State Street Corporation

“State Street Corporation is one of the world’s largest providers of financial services to institutional investors. The Company was organized in 1969 under the laws of the Commonwealth of Massachusetts, and is a financial holding company operating in more than 100 geographic markets worldwide. Operations are organized into two lines of business: Investment Servicing and Investment Management, which are defined based on products and services provided. 

Investment Servicing – State Street’s services and products allow large institutional investor clients to execute financial transactions on a daily basis in markets across the globe. The primary role of a global trust and custody bank is to aid clients to efficiently perform services associated with the clearing, settlement and execution of securities transactions and related payments. As of December 31, 2023, State Street Corporation had assets under custody which totalled approximately $41.8 trillion. Assets held by the custody bank belong to clients and are fully segregated from State Street Corporation’s own assets. 

State Street’s Investment Management line of business provides a broad range of investment management strategies and products for clients through State Street Global Advisors (SSGA). As of December 31, 2023, State Street Global Advisors had assets under management of approximately $4.13 trillion. Assets held by SSGA belong to clients and are fully segregated from the asset manager’s own assets. SSGA is primarily an index manager with, as of December 31, 2023, approximately 85% of the assets managed on clients’ behalf invested in index strategies. As an index manager, SSGA’s job is to deliver the index exposure to those clients.”

Purpose

State Street’s Investment Management line of business provides a broad range of investment management strategies and products for clients through State Street Global Advisors (SSGA)

Ronald O’Hanley

Chairman and Chief Executive Officer, State Street Corporation

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Ronald O’Hanley

We believe it is vital to state clearly to the world the set of our beliefs about Inclusive Capitalism. As such, we start with our Statement of Guiding Principles for Inclusive Capitalism. Knowing that words alone are not enough, each of us is making a series of commitments about how we will operate our institutions so that they help achieve Inclusive Capitalism. These commitments are forward-looking statements based on current goals, expectations and assumptions, which are not guarantees of future performance. For more information, please refer to our Terms of Use

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Summary

State Street will work to impact climate change by achieving a reduction in carbon emissions by 2030

Activities & Initiatives

State Street will collaborate with key stakeholders and leverage technology innovations, including implementing appropriate energy efficiency initiatives and reducing energy impacts in real estate portfolio where possible.

Measures & Targets

State Street Corporation will measure progress by tracking the percent reduction in Scope 1 and 2 emissions with a goal of reaching a 46.2% reduction by 2030 measured from a 2019 baseline.

SDG Focus Area(s):

Summary

State Street will promote fresh water availability by reducing water usage by 2030.

Activities & Initiatives

State Street will measure progress by tracking water use

Measures & Targets

State Street will measure progress by tracking water use with a goal of reducing water usage by 25% by 2030 measured from a 2019 baseline. 

SDG Focus Area(s):

Summary

State Street will sharpen our focus on Black and Latinx talent development.

Activities & Initiatives

We will enhance State Street’s development and advancement programs and processes to improve the mobility and development of Black and Latinx professionals.

Measures & Targets

State Street will report examples of the resulting activities and initiatives. State Street will share progress in our 2024 Sustainability report.

SDG Focus Area(s):

Summary

State Street will promote diversity and inclusion by conducting anti-racism conversations and trainings.

Activities & Initiatives

State Street will provide inclusive behaviors trainings and resources to employees.

Measures & Targets

State Street will share examples of the resulting activities and initiatives. State Street will share progress in our 2024 Sustainability report.

SDG Focus Area(s):

Summary

State Street will promote diversity and inclusion by implementing DEI practices for management committees.

Activities & Initiatives

State Street will provide a toolkit for key management committees to discuss inclusive behaviors and actions.

Measures & Targets

State Street will share examples of the resulting activities and initiatives with key management committees. State Street will share progress in our 2024 Sustainability report.

SDG Focus Area(s):

Summary

State Street will promote diversity and inclusion by increasing our spend with diverse suppliers.

Activities & Initiatives

State Street will measure progress by tracking our spend with diverse suppliers.

Measures & Targets

State Street will measure progress by tracking our spend with diverse suppliers with a goal of increasing our spend.

SDG Focus Area(s):

Summary

State Street will promote diversity and inclusion by leveraging best practices on combatting racism and attracting, motivating, and retaining Black and Latinx people into our profession.

Activities & Initiatives

State Street will partner with State Street Global Advisors’ Asset Stewardship and determine what State Street can learn from others to develop best practices and evolve to a best-in-class organization in combatting racism and attracting, motivating, and retaining Black and Latinx talent.

Measures & Targets

State Street will share examples of the resulting activities and initiatives. State Street will share progress in our 2024 Sustainability report.

SDG Focus Area(s):

Summary

State Street will promote diversity and inclusion by establishing combatting racism as a priority for State Street Foundation.

Activities & Initiatives

State Street will measure progress by confirming the addition of combatting racism to State Street Foundation priorities.

Measures & Targets

State Street will measure progress by reporting on the activities of State Street Foundation.

SDG Focus Area(s):

Summary

State Street will increase civic engagement and reflection.

Activities & Initiatives

State Street will leverage Juneteenth as a day of reflection to create awareness and establish a State Street-wide days of service focused on better understanding racism and giving back to our communities.

Measures & Targets

State Street will measure progress by reporting examples of employee volunteer activities. State Street will share progress in our 2024 Sustainability report.

SDG Focus Area(s):

Summary

State Street Foundation will distribute grant funding to non-profit organizations around the world, with a focus on reducing equity gaps in educational achievement and employability in communities where State Street Corporation operates.

Activities & Initiatives

State Street will measure progress by tracking the amount of money distributed. State Street will report progress in our 2024 Sustainability report.

Measures & Targets

The scale of donation varies each year as it depends on many different factors including, for example, the scope and scale of natural disasters that we may be supporting, matching gifts for employees’ personal generosity, and timing of the grant cycle.

SDG Focus Area(s):

Summary

State Street will promote diversity by increasing the number of women employees across the globe to match the availability of such talent in the market.

Activities & Initiatives

State Street will track the number of women employees across the globe and promote inclusive hiring and promotions practices.

Measures & Targets

State Street will track the number of women employees across the globe and promote inclusive hiring and promotions practices.

SDG Focus Area(s):

Summary

State Street will manage its carbon footprint.

Activities & Initiatives

State Street will collaborate with key stakeholders and leverage technology innovations, including implementing appropriate energy efficiency initiatives in reducing energy impacts in real estate portfolio where possible.

Measures & Targets

State Street has sought to achieve net residual emissions of zero since 2020 for Scope 1, Scope 2 (MBM) and Scope 3 category 6 (Business Travel) and will continually focus on decarbonization to achieve the aforementioned 46.2% reduction by 2030. An explanation of net residual emissions is provided in the 2023 Sustainability report which may be viewed here: https://www.statestreet.com/us/en/asset-manager/insights/sustainability-report.

SDG Focus Area(s):

Summary

State Street will promote diversity by increasing the number of Black, Indigenous and people of color (BIPOC) employees in the USA to match the availability of such talent in the market.

Activities & Initiatives

State Street will track the number of Black, Indigenous and people of color (BIPOC) employees in the USA and promote inclusive hiring and promotions practices.

Measures & Targets

State Street will measure by tracking and reporting progress on the number of Black, Indigenous and people of color (BIPOC) employees in the USA. State Street will share progress in our 2024 Sustainability report.

SDG Focus Area(s):

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