
  • Continuing a three-year upward trend, State Street received AA, nearly the highest rating, on the MSCI ESG Research Intangible Value Assessment (IVA), which assesses companies’ risks and opportunities arising from ESG factors compared to industry peers

Environmental Sustainability

  • State Street achieved a major milestone with four new offices completing ISO 14001 certifications, a standard for environmental management systems; 85% of State Street employees work in buildings with this certification
  • State Street’s enterprise data center became Energy Star Certified; the Energy Star program aims to help save US businesses and consumers money and promote energy efficiency
  • The number of employees with formal flexible work arrangements grew by 10%, ultimately saving more than 200,000 driving miles a week and significantly reducing State Street’s total carbon footprint

Community Investments

  • The State Street Foundation invested $19.6 million in grants to charitable organizations to strengthen 40 communities around the world
  • State Street employees contributed 87,000 volunteer hours and $4.5 million dollars to nonprofit organizations
  • Locally in its headquarter location, State Street was able to help 1,870 underserved youth and 1,255 underserved adults secure job placements

“As a global organization, an acute awareness of corporate responsibility is imperative to creating economic value for clients and the communities where we live and work,” Patrick Centanni, executive vice president, realty, procurement, continuity and chair of State State’s Executive Corporate Responsibility Committee. “We’re dedicated to ensuring that CR is central to our business practices.”

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