wells fargo esg goals and performance data
Michelle.Palomino@wellsfargo.com, Hannah Sloane, 3478025942 WFC is headquartered in San Francisco, California, the US. Done right, it requires a significant investment of money and resources. WellsFargo Corporate & Investment Banking delivers a comprehensive suite of capital markets, banking, and financial products and services. Wells Fargo has agreed to pay $3 billion to settle criminal charges and a civil action stemming from its widespread mistreatment of customers in its community . WellsFargo today announced it has joined the Net-Zero Banking Alliance (NZBA), an industry-led leadership group designed to foster collaboration and support banks in aligning their financing with the goal of achieving net-zero greenhouse gas (GHG) emissions by mid-century. EU Sustainable Finance Action Plan Solutions, Morningstar Sustainability Rating for Funds. More than 200 companies have signed The Climate Pledge, a pact to reach the Paris Agreement goal of net zero carbon 10 years early. We believe that climate change continues to be one of the most urgent environmental and social issues of our time, and we are working across our value chain to help accelerate the transition to a low-carbon economy and reduce the impacts of climate change on our business, communities, employees, and customers. 37 on Fortunes 2021 rankings of Americas largest corporations. endstream endobj 970 0 obj <>/Metadata 30 0 R/Outlines 46 0 R/Pages 967 0 R/StructTreeRoot 71 0 R/Type/Catalog/ViewerPreferences<>>> endobj 971 0 obj <>/MediaBox[0 0 612 792]/Parent 967 0 R/Resources<>/Font<>/ProcSet[/PDF/Text]>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 972 0 obj <>stream That is why the Paris Agreement's temperature goal of 1.5 C is often expressed as "net-zero greenhouse gas emissions by 2050.". Wells Fargo is one of the largest banks in the United States, with approximately $1.9 trillion in balance sheet assets. And rightly so: ESG has the potential to reduce costs, boost stock performance, and increase customer and employee loyalty among other things. 02:46. COVID-19 accelerated the pace at which global banks have invested in ESG initiatives, and PNC continues to lag behind some rivals. SAN FRANCISCO WellsFargo Corporate & Investment Banking (CIB), a division of WellsFargo & Company (NYSE: WFC), today announced that it has appointed Genevive Pich to lead Banking Environmental, Social, and Governance (ESG) Solutions. Wells Fargo Investment Institute is a registered investment advisor and wholly owned subsidiary of Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company. Usage as a credit rating or as a benchmark is not permitted. Clients are increasingly focused on ESG-related solutions to meet sustainability goals, said Rob Engel, head of Banking at WellsFargo. Our office locations span the Americas, Europe, and Asia-Pacific. 76% of consumers say they will stop buying from companies that treat the environment, employees, or the community in which they operate poorly [PwC], 9. We're committed to advancing diversity, equity, and inclusion by helping ensure that all people across our workforce, our communities, and our supply chain feel valued and respected and have equal access to resources, services, products, and . (ESG) Report, ESG Goals and Performance Data, and Environmental and Social Risk Management. Between 2011 and 2016, approximately 5,300 employees were fired for fraudulent . Total Shareholder Return (1) (USD) 30 35 40 45 50 +61%. In August 2022, Wells Fargo announced the issuance of its second Inclusive Communities and Climate Bond, a $2 billion bond that will fund projects and programs supporting housing affordability, economic opportunity, renewable energy, and clean transportation. . 2022 Proxy Statement. Environmental, social, and governance (ESG) reporting. Relevant military experience is considered for veterans and transitioning service men and women. Introduction . 4474 0 obj <>stream tradingview no volume is provided by the data vendor. The data can be challenging to track, which prompted our Wells Fargo Investment Institute team to develop a proprietary . We believe the scale and reach of our business and our approach to ESG matters helps . hUOeZK;V^c; Wells Fargo Company (NYSE: WFC) announced today its new digital infrastructure strategy, combining a multi-cloud approach with third-party data centers to drive technological speed, agility, and scalability for its customers and employees. (Photo: Wells Fargo) "Through the issuance of this second Sustainability Bond, Wells Fargo is . The Institute will work with communities as they prepare for and adapt to changing weather-related impacts, and will advocate for policies that enable client transitions. 4040 0 obj <>/Filter/FlateDecode/ID[<9E1E71D3FFAF43C483EF1BC13188BE55><261203C3A3546A4F92C4B1EC7B5B117F>]/Index[4025 450]/Info 4024 0 R/Length 109/Prev 852551/Root 4026 0 R/Size 4475/Type/XRef/W[1 2 1]>>stream Email corporateresponsibility@wellsfargo.com, 1999 - 2023 Wells Fargo. 22. The Governance and Nominating Committee (GNC) of Wells Fargo & Companys Board of Directors identifies, evaluates, and recommends board nominees who represent a variety of backgrounds, skills, professional and industry experience, and other personal qualities, attributes, and perspectives that contribute to the overall diversity of the Board. Were committed to advancing diversity, equity, and inclusion by helping ensure that all people across our workforce, our communities, and our supply chain feel valued and respected and have equal access to resources, services, products, and opportunities to succeed. Wells Fargo is the latest big bank to issue a sustainability bond, working with diverse firms to raise $1 billion for investments in projects such as renewable energy and affordable housing. Created supply chain sustainability strategy development across the Walt Disney Company, focused on Consumer Products and Parks and Resorts segments . Meeting the increasingly diverse needs of Wells Fargos global customer base is critical for our companys long-term growth and success. Email us at corporateresponsibility@wellsfargo.com, 1999 - 2023 Wells Fargo. Wells Fargo Community Impact. Understand how exposed companies are to specific material ESG issues and how well companies are managing these issues. . You are leaving newsroom.wf.com and entering a website that Wells Fargo does not control. Access ESG strategy, activities, performance, and reports. Wells Fargo does not endorse and is not responsible for their content, links, privacy, or security policies. In 2021, the environmental, social, and governance (ESG) scores of the largest banks worldwide varied markedly across different score . These insights can be used to identify areas of ESG improvement to help inform future management decisions that align with your organization's sustainability goals. In response, many major banks and investing firms including JP Morgan, Wells Fargo, and Blackrock have incorporated ESG investing criteria into their processes and products. Investors have become increasingly interested in ESG issues. 3. hbbd```b`` j""Yl5``! And, given the fact ESG reporting mandates have grown by 74% in the last four years, it's safe to say that ESG is here to stay. Wells Fargo is committed to fair and equitable compensation practices and we regularly review our compensation programs and practices for pay equity. [Clearwater Analytics]. ESG portfolios constructed using the ratings of two well-known ESG ratings providers yield large performance dispersion and low correlation of returns. Wells Fargo & Company is a leading financial services company that has approximately $1.9 trillion in assets and proudly serves one in three U.S. households and more than 10% of all middle market companies in the U.S. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending; Commercial Banking; Corporate and Investment Banking; and Wealth and Investment Management. Make sure all people feel respected and have equal access to resources and opportunities to succeed. Wells Fargo is the latest big bank to embrace ambitious lending goals to fight the climate crisis. NMLSR ID 399801, 45% of our U.S. workforce is ethnically/racially diverse, 8,072 veteran employees in the U.S. (self-identified). 85% of asset managers say ESG is a high priority for their companies, but 64% were concerned about a lack of transparency and corporate disclosure on firms' ESG activities [Index Industry Association], 19. Numbers may difer from other Wells Fargo reports that count employees based on full-time equivalent methodology. News, insights and perspectives from Wells Fargo are also available at WellsFargo Stories. Based on our pay equity reviews, we take appropriate actions so that our employees continue to be paid fairly and equitably. A summary of the study appeared in the publication's April 8 edition. Our CEO chairs the IBC and partnered closely on the development of these . We define diversity as the unique combination of various dimensions that makes each of us different from and similar to others. We include both gender and race/ethnicity in our reviews. 6Cn[j8lWbhZ064khzfn4agiU^U6dOFJ)w*AMoc]ccUJ6T.uk#_=u'r~o',oI/-@$` UVi:yaoonv}^ gn-:]5 ZinQw_W~=y/b=Aeo}vc@R6trCWXyz;#]!g#0FFa7jh61t:R;q4rOC"=XZ)F30h6;q{M*IDX 5gl GsAjj. Our purpose is to advance sustainable economic growth and financial opportunity. Explore real stories about how were helping our communities thrive. Naveg a una pgina que no est disponible en espaol en este momento. Wells Fargo Sustainability Bond Framework . hbspt.cta._relativeUrls=true;hbspt.cta.load(2328737, '39d62033-905c-4285-b52a-83281a6a3ade', {"useNewLoader":"true","region":"na1"}); Perillon Western Regional Office:Denver, CO. Perillon is an established provider ofintegrated EHS Risk and Compliance Management softwaresolutions committed to customerexperience and service as its top priority. These data were collected in 2017 when Wells Fargo was in the middle of . In addition, Wells Fargo is committed to attracting, developing, and retaining the best-qualified, most diverse group of employees. Our reports and statements on sustainability, conduct, and more can be . In April 2021, the Prince of Wales joined 40 banks worldwide in a working group called the . We're taking an active role in addressing pressing societal challenges to drive positive impact. Environmental and social impact management. 1999 - 2023 Wells Fargo. Learn More. (Credit: Pixabay) Wells Fargo this week announced another step in its efforts to support the transition to a low-carbon economy by setting a goal of net zero greenhouse gas emissions including its financed emissions by 2050. Today there are nearly 400 reporting provisions in the 80 countries included in the study. Environmental, social, and governance (ESG) investing is used to screen investments based on corporate policies and to encourage companies to act responsibly. At the time, Wells Fargo was widely considered to be one of the top banks in America, with a strong focus on workplace, diversity and inclusion, and philanthropy. %PDF-1.6 % [Quoted Companies Alliance]3. Additional sustainability news, insights and perspectives are available at WellsFargo Stories. Their ESG Goals and Performance Data reflect progress against its goals in the following areas of priority: Diversity and inclusion Economic empowerment; Environmental sustainability; In 2020, Wells Fargo transitioned its annual corporate responsibility reporting to environmental, social, and governance (ESG) reporting. Plays a major role in shaping, sustaining, and driving the business development of the bank across 54 branches throughout the East Coast . "They need to be prepared for disclosure of data breaches in accordance with Sustainability Accounting Standards Board standards for specific industries." You are leaving newsroom.wf.com and entering a website that Wells Fargo does not control. By completing your subscription, you are providing consent to Wells Fargo Newsroom to send you email alerts and you are agreeing to our Digital Privacy and Cookies Policy. Im excited to coordinate existing ESG efforts and identify niche strategies and product opportunities for our clients across M&A, lending, and more. I am also a part of a non-profit organization . [Carrots and Sticks]. Looking at these statistics, one thing is clear: ESG is a critical must-do for all companies, regardless of size or industry. We're leveraging our relationships and collaborating with our stakeholders on a number of initiatives to transition to a low-carbon, climate-resilient future, including: As part of our sustainability goals, Wells Fargo has committed to deploy $500 billion in sustainable finance between 2021 and 2030. Promoting diversity, equity, and inclusion awareness through education and training. Email us at corporateresponsibility@wellsfargo.com. Learn more about our approach to diversity, equity, and inclusion, goals, and performance. LifeSync offers "one cohesive approach to goal tracking for clients regardless of their level of wealth or stage in life", says Michelle Moore, head of consumer and wealth and . To help provide healthy, safe, productive, and environmentally responsible spaces for our stakeholders, we approach operational efficiency through the principles of: The Institute supports clients and communities to accelerate the transition to an equitable, low-carbon economy. ESG propositions had a positive impact on equity returns 63% of the time [McKinsey], 16. U.S. companies from Wells Fargo to Delta Air Lines are under increasing pressure from investors to address climate change, and they have been making the environment (or ESG) a focal point of . We're sorry, but some features of our site require JavaScript. Creating solutions that protect the environment and grow the economy. . ESG Report, and 2020 ESG Goals and Performance Data are available . Telephone 1 612 6671234. View of city skyline and tree lined streets. Learn about our environmental, social, and governance (ESG) strategy, activities, and performance through the disclosures below. Wells Fargo is one of the largest banks in the United States, with approximately $1.9 trillion in balance sheet assets. You must click the activation link to complete your subscription. Our approach to environmental and social issues is becoming increasingly integrated in the work we do across our business and is subject to the governance and oversight of our management and Board structures. Climate change is one of the most urgent environmental and social issues of our time. Fintech and turnkey asset management platform Orion Advisor Solution is launching an on-demand education dashboard that allows advisors to learn strategies for improving and growing their business . Based on our most recent ESG priority assessment, we have organized our ESG priorities into four leadership themes represented below: Opportunity, Sustainability, Community, and Ethics & Integrity. [FactSet], 5. Advancement of climate goals and an emphasis on biodiversity COP27 and COP15 closed in winter 2022, raising accountability for climate goals and putting a . Please enable JavaScript on your browser and refresh the page. 88% of consumers will be more loyal to a company that supports social or environmental issues [Cone Communications]. News, insights, and perspectives from WellsFargo are also available atWellsFargo Stories. Wells Fargos Board of Directors, through its Human Resources Committee, oversees the Companys human capital management practices, including our talent management and succession planning process, diversity, equity, and inclusion initiatives, and pay equity reviews. A recent study conducted on behalf of Wells Fargo showed "large majorities" of respondents preferred digital modes to handle all their financial matters. Bernacki, 4158233523 Additional information about the diversity of our Board of Directors is included in our annual proxy statement which is available on our Annual Reports and Proxy Statements page. Wells Fargo does not endorse and is not responsible for their content, links, privacy, or security policies. In August 2020, the company released its first ESG Report and ESG Goals and Performance Data as part of a larger effort to move from a single, annual Corporate Responsibility Report to a suite of disclosures that more completely address Wells Fargo's approach to ESG risks and opportunities, and performance on ESG measures. March 9, 2021 by Emily Holbrook. 15. 2021 Workforce profile (as of December 31, 2021). second Inclusive Communities and Climate Bond, Working with clients to help finance their emissions reduction efforts, support science-based research on low-carbon solutions, and advocate for policies that enable client transactions, Driving innovation and accelerating market-based solutions to the climate crisis, Disclosing our progress to eventually include all Scope 3 financed emissions as sufficiently reliable data becomes available, Enhancing energy and resource efficiency in our own physical assets to help promote operational sustainability, adaptation, and resilience. [Deloitte], 17. Another reason for the rapid growth of ESG has to do with global mandates. Only 50% of companies believe their company performs very effectively against environment metrics. 1013 0 obj <>stream The number of ESG reporting provisions issued by governmental bodies has grown 74% over the last four years. Sustainability. As part of our sustainability goals, Wells Fargo has committed to deploy $500 billion in sustainable . This is the companys second Sustainability Bond and its first to include consumer financing of electric vehicles as a project category. ESG-mandated assets could make up half of all professionally managed investments by 2025, totaling $35 trillion. We disclose our ESG strategy, policies and practices in our Annual Report and Proxy Statement. She brings strong relationship management, product, and credit experience, having supported a range of industry segments, as well as leading origination efforts in Emerging Europe, Africa, India, and Middle East for financial institutions. Access ESG strategy, activities, performance, and reports. 71% of CEOs believe it is their personal responsibility to ensure that the organizations ESG policies reflect the values of their customers [KPMG], 23. [Carrots and Sticks], 21. Together, Perillon and Lisam provide the most intuitive and the easiest-to-implement modern cloud platform for industrial corporations, setting the standard for how corporate leaders efficiently meet new Environmental, Social and Governance (ESG) goals. ESG strategies can affect operating profits by as much as 60% [McKinsey], 13. Past performance is no guarantee of future results. However, the following statistics prove that these efforts will pay off in the long run. [PwC]. Nearly a quarter (24%) of companies say that corporate silos are a barrier to ESG progress. The company also recently launched a Sustainable Finance center of excellence to advance the practice and impacts of sustainable finance at WellsFargo and within the larger financial services sector, and drive innovation around financing resilient infrastructure and communities, scaling clean technology, advancing transition finance in carbon-intensive sectors, and catalyzing climate-aligned financing. Creating Specific, Measurable, Achievable . As part of a goal to cut about $2 billion in annual expenses by the end of 2018, Wells Fargo said it expects to close 200 branches this year and even more in 2018. hbspt.cta._relativeUrls=true;hbspt.cta.load(2328737, '3418f2bf-d564-4d02-bbe0-19b30c19c9d2', {"useNewLoader":"true","region":"na1"}); As more companies get on board with ESG, new statistics are emerging every day that show how it is shaping the business landscape. JPMorgan Chase is committed to helping our clients navigate the challenges and capitalize on the long-term economic opportunities and environmental benefits of . The company is split into four primary segments: consumer banking, commercial banking, corporate and investment banking, and wealth and investment management. Learn more about our Peer Performance Insights solution, Connect with us about an ESG Risk Rating License, Download our product brochure to learn about our product solutions. When Parnassus invested in Wells Fargo Bank, the company had positive fundamental and ESG profiles. Wells Fargo has spent years publicly apologizing for deceiving customers with fake bank accounts, unwarranted fees and unwanted products. Please enable JavaScript on your browser and refresh the page. Sustainability and Other Reporting. %%EOF We strive to leverage our employees differences to anticipate and meet the needs of our customers and communities while tapping into the innovation and creativity that comes from diverse perspectives. Social Impact & Sustainability leads the development of strategic initiatives and corporate commitments to drive positive, innovative social impact and sustainability, manage critical environmental and social issues, and enhance Wells Fargo's reputation as a leader in Environmental, Social and Governance (ESG) performance. [Quoted Companies Alliance], 4. Explore real stories about how were helping our communities thrive. This team is . There are many factors to take into consideration when choosing an investment portfolio and ESG data is only one component to potentially consider. 4025 0 obj <> endobj Wells Fargo ranked No. More than three out of four (77%) small and mid-caps have a formal purpose statement related to ESG. Business has an important role to play in advancing the transition to a low-carbon economy. All Rights Reserved. Through the issuance of Sustainability Bonds, Wells Fargo seeks to reinforce its commitment to projects that align with its sustainability goals and advance the development of the broader sustainable finance market. In this newly created role, Pich will drive a cohesive approach to meet accelerated demand for ESG products in the Corporate and Investment Bank, spanning debt capital markets, equity capital markets, public finance, lending, M&A advisory, cash management products, and liquidity. We see differences as an asset. Open to all employees, Wells Fargo's 10 Employee Resource Networks (ERNs) are organized by individuals connected by a shared background, experience, or other affinity. Selecione Cancele para permanecer en esta pgina o Contine para ver nuestra pgina principal en espaol. With more than nine out of ten publicly traded companies adopting ESG, it's one of the biggest trends in the business world today. 2. Company Profile WFC. More than one in four S&P 500 companies that conducted earnings calls for Q4 2020 cited ESG. 2766 0 obj <>stream New York CNN Business . The report aims to educate clients, financial advisors, and investors about market trends around sustainable investing and to communicate . [Business and Sustainable Development Commission], 10. We provide links to external websites for your convenience. Reporting and disclosures. The company also announced the launch of an Institute for Sustainable Finance to manage the deployment of $500 billion of financing to sustainable businesses and . EEO is the Law (PDF) As of 2020, 88% of publicly traded companies, 79% of venture and private equity-backed companies, and 67% of privately-owned companies had ESG initiatives in place. Table of Contents 2020 goals and progress 3 Diversity and inclusion 3 Economic empowerment 5 Environmental sustainability 6 Environmental, social, and governance (ESG) performance Wells Fargo & Co.'s Management of ESG Material Risk is Average. Nearly one out of five (18.5%) small and mid-caps are using ESG standards, such as the UN SDG, GRI, or SASB. Wells Fargo Chief Executive Charles Scharf exasperated some Black employees in a Zoom meeting this summer when he reiterated that the bank had trouble reaching diversity goals because . Material ESG issues are issues that are considered to be financially material to a given company in a relevant sub-industry. These ESG factors can often be measured (e.g., what the employee turnover for a company is), but it can be difficult to assign them a monetary value (e.g., what the cost of . NMLSR ID 399801. At Wells Fargo, we remain excited about the future of sustainable finance, the transformative impact it will continue to .
