Fifth Third’s Environmental, Social and Governance (ESG) Report Highlights the Value of Sustainability
October 05 2020 - 9:19AM
Business Wire
Inaugural ESG Report defines Fifth Third’s
ESG focus and affirms commitment to customers, communities,
employees, shareholders and regulators
Fifth Third Bancorp (Nasdaq: FITB) today published its inaugural
Environmental, Social and Governance Report, which highlights how
the Bank generates long-term sustainable value for all of its
stakeholders, including robust support for small businesses and the
communities it serves through the unique challenges presented by
the COVID-19 pandemic.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20201005005535/en/
Fifth Third has published its inaugural
Environmental, Social and Governance (ESG) Report. (Photo: Business
Wire)
Fifth Third has established a formal ESG program built upon the
foundation of the Bank’s commitment to keep the customer at the
center of everything it does, stay focused on the core business of
banking and execute on key priorities, including improving the
lives of customers and communities. In 2020, an ESG Committee was
formalized and the Bank conducted a materiality assessment with
stakeholders to assist in prioritizing the numerous issues of
importance to the Bank.
“Fifth Third is pleased to publish its inaugural ESG Report and
share our progress in delivering sustainable value for our
stakeholders,” said Greg D. Carmichael, chairman, president and
CEO, Fifth Third Bancorp. “This report represents significant
growth in our ESG program and reflects our desire to give
stakeholders further insight into our values, publicly highlight
our progress on stated goals and set benchmarks for ongoing support
of our customers, communities, employees, shareholders and
regulators.”
The ESG Report is benchmarked against established reporting
frameworks such as the Global Reporting initiative (GRI),
Sustainability Accounting Standards Board (SASB), Task Force on
Climate-related Financial Disclosures, and the United Nation’s
Sustainable Development Goals. From a data perspective, the report
covers the period of Jan.1-Dec. 31, 2019, unless otherwise noted,
and the narrative includes progress updates through June 30, 2020,
where possible and unless otherwise noted. In 2020, Fifth Third
became the first commercial bank in the U.S. to join the SASB
Alliance and the GRI Community.
The ESG Report includes the following key highlights:
Environmental:
- Establishing an $8 billion sustainable finance goal.
- Becoming the first Fortune 500 company and first bank to
achieve 100% renewable power through a single, solar project and
the early achievement of three of the Bank’s 2022 bold
environmental sustainability goals.
Social:
- Delivering—and exceeding—on Fifth Third’s five-year, $32
billion commitment to the communities we serve through $35.5
billion in mortgage, small business, community development lending
and investments, and philanthropy to date.
- Raising the Bank’s minimum wage to $18 per hour, marking a 50%
increase in less than two years to help hourly employees improve
their quality of life.
- Facilitating $5.4 billion in Small Business Administration
Paycheck Protection Program, or PPP, loans and executing over
156,000 hardship requests during the COVID-19 pandemic.
- Pledging $8.75 million for COVID-19 relief.
- Establishing a new Executive Diversity Leadership Council.
- Pledging $100 million for Opportunity Zones investments.
- Achieving the milestone of 2.5 million people educated via
Fifth Third LIFE (Lives Improved through Financial Empowerment®)
programs.
- Providing $17.8 million in philanthropic gifts with employees
logging over 147,000 hours of volunteerism.
Governance:
- Reporting 33% of the Fifth Third Bancorp’s Directors are women
and earning recognition as a Winning “W” company for 2020 Women on
Boards.
- Establishing an ESG Committee accountable to the Nominating and
Corporate Governance Committee of the Board of Directors.
- Publishing an updated Employee Code of Conduct & Business
Ethics and Supplier Code of Conduct.
- Publication of a new Environmental and Social Policy.
Fifth Third’s inaugural ESG Report and all related policies,
procedures and programs are available on the Bank’s ESG site.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company
headquartered in Cincinnati, Ohio and the indirect parent company
of Fifth Third Bank, National Association, a federally chartered
institution. As of June 30, 2020, Fifth Third had $203 billion in
assets and operated 1,122 full-service banking centers and 2,456
ATMs with Fifth Third branding in Ohio, Kentucky, Indiana,
Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and
North Carolina. In total, Fifth Third provides its customers with
access to approximately 53,000 fee-free ATMs across the United
States. Fifth Third operates four main businesses: Commercial
Banking, Branch Banking, Consumer Lending and Wealth & Asset
Management. Fifth Third is among the largest money managers in the
Midwest and, as of June 30, 2020, had $405 billion in assets under
care, of which it managed $49 billion for individuals, corporations
and not-for-profit organizations through its Trust and Registered
Investment Advisory businesses. Investor information and press
releases can be viewed at www.53.com. Fifth Third’s common stock is
traded on the Nasdaq® Global Select Market under the symbol “FITB.”
Fifth Third Bank was established in 1858. Deposit and Credit
products are offered by Fifth Third Bank, National Association.
Member FDIC.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201005005535/en/
Stacie Haas (Media Relations) Stacie.Haas@53.com | 513-534-5113
Chris Doll (Investor Relations) Christopher.Doll@53.com |
513-534-2345
Fifth Third Bancorp (NASDAQ:FITB)
Historical Stock Chart
From Mar 2024 to Apr 2024
Fifth Third Bancorp (NASDAQ:FITB)
Historical Stock Chart
From Apr 2023 to Apr 2024