Latest Corporate Responsibility Report Demonstrates Progress on Environmental and Social Issues while Supporting Customers and Communities
Submitted by: Comerica Bank
Posted: Aug 06, 2019 – 07:13 PM EST
Aug. 06 /CSRwire/ - Comerica Incorporated (NYSE: CMA) recently released its 2018 Comerica Corporate Responsibility Report which can be found at www.comerica.com/sustainability. Comerica President and CEO Curtis C. Farmer stated, “Corporate responsibility is a fundamental part of Comerica’s culture. Our Corporate Responsibility Report provides insights on how we support a successful business climate, the environment and our communities, all of which combined put us on a path towards a thriving future.”
This year’s report is a comprehensive look at Comerica’s environmental, social, and governance (ESG) performance. The report includes detailed reporting on Comerica’s Impact Topics, those ESG issues most important to Comerica and our stakeholders. The current assessment of stakeholder priorities was supported through advanced data analytics and artificial intelligence combined with traditional individual interviews and surveys. This approach of technology-driven and stakeholder-verified priorities provides Comerica a confirmation of current expectations and a roadmap for future performance and disclosure.
Senior Vice President and Director of Corporate Sustainability, Scott Beckerman indicates, “Our report goes far beyond the basic metrics on our Impact Topics and delves into the real-life stories that demonstrate how Comerica helps people and businesses thrive. We also relate our progress to the United Nations 17 Sustainable Development Goals (SDGs) and support investor ESG interest by publishing extensive metrics, a GRI standards index and, for the first time, a Sustainability Accounting Standards Board (SASB) index.”
While our organization’s footprint is important, our ability to impact social and environmental issues through our customers and communities greatly expands our network of positive impact. Accordingly, three of our key progress areas include reducing environmental impact, advancing diversity and inclusion and supporting our customers and communities.
Reducing Environmental Impact
Our progress on real estate greenhouse gas (GHG) emissions accelerated in 2018 with an additional 20. 5 percent reduction, bringing our emissions reductions since 2012 to 43. 5 percent. We have met our 2020 goals for GHG emissions and reduction in waste sent to the landfill and remain on target to meet our remaining 2020 goals around water and paper use reductions.
While reducing our environmental footprint is important, we also recognize our ability to help our customers and communities further reduce their environmental impacts. In 2018, we supported $772 million in loans and commitments to environmentally beneficial companies and projects. This includes financing projects like California’s Mary Pickford Theater solar and energy storage project, one of the premier privately-owned building energy storage operations in the United States and Detroit’s International Brotherhood of Electrical Workers Local 58 net zero energy building renovation.
Comerica also works to share our knowledge and resources with organizations like the Great Lakes Women’s Business Council and the SCrAP food waste project with the Environmental Research and Education Foundation (EREF). Leveraging efforts like these, we are helping to advance environmental protections locally which drive global results.
Advancing Diversity and Inclusion
Comerica’s long-standing commitment to diversity and inclusion is demonstrated in this year’s report with metrics such as 40 percent of Comerica colleagues representing racial or ethnic minorities and 66 percent of our workforce being comprised of women. Comerica has also seen a 54 percent increase in the number of colleagues who are military veterans in the last five years.
But Comerica’s story goes beyond the metrics. Our report describes how we support programs to advance women in technology, bring talent development to diverse youth, and celebrate diversity awareness and appreciation with our local diversity and employee resource network groups.
Our commitment also extends to our customers and supply chain. Comerica’s market segmentation initiative outreach groups operate across our markets to meet the banking needs of a broad group of diverse customers and resulted in over $300 million of new account openings in 2018. Also, Comerica’s award-winning supplier diversity program supports capable, diverse businesses by providing equitable opportunities to provide us with goods and services. Our annual spend with diverse suppliers increased to $65 million in 2018.
Supporting Our Customers and Communities
Comerica is dedicated to helping people and businesses be successful and we do that by supporting our customers and communities in which we live, work and play. Financial education plays a big role in that success, from our Money $ense program for youth education to delivering Comerica Insights to our customers. We also continued our highly acclaimed Women’s Business Symposium events to combine authentic and engaging peer discussions with insights from world-class speakers and local business leaders.
With technologies advancing at an increasing pace, Comerica recognizes the importance of protecting privacy and customer information. Our TechVision 2020 not only strengthens our core technology operations but sets us on a path to transform our future. We demonstrate our commitment with programs like Comerica’s Fraud Center and our commitment to fight the financial exploitation of older and vulnerable populations.
Comerica’s signature Shred Day events bring together information protection, environmental commitment and community support by offering free and secure shredding of documents at events across our markets. In 2018, these events resulted in more than 650,000 pounds of paper being collected, securely destroyed and recycled. In addition, we collected over 18,000 pounds of food and $44,000 in donations for local food banks at our Shred Day events.
Comerica’s continued corporate responsibility initiatives support our vision for the future we want – one with thriving financial health, thriving communities, and a thriving planet. Join us and let us raise your expectations of what a bank can be.
Comerica Incorporated (NYSE: CMA) is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada and Mexico. Comerica reported total assets of $73 billion at June 30, 2019.
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