Posted 16 hours ago
Proposed by Truist
CHARLOTTE, North Carolina, June 10, 2022 /CSRwire/ — Truist Financial Corporation (NYSE: TFC) today released its 2021 ESG and CSR Report, highlighting the company’s unwavering commitment to improving environmental, social and Governance (ESG) and Corporate Social Responsibility (CSR) for all Truist stakeholders.
“Our latest ESG and CSR report reflects Truist’s purpose to inspire and build better lives and communities and our commitment to caring for our stakeholders and our planet at a time when focus and attention are needed more than ever,” said President and CEO Bill Rogers. “We applaud Truist’s and the financial services industry’s high expectations for ESG leadership, and we’re excited to share how we’re addressing these priorities.”
The company’s third annual report shares Truist’s achievements and progress against its goals over the past year, new efforts underway to care for our communities and the planet, and opportunities for progress ongoing, including:
Advancing a low-carbon economy:
- In 2021, Truist supported $15.3 billion in ESG-themed investment grade bond issuances and facilitated renewable energy development with direct capital commitments exceeding $856 million.
- Truist has improved its climate disclosure by releasing its first report from the Task Force on Climate-Related Financial Disclosures (TCFD). The company has also joined the Partnership for Carbon Accounting Financials (PCAF).
- Truist has set a goal of net zero greenhouse gas emissions by 2050.
- The company has recruited new employees to strengthen ESG and CSR expertise and to help clients make informed decisions on the risks and opportunities related to climate change.
Promoting financial inclusion in our communities:
- To make banking services more accessible and inclusive for everyone, the company announced two new checking accounts available this summer with no overdraft fees. Truist One Banking will feature a $100 negative balance buffer. A second current account, designed to attract more individuals into the traditional banking sector, will also be offered. In addition, an innovative line of credit that is not based on credit scores will be available later this year.
- Truist met its lending and investment commitments for its $60 billion community benefits plan ahead of schedule and is on track to open at least fifteen new low- and moderate-income and/or minority-majority branches by the end of 2022.
- Truist has committed $100 million in investment capital to the Sterling Capital Diverse Multi-Manager Active ETF to support its initial launch and to demonstrate Truist’s support for increasing opportunities for asset managers from various players .
Increase our commitment to Diversity, Equity and Inclusion (DEI):
– The company achieved its goal of increasing ethnically diverse representation in leadership positions to at least 15% a year earlier, reinforcing Truist’s ongoing commitment to diversity, equity and inclusion.
– To support economic mobility and educational equity, Truist committed $8 million to the Mayor’s Racial Equity Initiative in Charlotte, NC, and granted $3 million to Thurgood Marshall College Fund to provide scholarships for students at historically black colleges and universities (HBCUs).
– Truist ensures a diverse Board of Directors, with 43% racially, ethnically or gender diverse members.
To read the full report, see Truist’s 2021 ESG and CSR Report. Detailed disclosure indices aligned with the main SASB, GRI and WEF frameworks can be found alongside the report.
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist has leading market share in many high-growth markets nationwide and offers a wide range of services including retail, small business and corporate banking; asset Management; capital markets; commercial real estate; corporate and institutional banking; Insurance; mortgage; Payments; specialized loans; and wealth management. Headquartered in Charlotte, North Carolina, Truist is one of the top 10 U.S. commercial banks with total assets of $544 billion as of March 31, 2022. Truist Bank, Member FDIC. Learn more at Truist.com.
SOURCE Truist Financial Corporation
For further information: Suzanne Vincent, Media@truist.com
Truist Financial Corporation is a purpose-driven financial services company committed to inspiring and building better lives and communities. Truist holds a dominant market share in many high-growth markets nationwide. The company offers a wide range of services, including retail, small business and corporate banking; asset Management; capital markets; commercial real estate; corporate and institutional banking; Insurance; mortgage; Payments; specialized loans; and wealth management. Based in Charlotte, North Carolina, Truist is one of America’s top 10 commercial banks. Truist Bank, Member FDIC. Learn more at Truist.com.