Western Union Highlights Continuing ESG Progress in 2022 Report
August 22 2023 - 4:05PM
Business Wire
- Company Releases Annual ESG Report
- Focus Continues on Furthering Economic Prosperity, Promoting
the Integrity of Global Money Movement and Fostering a Diverse,
Equitable and Inclusive Culture
The Western Union Company (NYSE: WU) today released its 2022
Environmental, Social and Governance (ESG) Report, spotlighting the
Company’s ongoing commitment to advance its ‘Evolve 2025’ strategy
and actions aligned with its key ESG priorities.
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the full release here:
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Western Union 2022 ESG Report (Photo:
Business Wire)
“What drives the most successful businesses is a strong sense of
purpose,” said Devin McGranahan, Chief Executive Officer. “Western
Union’s ESG progress is one important measure of how we are
creating positive change in the lives of the people and communities
we serve. We are continuing to build a company that lives up to our
mission of supporting aspiring people everywhere.”
2022 ESG Highlights
Western Union’s ESG strategy is focused on efforts and areas
where we can make meaningful impact, including:
- Supporting aspiring populations globally: Western
Union’s network offers a broad mix of channels. Our retail and
digital network reaches more than 200 countries and territories,
serving millions of customers across more than 20,000 corridors or
country pairings. This approach enables us to serve a broad range
of customers, including those in rural and remote locations, people
with difficulties using digital services, those who prefer to
transact in cash and the estimated 1.4 billion1 adults worldwide
who are unbanked by choice or circumstance. We believe offering
people simple, trusted solutions via both digital and retail access
points creates pathways for long-term economic success.
- Promoting the integrity of global money movement:
Western Union progressed our commitment to helping build a global
financial system our customers, partners and communities can trust.
While third-party data show the rate of fraudulent activity across
the financial industry is increasing, in 2022 our reported consumer
fraud globally decreased by 12% and we prevented approximately $1.3
billion in fraudulent transactions. These efforts were supported by
fraud prevention education. Throughout 2022, we posted educational
information and notifications regarding the war in Ukraine and
charity-related fraud, as well as additional fraud types such as
companionship, elder and World Cup advanced fee or online purchase
scams. In fact, in 2022 we exceeded our consumer fraud-education
goal of 300 million anti-fraud consumer touches, achieving 336
million touches.
- Fostering a diverse, equitable and inclusive culture:
Another key area of focus for the Company in 2022 was advancing
diversity, equity and inclusion (DEI), as we aspire to have a
workforce that reflects the customers we serve. In 2022, nearly 92
percent of our candidate slates and 84 percent of interview panels
globally were diverse. We also continued to market job
opportunities through partnerships and campaigns with Historically
Black Colleges and Universities in the U.S. and online platforms
such as DiversityInc and the Minority Corporate Counsel
Association. Western Union also piloted a sponsorship program
aiming to identify high-performing women and connect them with
mentors who can help maximize their potential and growth.
Furthermore, we maintained gender pay equity globally and
racial/ethnicity pay equity in the U.S. for the third consecutive
year.
- The Western Union Foundation: In 2022, the Western Union
Foundation, which creates economic opportunity for youth and people
who migrate by empowering them with the education and resources
needed to succeed in today’s global economy, concluded its
three-year Opportunity Beyond Borders (OBB) commitment. OBB
exceeded its goal with $20 Million invested, reaching two million
people and connecting 50,000 people with new opportunities. The
Foundation will announce details of its latest commitment later
this year.
Continued Recognition
The Company also continued to receive national and global
recognitions for its ESG efforts in 2022, including:
- One of the World’s Most Ethical Companies® (second consecutive
year)
- Bloomberg’s Gender Equality Index (fourth consecutive
year)
- JUST Capital’s Top 100 Companies Supporting Healthy Families
and Communities (second consecutive year)
- Human Rights Campaign’s Best Place to Work for LGBTQ+ Equality
(third consecutive year)
- Bandera Azul Ecologica (recognizing work to protect and
conserve Costa Rica’s natural resources)
- Great Place to Work Certified (Costa Rica, India)
For more information and additional details related to our 2022
progress, and to download Western Union’s 2022 Environmental,
Social and Governance (ESG) Report, click here.
About Western Union
The Western Union Company (NYSE: WU) is a global leader in
cross-border, cross-currency money movement and payments. Western
Union’s platform provides seamless cross-border flows and its
leading global financial network bridges more than 200 countries
and territories and over 130 currencies. We connect consumers,
businesses, financial institutions, and governments through one of
the world’s widest reaching networks, accessing billions of bank
accounts, millions of digital wallets and cards, and a substantial
global network of retail locations. Western Union connects the
world to bring boundless possibilities within reach. For more
information, visit www.westernunion.com.
1 World Bank, Global Findex 2021
WU-G
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Claire Treacy (claire.treacy@wu.com)
Western Union (NYSE:WU)
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