State Street Corporation
State Street Corporation is an American financial services and bank holding company headquartered at One Lincoln Street in Boston with operations worldwide. It is the second-oldest continually operating United States bank; its predecessor, Union Bank, was founded in 1792. State Street is ranked 15th on the list of largest banks in the United States by assets. It is one of the largest asset management companies in the world with US$2.511 trillion under management and US$31.62 trillion under custody and administration. It is the second largest custodian bank in the world. The company is ranked 247th on the Fortune 500 as of 2019. The company is on the list of the banks that are too big to fail published by the Financial Stability Board. The company is named after State Street in Boston, which was known as the "Great Street to the Sea" in the 18th century as Boston became a flourishing maritime capital. The company's logo includes a clipper to reflect the maritime industry in Boston during this time.
Ronald P. O’Hanley

Ronald P. O’Hanley

President & Chief Executive Officer, State Street Corporation

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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

File an annual TCFD report that discloses against TCFD recommendations, including progress toward showing the impact of our investments on climate change and the impact of climate change on our investments

Objectives

Signatory to Task Force on Climate-related Financial Disclosures (TCFD)

Metrics & Targets

File an annual TCFD report that discloses against TCFD recommendations, including progress toward showing the impact of our investments on climate change and the impact of climate change on our investments

SDG Focus Area(s):

Summary

Ensure annual ESG Report (formerly referred to as Corporate Responsibility Report) is in accordance with GRI Standards, satisfies EU Directive on Non-financial Reporting and includes full SASB and TCFD reports in Appendix.

Objectives

File an annual Corporate Responsibility Report that is assured by a third-party

Metrics & Targets

Ensure annual ESG Report (formerly referred to as Corporate Responsibility Report) is in accordance with GRI Standards, satisfies EU Directive on Non-financial Reporting and includes full SASB and TCFD reports in Appendix.

SDG Focus Area(s):

Summary

Signatory to Task Force on Climate-related Financial Disclosures, 27.5% reduction of carbon use by 2030 against 2019 baseline

Objectives

Signatory to Task Force on Climate-related Financial Disclosures

Metrics & Targets

Greater engagement with the TCFD and other organizations (UNEP FI, IIF, etc.) to promote increased adoption and implementation of TCFD reporting principles; release of “playbook” to help organizations prepare their reports.

27.5% reduction of carbon use by 2030 against 2019 baseline, in alignment with Science-Based Targets Initiative “Well-below 2 degree C” scenario.

SDG Focus Area(s):

Summary

10% reduction of water use (on a per-person basis) by 2025 against 2015 baseline; 80% recycling rate of waste by 2025; carbon neutral for Scope 1 and Scope 2 beginning in 2020.

Objectives

Organization-wide commitment to environmental goals

Metrics & Targets

  • 10% reduction of water use (on a per-person basis) by 2025 against 2015 baseline
  • 80% increase in waste recycling rate by 2025 against 2015 baseline
  • Carbon neutral for all Scope 1 and Scope 2 emissions starting in 2020

SDG Focus Area(s):

Summary

State Street will increase female representation among SVP’s and above to 33% over 3 years and 36% over 5 years

Objectives

Signatory to CEO’s Action and Diversity Pledge

Metrics & Targets

  • Global goals for female employees
    • SVP+: three-year goal 33%, five-year goal 36%
    • MD: three-year goal 36%, five-year goal 37%
    • VP: three-year goal 36%, five-year goal 38%
    • AVP: three-year goal 43%, five-year goal 44%

SDG Focus Area(s):

Summary

State Street will increase employees of color among SVP’s and above to 19% over 3 years and 22% over 5 years; increase diversity of Board by 2021.

Objectives

Require diverse slate for senior positions and Board.

Metrics & Targets

  • Increase number of Black and Latino directors on board within 18 months
  • United States goals for employees of color
    • SVP+: three-year goal 19%, five-year goal 22%
    • MD: three-year goal 21%, five-year goal 22%
    • VP: three-year goal 30%, five-year goal 33%
    • AVP: three-year goal 34%, five-year goal 35%

SDG Focus Area(s):

Summary

In 2020, distribute $25M to non-profit organizations around the world, primarily in support of funding priorities of education and workforce development

Objectives

State Street Foundation, our charitable arm, has been making grants in the communities where we live and work for over 40 years.

Metrics & Targets

In 2020, distribute $25M to non-profit organizations around the world, primarily in support of funding priorities of education and workforce development

Establish social justice and racial equity as a clear pillar of our philanthropy beginning in 2020

Launch High-Impact venture philanthropy projects in EMEA and APAC in 2020, building on our successful Boston WINS education and workforce development initiative

SDG Focus Area(s):

Summary

For every 16 hours volunteered for a single organization by an employee, State Street Foundation will donate US$500 to that organization.

Objectives

For every 16 hours volunteered for a single organization by an employee, State Street Foundation will donate US$500 to that organization. Create a company-wide day of service with community partners focused on issues of racial equity and social justice.

Metrics & Targets

Donate $500 to charitable organizations for every 16 hours of volunteer service by our employees

Establish a company-wide, global day of community service

SDG Focus Area(s):

Summary

Increase engagement globally with publicly-traded companies on ESG issues, including gender diversity and racial equity; publish our engagement history and proxy voting in our annual stewardship report.

Objectives

Call on public companies around the world to examine and incorporate material ESG issues into their business strategy in order to promote long-term value creation.

Metrics & Targets

Examine how our asset management stewardship team can increase engagement with companies on ESG issues, including gender diversity and racial equity; publish our engagement history and proxy voting in our annual stewardship report.

SDG Focus Area(s):

Summary

Help launch initiative to provide financing and advice to small minority-owned businesses; increase our procurement spend with diverse vendors by 2022.

Objectives

Work with public and private partners to improve social and racial justice

Metrics & Targets

Launch “Small Business Strong” effort in Massachusetts in 2020

Increase spend with diverse vendors in global supply chain by 2022

SDG Focus Area(s):

Summary

Report to Board of Directors at least annually on material ESG issues; material issues are reviewed and updated every two years to reflect changes in emphases. Annual ESG goals are reviewed and discussed.

Objectives

Board of Directors’ commitment to oversight of material ESG issues

Metrics & Targets

Report to Board of Directors at least annually on material ESG issues

SDG Focus Area(s):

Summary

Measure senior executives’ progress toward business unit diversity goals as a component of their overall performance evaluations

Objectives

Measure senior executives’ progress toward business unit diversity goals as a component of their overall performance evaluations

Metrics & Targets

Inclusion in performance evaluations

SDG Focus Area(s):

Summary

State Street is committed to creating an environment where all employees want to work – and in order to do so, works to offer employee wellness benefits that our employees value.

Objectives

State Street is committed to creating an environment where all employees want to work – and in order to do so, works to offer employee wellness benefits that our employees value. A selection of those benefits includes tuition assistance, fertility and adoption assistance, flexible work options and State Street’s BeWell offerings.

Metrics & Targets

N/A

SDG Focus Area(s):

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Recognizing it will take alignment of all our organizations to scale impact globally, we invite you to join the movement as a Steward of Inclusive Capitalism. Together, the collective action of Council members will contribute to a fairer, more inclusive and sustainable future for all people and our planet.