Regions Financial releases 2018 Environmental, Social, and Governance Report
June 11 2019 - 9:00AM
Business Wire
Regions Financial (NYSE: RF) today announced the release of its
2018 Environmental, Social, and Governance (ESG) Report,
documenting the company’s progress on initiatives that make life
better for customers, associates and communities, while creating
long-term value for shareholders.
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Regions Financial releases 2018
Environmental, Social, and Governance Report
“Regions’ strong corporate culture is founded on the idea that
creating shared value for all stakeholders—customers, shareholders,
associates and communities—is the right way to operate our
business,” said President and CEO John Turner. “More than ever, we
must consider how environmental, social and governance matters
affect our company. We are committed to transparency, and we
continuously evaluate opportunities to adopt leading practices and
enhance our reporting.”
The full board of directors and its committees oversee matters
related to Regions’ environmental, social, and governance
practices, performance, and disclosure. Direct oversight
responsibility for environmental matters and corporate
responsibility is assigned to the Nominating and Corporate
Governance (NCG) Committee.
“As directors, we are responsible for providing effective
governance and oversight of Regions’ business for the long-term
benefit of all stakeholders, including Regions’ customers,
shareholders, associates, and communities,” said Ruth Ann Marshall,
chair of the NCG Committee. “Regions’ executive management and the
board recognize the intersection between strong environmental,
social, and governance practices. It defines the long-term success
of our company.”
The 2018 Environmental, Social, and Governance Report highlights
recent ESG accomplishments, including:
Associates(1):
- Introduced an expanded parental leave
plan to provide 12 weeks of fully paid leave for birth mothers and
six weeks of fully paid leave for birth and adoptive parents.
- Increased the 401(k) Plan matching
contribution from 4% to 5% in addition to the annual 2%
contribution that all eligible associates receive.
- Raised the entry-level wage to $15 an
hour, while also providing career paths and professional growth
opportunities for associates.
- Created a Diversity and Inclusion
Center of Expertise, led by the head of Diversity and
Inclusion.
Customers and Communities:
- Provided 94,000 financial education
presentations delivered by the Regions Next Step® Elevate
team.
- Contributed $100 million to the Regions
Foundation to make purpose-led, performance-driven community
investments.(2)
- Formed the Corporate Responsibility and
Community Engagement team to address local community development
needs and promote inclusive economic growth through economic and
community development, education and workforce readiness, and
financial wellness.
Environment:
- Adopted an Environmental Sustainability
Policy Statement and created an Environmental Working Group to
support the implementation of the Policy Statement and engage
associates on sustainability.
- Established the company’s first
environmental goals to reduce greenhouse gas emissions and energy
usage each by 30% by the year 2023.(3)
- Focusing on sustainable financing,
provided $300 million in capital in the form of sale-leasebacks to
utility scale and commercial photovoltaic solar projects with
overall generating capacity of 147 megawatts.
Corporate Governance(4):
- The board is 38% diverse based on
gender, ethnicity, race, and sexual orientation.
- The board is 92% independent with an
independent chairperson.
- Since 2016, the board has appointed six
new directors, each with unique skills and backgrounds. This
provides the board with additional diverse points of view when
making decisions.
Other Highlights:
- Became a Ceres Company Network Member.
Through this partnership, Regions will leverage Ceres’ in-house
expertise and relationship with shareholders and other stakeholders
to gain insights into ESG best practices, shareholder expectations
and other ESG-related guidance.
- Adopted a Vendor Code of Conduct, which
reiterates the expectation that vendors adhere to all applicable
provisions of our Code of Business Conduct and Ethics. The Vendor
Code of Conduct also sets forth expectations for working
conditions, human rights, ethical business practices, and
environmental conservation.
- Released a Human Rights Statement,
honoring and affirming that protections for human rights are
embodied in Regions’ values and mission.
The 2018 Environmental, Social, and Governance Report is
available on the Regions website at the following link. The report
covers the period of January 1 through December 31, 2018, unless
otherwise noted. Regions uses the Global Reporting Initiative (GRI)
framework to provide transparent and comparable disclosure of the
company’s economic, environmental, and social impacts. The Report
should be read in conjunction with Regions’ 2018 Annual Report on
Form 10-K, 2018 Annual Review, 2019 Proxy Statement and 2018
Community Engagement Highlights, all of which contain additional
information about Regions and can be found online at
ir.regions.com.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $129 billion in
assets, is a member of the S&P 500 Index and is one of the
nation’s largest full-service providers of consumer and commercial
banking, wealth management, and mortgage products and services.
Regions serves customers across the South, Midwest, and Texas, and
through its subsidiary, Regions Bank, operates approximately 1,500
banking offices and 2,000 ATMs. Additional information about
Regions and its full line of products and services can be found at
www.regions.com.
(1) Parental leave plan and 401(k) Plan changes went into effect
January 1, 2019.(2) Regions contributed $40 million to the Regions
Foundation in 2017 and $60 million in 2018.(3) 2015 baseline.
Greenhouse gas emissions goal is for Scope 1 and 2 emissions.(4)
Corporate Governance metrics are as of April 24, 2019, following
the 2019 Annual Meeting.
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Evelyn Mitchell205-264-4551regions.doingmoretoday.comFollow
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