Square Publishes 2020 Corporate Social Responsibility Report
March 09 2021 - 4:00PM
Business Wire
Square, Inc. (NYSE: SQ) today published its 2020 Corporate
Social Responsibility (CSR) Report to provide an update on the
progress of its efforts to operate a responsible and sustainable
business while fostering an inclusive environment for its
employees, customers, communities, and shareholders over the last
year.
“Despite the unprecedented challenges 2020 brought, we were able
to make meaningful advances across Square’s environmental, social,
and governance initiatives,” said Neil Jorgensen, Global
Environmental, Social, and Governance Lead at Square. “Our CSR
Report reflects how our business evolved to meet the times, and we
will continue to adapt as we strive to build a more inclusive and
sustainable foundation in pursuit of our purpose of economic
empowerment.”
In 2020, Square maintained its focus on bolstering its four key
priority areas: Climate Action, Social Impact, Employees and
Culture, and Corporate Governance. Among its key commitments are
plans to be net zero carbon for operations by 2030, a $100 million
investment in minority and underserved communities, and the launch
of the Bitcoin Clean Energy Investment Initiative.
Additional highlights from Square’s 2020 CSR Report include:
- Climate Action: As a company with a diverse ecosystem of
products and services, Square is planning for increased
efficiencies across its entire value chain. To strengthen this
ongoing effort, Square conducted a comprehensive global carbon
audit for 2020 across its business and key emission categories,
providing it with data to drive meaningful reductions in its
internal emissions while informing its goal to reach net zero
carbon for operations by 2030. Square also committed $10 million to
investments that help accelerate the adoption of clean energy in
bitcoin mining and announced it would be allowing employees to
permanently work from home, helping to reduce commute emissions,
energy consumption, and the embodied carbon of workplace
construction.
- Social Impact: Square is continuing to drive financial
inclusion and community and small business advocacy. In 2020, it
pledged $100 million towards minority and underserved communities,
including a $25 million investment in The Keepers Fund and a $25
million investment in The Black Economic Development Fund managed
by LISC. Square additionally facilitated more than $850 million in
Paycheck Protection Program (PPP) loans through Square Capital,
providing more than 80,000 small businesses with access to a
financial lifeline. During COVID-19, Cash App was well positioned
to help individuals efficiently access, deposit, and use stimulus
funds distributed by the government.
- Employees and Culture: Square is working to build a
thriving, inclusive, and healthy workplace. As reported in its 2020
diversity update, Square employees were 41% women and 21%
underrepresented minorities (URM), which grew 4.9% and 9.3%,
respectively, in relative percent year over year. In an effort to
meet its aspirational benchmark target of 50% women and 30% URM,
which is on par with U.S. census data, Square is continuing to
implement meaningful programming and deepening its partnerships
with organizations such as AfroTech, Lesbians WhoTech and Allies,
and /dev/color. Square additionally expanded medical coverage to
include resources for employees in the U.S. undergoing gender
confirmation while ensuring its short-term disability plan covered
them during this time, and designated two new annual holidays:
Juneteenth (June 19) in the U.S. and the International Day for the
Abolition of Slavery (December 2) in markets outside the U.S.
- Corporate Governance: In 2020, Square continued
corporate governance practices that it believes promote long-term
value, engender public trust, and serve the best interest of its
stockholders, sellers, customers, and other stakeholders. Some
highlights of Square’s corporate governance practices are its lead
independent director role with a comprehensive scope of
responsibilities, independent director sessions that do not include
its CEO as part of each regularly scheduled Board meeting, strong
risk oversight controls by full board and committees, and
significant stock ownership requirements for directors and
executive officers.
The full 2020 CSR Report can be found on Square’s Investor
Relations website at investors.squareup.com.
SAFE HARBOR STATEMENT
This press release contains forward-looking statements within
the meaning of the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. All statements other than statements
of historical fact could be deemed forward-looking, including, but
not limited to, statements regarding plans of becoming
operationally net zero carbon, hiring goals and investment pledges
and commitments.
Risks that contribute to the uncertain nature of the
forward-looking statements include, among others, risks and
uncertainties relating to Square, Inc. (the Company) listed or
described from time to time in the Company’s filings with the
Securities and Exchange Commission (the SEC), including the
Company’s most recent Annual Report on Form 10-K, which is on file
with the SEC. All forward-looking statements are based on
information and estimates available to the Company at the time of
this press release. Except as required by law, the Company assumes
no obligation to update any of the statements in this press
release.
About Square, Inc.
Square, Inc. (NYSE: SQ) builds tools to empower businesses and
individuals to participate in the economy. Sellers use Square to
reach buyers online and in person, manage their business, and
access financing. And individuals use Cash App to spend, send,
store, and invest money. Square has offices in the United States,
Canada, Japan, Australia, Ireland, Spain, and the UK.
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Media Contact: press@squareup.com
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