(pCG!aAT "They need to be prepared for disclosure of data breaches in accordance with Sustainability Accounting Standards Board standards for specific industries." One major takeaway from the research is the breadth of companies that are embracing ESG. Industrial & Commercial Bank of China Ltd. NMLSR ID 399801, 45% of our U.S. workforce is ethnically/racially diverse, 8,072 veteran employees in the U.S. (self-identified). We conduct an objective, statistical pay equity analysis annually. ESG investments to grow market share and improve transparency . Wells Fargo Joins Net-Zero Banking Alliance. NMLSR ID 399801, Environmental, Social, and Governance (ESG) Report (PDF), Diversity, Equity, and Inclusion Report (PDF), Task Force on Climate-related Financial Disclosures (TCFD) report (PDF), CO2eMission: Net-Zero Alignment Methodology (PDF), Environmental and Social Impact Management framework (PDF), Equal employment opportunity and affirmative action, Priority Recommendations of the Wells Fargo Human Rights Impact Assessment and Actions in Response (PDF), Women in Finance CharterUK and Ireland (PDF), Corporate responsibility committee charter (PDF), Code of Ethics and Business Conduct (PDF), Responsible lending principles for consumer credit, Wells Fargo Foundation IRS Form 990 (PDF), Sustainability bond second party opinion (PDF), Inclusive Communities and Climate Bond Report (PDF), 2021 UK Modern Slavery Act statement (PDF), 2020 UK Modern Slavery Act statement (PDF), 2019 UK Modern Slavery Act statement (PDF), 2018 UK Modern Slavery Act statement (PDF), 2017 UK Modern Slavery Act statement (PDF), 2016 UK Modern Slavery Act statement (PDF), United Nations Environment Programme Finance Initiative, Sustainable Purchasing Leadership Council, 2020 Environmental, Social, and Governance (ESG) Report (PDF), 2019 Corporate Responsibility Highlights (PDF), 2018 Corporate Social Responsibility Report (PDF), 2017 Corporate Social Responsibility Report (PDF), 2016 Corporate Social Responsibility Interim Report (PDF). Business has an important role to play in helping to address some of the most pressing environmental and social challenges of our time; whether helping address the racial wealth gap or advancing solutions and innovations needed for the low-carbon transition. Its top executives say that because they . hb```"EVkB cc`aP`4`H March 9, 2021 by Emily Holbrook. Learn more about our efforts and progress related to sustainability. endstream endobj 970 0 obj <>/Metadata 30 0 R/Outlines 46 0 R/Pages 967 0 R/StructTreeRoot 71 0 R/Type/Catalog/ViewerPreferences<>>> endobj 971 0 obj <>/MediaBox[0 0 612 792]/Parent 967 0 R/Resources<>/Font<>/ProcSet[/PDF/Text]>>/Rotate 0/StructParents 0/Tabs/S/Type/Page>> endobj 972 0 obj <>stream (Credit: Pixabay) Wells Fargo this week announced another step in its efforts to support the transition to a low-carbon economy by setting a goal of net zero greenhouse gas emissions including its financed emissions by 2050. [NAVEX Global], 2. Company Profile WFC. ESG-mandated assets could make up half of all professionally managed investments by 2025, totaling $35 trillion. WFC is headquartered in San Francisco, California, the US. Created supply chain sustainability strategy development across the Walt Disney Company, focused on Consumer Products and Parks and Resorts segments . Wells Fargo has achieved carbon neutrality for Scope 1 and Scope 2 emissions for 2019 and 2020 operations, and we continue to leverage our annual energy spend to support the development of new renewable energy revenue, and grid resiliency in locations where our customers and employees live and work. However, much work is still needed to ensure that companies are ready for the ESG revolution. As part of our sustainability goals, Wells Fargo has committed to deploy $500 billion in sustainable . HW0T4*2~^ro}*;vpYkC10ht400(ut QL@d-+d10~"@,vD ?~? "Sustainability Glendale, CA. We see differences as an asset. Support clients or client activities that promote environmental sustainability. Serve excluded, under-served, or marginalized people or communities. 2022 Proxy Statement. Wells Fargo announced today the issuance of its second Inclusive Communities and Climate Bond, a $2 billion bond that will finance projects and programs supporting housing affordability, economic opportunity, renewable energy, and clean transportation. The research shows that more countries are requiring companies to disclose their ESG performance in one format or another. Understand how exposed companies are to specific material ESG issues and how well companies are managing these issues. Jul 2015 - Jun 20172 years. [NAVEX Global], 25. Highest Controversy level that has impacted Wells Fargo & Co.'s ESG Risk Rating in the last three years. Wells Fargo to Deploy Additional $500 Billion in Sustainable Finance by 2030. Key 2021 Highlights As such, we view sustainability through a broad lens, spanning our work with clients, how we manage the firm, and how we engage with external stakeholders. [The Climate Pledge]. . By completing your subscription, you are providing consent to Wells Fargo Newsroom to send you email alerts and you are agreeing to our Digital Privacy and Cookies Policy. Throughout this document you will see the following callout to indicate where information about performance 53% of revenues of the 500 largest US companies and 49% of revenues of the 1,200 largest global companies come from business activities that support SDGs [S&P Global], 11. Explore how we're creating a more inclusive future in your . At Wells Fargo, we are working to embed environmental sustainability throughout our products, services, operations, and culture to drive efficiencies and responsible resource use while creating comfortable, safe, and healthy workplaces. [Carrots and Sticks]. More than one in four S&P 500 companies that conducted earnings calls for Q4 2020 cited ESG. 2758 0 obj <>/Filter/FlateDecode/ID[<6DC46A0024834C4582CAFF16DB74A66E><2A133B070528D64983A832B5E1A57119>]/Index[2749 18]/Info 2748 0 R/Length 63/Prev 503325/Root 2750 0 R/Size 2767/Type/XRef/W[1 2 1]>>stream Goals and reporting. This includes financial products and services that: In 2021, we launched the Wells Fargo Institute for Sustainable Finance to help deploy financing to sustainable businesses and projects and to support science-based research on low carbon solutions. Pich will partner with the companys Social Impact and Sustainability team, Public Affairs, and other business segments across WellsFargo to help drive a holistic firm-wide response to evolving ESG opportunities. The company also announced the launch of an Institute for Sustainable Finance to manage the deployment of $500 billion of financing to sustainable businesses and . [Clearwater Analytics]. Wells Fargo is committed to working with nonprofits to build a more inclusive, sustainable future for all. In August 2022, Wells Fargo announced the issuance of its second Inclusive Communities and Climate Bond, a $2 billion bond that will fund projects and programs supporting housing affordability, economic opportunity, renewable energy, and clean transportation. Wells Fargo has provided this link for your convenience, but does not endorse and is not responsible for the content, links, privacy policy, or security policy of this website. The $1.9 trillion-asset company said that it will pay 75% of the transaction's underwriting fees to firms owned by women, people of color and disabled . The company has a ESG Pulse of 0.52 which is calculated using alternative data outside of company disclosure to provide an 'outside-in' view on company ESG performance. . The company also recently launched a Sustainable Finance center of excellence to advance the practice and impacts of sustainable finance at WellsFargo and within the larger financial services sector, and drive innovation around financing resilient infrastructure and communities, scaling clean technology, advancing transition finance in carbon-intensive sectors, and catalyzing climate-aligned financing. [Quoted Companies Alliance]3. ESG is far from a new concept, but it has taken off in popularity over the past few years. Our goal is to achieve net-zero greenhouse gas emissions by 2050, including financed emissions. In response, many major banks and investing firms including JP Morgan, Wells Fargo, and Blackrock have incorporated ESG investing criteria into their processes and products. Exposure refers to the extent to which a company is exposed to different material ESG issues. 27% of revenues of the 500 largest US companies and 31% of revenues generated of the 1,200 largest global companies come from activities aligned with the EU Taxonomy for Sustainable Activities [S&P Global], 12. ESG propositions had a positive impact on equity returns 63% of the time [McKinsey] 16. Categories include: socioeconomic advancement and empowerment, housing affordability, healthcare, and education. Bank of America, in April, for example, more than tripled its environmental financing goal, saying it wants to deploy more than $1 trillion by 2030 to accelerate the transition toward a low-carbon, sustainable future. As our CEO Charlie Scharf shared when we announced our net-zero goal, climate change is one of the most urgent environmental and social issues of our time, and the risks of inaction are too great to ignore, said Nate Hurst, head of Social Impact & Sustainability for WellsFargo. After submitting your request, you will receive an activation email at the requested email address. Im excited to coordinate existing ESG efforts and identify niche strategies and product opportunities for our clients across M&A, lending, and more. Our management score assesses the robustness of a company's ESG programs, practices and policies. Green, social, and sustainability bonds designed to funnel investments into ESG projects reached a new global record of over $700 billion in issuances in 2021, almost double the 2019 total of $358 billion. Sources: Bloomberg and Wells Fargo Investment Institute, as of December 31, 2021. The company is split into four primary segments . Based on our pay equity reviews, we take appropriate actions so that our employees continue to be paid fairly and equitably. Environmental, social, and governance (ESG) investing is used to screen investments based on corporate policies and to encourage companies to act responsibly. We strive to leverage our employees differences to anticipate and meet the needs of our customers and communities while tapping into the innovation and creativity that comes from diverse perspectives. Were taking an active role in addressing pressing societal challenges to drive positive impact. We're committed to advancing diversity, equity, and inclusion by helping ensure that all people across our workforce, our communities, and our supply chain feel valued and respected and have equal access to resources, services, products, and . Embarking on a formal ESG journey is no small feat. We believe that climate change continues to be one of the most urgent environmental and social issues of our time, and we are working across our value chain to help accelerate the transition to a low-carbon economy and reduce the impacts of climate change on our business, communities, employees, and customers. Climate change is one of the most urgent environmental and social issues of our time. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. p01XV8M1HV@l=+g~'D,L``^j8c 2. Building a diverse pipeline of candidates for positions at all levels of the company, including leadership positions. Print. We're sorry, but some features of our site require JavaScript. hb```@(1QXp Website www.wellsfargo.com. This kind of focus by Wells Fargo can be characterized as unethical and illegal which created a sense of doubt among the regulators, manpower, and . Investors have become increasingly interested in ESG issues. 2021 Workforce profile (as of December 31, 2021). [Business and Sustainable Development Commission], 10. ERNs are dedicated to helping employees with professional growth and education, community outreach, business development, and customer insight. Please carefully review the Wells Fargo Advisors advisory disclosure document for a full description of our services. Make sure all people feel respected and have equal access to resources and opportunities to succeed. The data can be challenging to track, which prompted our Wells Fargo Investment Institute team to develop a proprietary . @F,qtS "3rTUZ7qG;,,{\{N$tux~G9\1pFp=CTE.t4$ `ch3 pHt`h``h zAn`RL2y %. We define diversity as the unique combination of various dimensions that makes each of us different from and similar to others. In addition, Wells Fargo is committed to attracting, developing, and retaining the best-qualified, most diverse group of employees. Wells Fargo . Were committed to advancing diversity, equity, and inclusion by helping ensure that all people across our workforce, our communities, and our supply chain feel valued and respected and have equal access to resources, services, products, and opportunities to succeed. Telephone 1 612 6671234. Wells Fargo Investment Institute is a registered investment advisor and wholly owned subsidiary of Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company. Wells Fargo has spent years publicly apologizing for deceiving customers with fake bank accounts, unwarranted fees and unwanted products. This team is . In 2018, WellsFargo announced it will provide $200 billion in financing to sustainable businesses and projects by 2030, with more than 50% focused on clean technology and renewable energy transactions that directly support the transition to a low-carbon economy. 991 0 obj <>/Filter/FlateDecode/ID[<7B34167B9934B64DBAF6CE4D686DE989><6189A443B2C36D419B9A7BC009226A0D>]/Index[969 45]/Info 968 0 R/Length 110/Prev 200620/Root 970 0 R/Size 1014/Type/XRef/W[1 3 1]>>stream Investing with impact is the practice of using investments to generate identifiable and measurable positive impact in additional to financial returns. At Wells Fargo, we remain excited about the future of sustainable finance, the transformative impact it will continue to . Explore real stories about how were helping our communities thrive. 37 on Fortunes 2021 rankings of Americas largest corporations. We have a terrific opportunity to bring solutions to our clients that will help them achieve future growth and an enhanced market position, said Pich. endstream endobj startxref With more than nine out of ten publicly traded companies adopting ESG, it's one of the biggest trends in the business world today. Feb 2019 - Present4 years 2 months. The data can be challenging to track, which prompted the Wells Fargo Investment Institute team to develop a proprietary assessment framework to analyze a firm's ESG policies and practices. Access ESG strategy, activities, performance, and reports. That is why the Paris Agreement's temperature goal of 1.5 C is often expressed as "net-zero greenhouse gas emissions by 2050.". Selecione Cancele para permanecer en esta pgina o Contine para ver nuestra pgina principal en espaol. ESG factors are often interlinked, and it can be challenging to classify an ESG issue as only an environmental, social, or governance issue, as shown in the example below. Additional sustainability news, insights and perspectives are available at WellsFargo Stories. We're leveraging our relationships and collaborating with our stakeholders on a number of initiatives to transition to a low-carbon, climate-resilient future, including: As part of our sustainability goals, Wells Fargo has committed to deploy $500 billion in sustainable finance between 2021 and 2030. No of Employees 243,674. Starbucks Stories - Stories to inspire and nurture the human spirit Banks cannot do this alone together with government policies and investments, innovation, and collective action we can make progress towards the goals of the Paris Agreement and our own net-zero ambitions.. At Wells Fargo, we are working to embed environmental sustainability throughout our products, services, operations, and culture to drive efficiencies and responsible resource use while creating comfortable, safe, and healthy workplaces. We include both gender and race/ethnicity in our reviews. A "net-zero greenhouse gas emissions by 2050" goal is grounded in an effort to limit the Earth's average temperature rise to no more than 1.5 C above pre-industrial levels. All these benefits aside, one major reason ESG has taken off in the last few years has to do with investors. Learn about our environmental, social, and governance (ESG) strategy, activities, and performance through the disclosures below. Wells Fargo announced today a series of environmental sustainability initiatives, including setting a net zero 2050 target, encompassing financed emissions. The Governance and Nominating Committee (GNC) of Wells Fargo & Companys Board of Directors identifies, evaluates, and recommends board nominees who represent a variety of backgrounds, skills, professional and industry experience, and other personal qualities, attributes, and perspectives that contribute to the overall diversity of the Board. The rigid, relentless sales goals that prompted Wells Fargo & Co. employees to open more than 2 million unauthorized customer accounts are on their way out, the company said yesterday.The day . Wells Fargo is committed to aligning our activities to support the goals of the Paris Agreement and helping transition to a net-zero carbon economy. 2766 0 obj <>stream This is the companys second Sustainability Bond and its first to include consumer financing of electric vehicles as a project category. You must click the activation link to complete your subscription. Flexible work arrangements allow employees to select beginning and ending work times within a range of hours surrounding core operating hours of the business. 4 Within the underlying E, S, and G dimensions, the sustainable counterpart to the S&P 500 . Past performance is no guarantee of future results. 76% of consumers say they will stop buying from companies that treat the environment, employees, or the community in which they operate poorly [PwC], 9. A Wells Fargo & Co. sign sits on display outside the company's offices in San Francisco, California, U.S., on Tuesday, April 27, 2010. All qualified applicants will receive consideration for employment without regard to race, color, religion, sex, sexual orientation, gender identity, national origin, disability, or status as a protected veteran. You can search by company name or ticker to view the ESG and climate risks and opportunities the company might face. . u%84X@&%uKUd+j5&IQk^_6|. Copyright 2023 Sustainalytics. 3. Wells Fargo is the latest big bank to issue a sustainability bond, working with diverse firms to raise $1 billion for investments in projects such as renewable energy and affordable housing. Mark Segal March 8, 2021. Learn about the Wells Fargo CO2eMission to help drive down greenhouse gas emissions to net zero by 2050. Seleccione el enlace si desea ver otro contenido en espaol. You can sign up for additional alert options at any time. A recent study conducted on behalf of Wells Fargo showed "large majorities" of respondents preferred digital modes to handle all their financial matters. Wells Fargo does not endorse and is not responsible for their content, links, privacy, or security policies. EEO is the Law (PDF) In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health and a low-carbon economy. ejbernacki@wellsfargo.com. Wells Fargo & Co <WFC.N> Chief Executive Charles Scharf exasperated some Black employees in a Zoom meeting this summer when he reiterated that the bank had trouble reaching diversity goals because . I am also a part of a non-profit organization . Wells Fargo's execution on strategic priorities, including a continued focus on efficiency improvements, a recovering economy, and our ongoing work to put legacy issues behind us contributed to significantly improved year -over-year financial results. It is almost entirely focused on the U.S. Wells Fargo's net-zero . WellsFargo today announced it has joined the Net-Zero Banking Alliance (NZBA), an industry-led leadership group designed to foster collaboration and support banks in aligning their financing with the goal of achieving net-zero greenhouse gas (GHG) emissions by mid-century. COVID-19 accelerated the pace at which global banks have invested in ESG initiatives, and PNC continues to lag behind some rivals. Wells Fargo is committed to fair and equitable compensation practices and we regularly review our compensation programs and practices for pay equity.