SOURCE: Wells Fargo & CompanyDESCRIPTION:
Wells Fargo is fulfilling its pledge to donate $400 million to nonprofits in 2018 — or more than $1 million each day — and making significant progress on its social, economic, and environmental goals, according to its newly released 2017 Corporate Social Responsibility report.
The CSR report, “Living our Commitment,” details the company’s progress in addressing social, economic, and environmental challenges through its philanthropy, operations, and products and services. In the report, Wells Fargo also reinforces the company’s enhanced commitment to community investments that support economic growth, resiliency, and sustainability — including the $400 million philanthropy pledge, which was first announced in December 2017. Wells Fargo also recently announced that it will provide $200 billion in financing by 2030 to sustainable businesses and projects.
“We recognize that achieving our goal to become the financial services leader in corporate citizenship requires a specific, sustainable commitment from leaders and engagement at all levels of the company,” said CEO Tim Sloan in his letter to stakeholders. “It also requires that we consistently look for new ways to take a leadership role in helping address long-term and complex global challenges that are important to our company and stakeholders.”
Wells Fargo’s expanded CSR commitments build on the company’s original set of 2020 goals, announced in 2016, which focus on three areas: advancing diversity and social inclusion, creating economic opportunities in underserved communities, and accelerating the transition to a low-carbon economy and a healthier planet.
For example, in 2017, Wells Fargo exceeded its 45 percent carbon-reduction goal three years ahead of schedule, and met 100 percent of its global electricity needs with renewable energy. In addition, through collaboration with Habitat for Humanity and Rebuilding Together, more than 1,000 homes for low-income seniors, veterans, and families were built or improved by Wells Fargo volunteers, meeting the company’s goal more than two years early.
Re-establishing our products, services, operation, and culture
Wells Fargo’s 2017 CSR report also outlines new goals and strategies to make environmental and social responsibility even more ingrained in the company’s fabric, including products and services, culture and operations, and increased investments in:
- Corporate philanthropy. Wells Fargo wil increase corporate philanthropy by 40 percent in 2018, and beginning in 2019, will invest 2 percent of after-tax dollars in corporate philanthropy.
- Building resilient communities. By committing to a four-year, $10 million program with the National Fish and Wildlife Foundation, Wells Fargo is helping cities enhance and protect natural habitats and prepare for, withstand, and recover from natural disasters associated with climate change.
- Diverse small businesses. Wells FArgo has pledged to deliver $100 million in grants, capital, technical assistance, and other resources between 2018 and 2020 through the Wells Fargo Works for Small Business: Diverse Community Capital program
- Neighborhood revitalization. Wells Fargo investing a $75 million in 2018 to expand the NeighborhoodLIFT® program, including down payment assistance grants, homebuyer education and program support.
- Responsible, sustainable homeownership. Wells Fargo has made a 10-year, $60 billion lending commitment to create at least 250,000 African-American homeowners. In 2017, the company also marked the second year of its 10-year, $125 billion commitment to help increase Hispanic homeownership.
- Clean technology and innovation. The company has committed $20 million to expand the Wells Fargo Innovation Incubator (IN²) program to advance emerging clean technologies and startup companies in collaboration with the U.S. Department of Energy’s National Renewable Energy Laboratory.
- American Indian/Alaska Native (AI/AN) communities. Wells Fargo has made a five-year, $50 million commitment to better serve AI/AN communities through expanded philanthropic support, community outreach, and efforts to improve products and services that meet the financial and banking needs of tribal communities.
- Access to steady employment. Wells Fargo has entered an $18 million, five-year partnership with United Way Worldwide to help one million people find jobs over the next five years.
“As a global financial services company — and one of the nation’s largest small business lenders, residential mortgage providers, and corporate cash donors — we understand our role as a community partner and the positive impact we can have on society and the environment,” said Jon Campbell, head of Corporate Responsibility and Community Relations, in a letter in the CSR report. “Looking ahead, we will continue seeking opportunities to further integrate CSR throughout our business and are committed to being transparent with you about our progress.”
Wells Fargo was recently recognized as one of the 100 Best Corporate Citizens by CR Magazine for its environmental, social, and governance performance and disclosure practices. It has long been one of the top corporate cash donors, ranked first among financial institutions and third among all U.S. companies, according to a 2016 report by The Chronicle of Philanthropy. Wells Fargo was also recognized as the third Most Generous Fortune 500 Company.
KEYWORDS: Wells Fargo, CSR Report, foundation, NYSE:WFC