State Street Corp. Approved as a Ceres Company
September 18 2006 - 12:01PM
Business Wire
Citing the company's increasing commitment to socially responsible
investing, sustainability reporting, and community engagement, the
Ceres board of directors today announced its approval of
Boston-based State Street Corp. as the newest company to join the
Ceres network. State Street, the world's leading provider of
financial services to institutional investors, joined Ceres to help
advance its corporate responsibility efforts. Ceres is a national
coalition of investors, environmental groups and other public
interest organizations working with companies to address
environmental and social challenges. Ceres has more than 70
companies in its company network, including 18 Fortune 500
companies. The approval comes after nearly three years of
collaboration between Ceres and State Street. State Street's
investment management arm, State Street Global Advisors (SSgA), has
been managing institutional investment strategies incorporating
environmental research since 2005. It is a member of the
Ceres-directed Investor Network on Climate Risk (INCR), a group of
more than 50 institutional investors working to increase corporate
awareness of the financial risks and opportunities associated with
climate change. SSgA has played an active role in INCR by
sponsoring and participating in two major investor meetings
studying climate risk held at the United Nations in 2003 and 2005.
"Ceres commends State Street for taking the lead in its industry to
incorporate strong environmental and social values into its
business strategies," said Ceres president Mindy S. Lubber, who
also directs INCR. "We look forward to bringing together
environmentalists, investors and other key stakeholders who can
help State Street drill sustainability more deeply into its
operations." "We are pleased to be working with Ceres on a range of
corporate responsibility issues which are important to our business
in terms of managing risks and realizing new product and service
opportunities," said George Russell, executive vice president and
director of State Street Community Affairs. "State Street has a
long history of community engagement, and we are looking forward to
working with stakeholders to expand initiatives across broader
sustainability issues." "We are beginning to see interest from
institutional clients wanting to factor environmental risk
assessment into investment strategies," said Arlene Rockefeller,
head of equities at SSgA. "Our work with Ceres will allow SSgA to
further enhance our environmental investing capabilities." State
Street has recently made significant progress in reducing its
environmental footprint and addressing critical social issues.
Recognizing the importance of corporate transparency and
disclosure, the company produces an annual corporate responsibility
reports. For the past two years, State Street has modeled its
reports after the Global Reporting Initiative (GRI), the de facto
international standard for corporate reporting on sustainability
issues. Ceres founded GRI and continues to be the lead proponent of
the initiative in the U.S. Last year, State Street stepped up its
efforts to evaluate its environmental policies, developing a
management system to monitor its environmental impacts. State
Street has taken careful steps to measure its own direct and
indirect greenhouse gas emissions, including tracking miles
traveled by employees and calculating the overall emissions of
employee travel. Attentive to its influence as a leading investment
firm, State Street is one of the world's largest SRI investment
managers, with assets totaling $88.2 billion as of June 30, 2006.
About State Street Corp. State Street Corp.(NYSE: STT) is the
world's leading specialist in providing institutional investors
with investment servicing, investment management and investment
research and trading services. With $10.9 trillion in assets under
custody and $1.5 trillion in assets under management at June 30,
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. About Ceres Founded in
1989, Ceres is a national network of investors, environmental
groups and other public interest organizations working with
companies and investors to address sustainability challenges such
as global climate change. For more information, visit
http://www.ceres.org
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