State Street Releases 2007 Corporate Social Responsibility Report
May 21 2008 - 11:05AM
Business Wire
State Street Corporation (NYSE: STT), the world�s leading provider
of financial services to institutional investors, today announced
the release of its fifth annual 2007 Corporate Social
Responsibility (CSR) Report, focusing this year on the theme of
environmental and community sustainability throughout the company.
As transparency, corporate social responsibility and environmental
social and governance investing (ESG) continue to surface as
increasingly important issues in the global business community,
State Street retained an independent assurance verification firm to
verify its 2007 CSR Report. State Street is one of the first
US-based financial services firms to undergo independent assurance
verification of its annual CSR report. State Street included
external feedback into content of the report through a stakeholder
team organized by Ceres, a Boston-based environmental advocacy
organization. A 15-member group reviewed the report at two stages
of the reporting process and provided feedback on presentation,
content and materiality. This is the second year State Street has
enlisted the Ceres stakeholder team, which is comprised of socially
responsible investors, labor specialists, environmentalists,
academics and nonprofit leaders. �We are especially proud of the
2007 Corporate Social Responsibility Report,� said George Russell,
executive vice president of State Street Corporation. �It
demonstrates our commitment to operating with integrity, improving
our environmental performance and having a positive impact on our
employees and our communities. The report verification process
demonstrates that we take CSR seriously and want our performance to
be transparent to all our stakeholders.� Highlights of the 2007 CSR
Report include State Street�s new Human Rights Statement and
expanded environmental reporting. The Human Rights Statement was
developed last year by the company�s CSR Working Group, an
organization-wide committee that drives State Street�s
sustainability (environmental, social and governance) issues and
provides policy recommendations. Last year the company launched its
environmental management system to its North American offices and
expanded tracking in Massachusetts to include energy, electric and
water usage, recycled paper and waste. This system is currently
launching in State Street�s European offices and is expected to be
implemented in the Asia-Pacific region in 2009. About State Street
Corporation State Street Corporation (NYSE: STT) is the world's
leading provider of financial services to institutional investors
including investment servicing, investment management and
investment research and trading. With $15 trillion in assets under
custody and $2 trillion in assets under management at March 31,
2008, 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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