State Street Issues 2005 Corporate Social Responsibility Report
May 15 2006 - 2:57PM
Business Wire
State Street Corporation (NYSE:STT), the world's leading provider
of financial services to institutional investors, today announced
the release of its 2005 Corporate Social Responsibility (CSR)
Report. The third annual report provides details on the company's
environmental, social and governance initiatives, and summarizes
the past year's activities of the State Street Foundation, the
company's philanthropic entity. The 2005 report is based on
criteria established by the Global Reporting Initiative (GRI), a
multi-stakeholder process and independent institution whose mission
is to develop and disseminate globally applicable sustainability
reporting guidelines. This set of guidelines is designed to serve
as an international benchmarking tool for social responsibility
reports. Centered on the theme of adding value, the report
summarizes the many ways in which State Street focuses on having a
positive impact on its key stakeholders, including: customers,
employees, shareholders, strategic partners and community
neighbors. New elements of this year's report include a description
of State Street's environmental policy and management system, along
with a new code of conduct for its suppliers. "This year State
Street is proud to further expand our reporting to reflect the
continuing trend of sustainable development and transparency across
industries," said George Russell, executive vice president and head
of Community Affairs. "At State Street, being an industry leader is
synonymous with being a responsible company. This report shows how
we respond to global issues while maintaining our commitment to the
local communities in which we conduct business." Community support
is also a major theme of the report, which includes large sections
devoted to the corporation's philanthropy and employee volunteer
programs. Since its launch in 1977, the State Street Foundation has
made some 6,400 grants totaling US$100 million. Additionally, in
2005, more than 6,400 employees and alumni served 34,400 hours in
volunteer service worldwide. For its strong philanthropic ties to
the communities where it conducts business, State Street was
recently named to Business Ethics magazine's 100 Best Corporate
Citizens List for 2006. For more information on the 2005 Corporate
Social Responsibility Report, please visit
www.statestreet.com/company/community_affairs/csrreport2005.pdf
State Street Corporation (NYSE: STT) is the world's leading
specialist in providing institutional investors with investment
servicing, investment management and investment research and
trading services. With $10.7 trillion in assets under custody and
$1.5 trillion in assets under management (as of March 31, 2006),
State Street operates in 26 countries and more than 100 geographic
markets worldwide. For more information, visit State Street's web
site at www.statestreet.com.
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