Northern Trust Corporation announced today it has released its latest Corporate Social Responsibility Report.
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“This report reflects Northern Trust’s ongoing commitment to our stakeholders”
The report details progress toward enhancing our Diversity, Equity and Inclusion (DE&I) strategy, reducing our greenhouse gas emissions (GHG), and launching client-focused Environmental, Social and Governance (ESG) tools and investment vehicles.
“This report reflects Northern Trust’s ongoing commitment to our stakeholders,” Northern Trust Chairman and Chief Executive Officer Michael O’Grady said. “While the report covers 2019, the challenges and uncertainty of 2020 have transformed the ways we work with one another, our clients, and our communities. The ongoing global COVID-19 pandemic and calls for social justice around the globe will have long-term effects on every aspect of society for many years to come, and they have given us an opportunity to emerge with greater awareness and a stronger sense of purpose.”
In response to the coronavirus pandemic, Northern Trust in April 2020 announced a commitment of US$3 million to support nonprofit organizations providing healthcare, food and other humanitarian relief around the world. In May 2020, Northern Trust announced it would provide more than US$100 million to support small businesses and non-profit groups through our investments in Community Development Financial Institutions (CDFIs). And in June 2020, Northern Trust announced it would provide US$20 million over five years to expand access to resources that address essential human needs—food, housing, healthcare and education—to bridge the gap that threatens the broader prosperity of our society.
“In response to events leading to calls for social justice and racial equity, we also examined our role as a global firm in driving sustainable and measurable change,” said Connie Lindsey, Head of Corporate Social Responsibility and Global Diversity, Equity & Inclusion. “Through internal virtual town hall meetings, small group discussions and individual conversations, we engaged in candid conversations about how we can fight structural and systemic bias globally. We are committed to strengthening training, accountability and talent development, while enriching our culture of inclusion.”
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The 2019 report was compiled using the GRI Standards framework developed by the Global Reporting Initiative, and it includes Northern Trust’s first statement on climate change aligned to the Task Force on Climate-related Financial Disclosures. Highlights include:
Employees:
- Named to the Gender Equality Index by Bloomberg – 3rd consecutive year
- Scored 100 percent on the Disability Equality Index (DEI) by the American Association of People with Disabilities (AAPD) and Disabiity:IN list of Best Places to Work for Disability Inclusion
- Achieved a level of 35 percent women at the senior vice president role or above in our U.K. offices as per the U.K. Women in Finance Charter
Environment:
- Reduced carbon emissions by 32 percent since 2015 vs goal of 25 percent by 2020
- Collaborated with U.S Green Building Council, the Carbon Disclosure Project, and the Institutional Investors Group on Climate Change
Shared Values:
- $160 million spent with minority, women, veteran, LGBTQ+, disabled, and small business enterprises
- Invested $2.6 billion in community development – affordable housing, education & social services, job creation, and wealth accumulation
- Maintained “Outstanding” CRA rating – 25th consecutive year
- Launched “Achieving Greater Together” global volunteer campaign – employees donated over 8,000 hours during the campaign
- Additionally, employees donated nearly 110,000 volunteer hours of service throughout the year
Sustainable Products and Services
- Managed over $100 billion in assets globally that incorporated ESG criteria, including nine new ESG equity funds launched in 2019 by Northern Trust Asset Management
- Offered electronic statements to Wealth Management clients reducing paper and energy waste and achieved $300,000 in cost savings
- Introduced new Investment Risk & Analytical Service reporting tool that allows clients to monitor impact of ESG factors on their portfolios
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