GLOBAL - Northern Trust has published its first corporate social responsibility (CSR) report, outlining its actions in 2010 and targets for 2011.
Among measures highlighted in the report are the 180,000 volunteer hours donated to organisations by Northern Trust partners globally; $45m spent with minority and women-owned firms in the US; $14m cash contributions to charities and civic organisations worldwide; a 30% reduction in global paper usage; and its London office operating 100% on renewable energy.
"Corporate social responsibility is not new to us," Northern Trust chairman and chief executive officer Frederick Waddell said. "Since our founding in 1889, Northern Trust has had a responsible and caring culture embodied in our commitment to our clients, our shareholders, our partners, the environment and communities we serve.
"Business has entered a new age of transparency, and our CSR report is a reflection of our continued commitment to the highest standards of transparency and disclosure," Waddell added.
Northern Trust head of corporate responsibility Connie Lindsey added: "We believe that corporate social responsibility, combined with strategic stakeholder engagement, is smart business, because it creates measurable growth and value. Our commitment to gauging and managing our environmental impact, along with our guiding principles of service, expertise and integrity, drive our social and governance practices globally."
Northern Trust's CSR report complies with reporting standards of the Global Reporting Initiative (GRI), a network-based organisation that pioneered the world's most widely used sustainability reporting framework. Northern Trust also engaged Deloitte & Touche to validate the report's factual accuracy in an external assurance report.
According to the GRI Reports List, Northern Trust is only the second bank in the US to have its report checked by the Global Reporting Initiative. Northern Trust's adherence to GRI's framework, its numerous disclosures, and third-party review merited a B+ reporting level from GRI.
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