Fifth Third’s Environmental, Social and Governance (ESG) Report Highlights the Value of Sustainability
Fifth Third Bancorp (Nasdaq: FITB) today published its inaugural Environmental, Social and Governance Report, which highlights how the Bank generates long-term sustainable value for all of its stakeholders, including robust support for small businesses and the communities it serves through the unique challenges presented by the COVID-19 pandemic.
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Fifth Third has published its inaugural Environmental, Social and Governance (ESG) Report. (Photo: Business Wire)
Fifth Third has established a formal ESG program built upon the foundation of the Bank’s commitment to keep the customer at the center of everything it does, stay focused on the core business of banking and execute on key priorities, including improving the lives of customers and communities. In 2020, an ESG Committee was formalized and the Bank conducted a materiality assessment with stakeholders to assist in prioritizing the numerous issues of importance to the Bank.
“Fifth Third is pleased to publish its inaugural ESG Report and share our progress in delivering sustainable value for our stakeholders,” said Greg D. Carmichael, chairman, president and CEO, Fifth Third Bancorp. “This report represents significant growth in our ESG program and reflects our desire to give stakeholders further insight into our values, publicly highlight our progress on stated goals and set benchmarks for ongoing support of our customers, communities, employees, shareholders and regulators.”
The ESG Report is benchmarked against established reporting frameworks such as the Global Reporting initiative (GRI), Sustainability Accounting Standards Board (SASB), Task Force on Climate-related Financial Disclosures, and the United Nation’s Sustainable Development Goals. From a data perspective, the report covers the period of Jan.1-Dec. 31, 2019, unless otherwise noted, and the narrative includes progress updates through June 30, 2020, where possible and unless otherwise noted. In 2020, Fifth Third became the first commercial bank in the U.S. to join the SASB Alliance and the GRI Community.
The ESG Report includes the following key highlights:
- Establishing an $8 billion sustainable finance goal.
- Becoming the first Fortune 500 company and first bank to achieve 100% renewable power through a single, solar project and the early achievement of three of the Bank’s 2022 bold environmental sustainability goals.
- Delivering—and exceeding—on Fifth Third’s five-year, $32 billion commitment to the communities we serve through $35.5 billion in mortgage, small business, community development lending and investments, and philanthropy to date.
- Raising the Bank’s minimum wage to $18 per hour, marking a 50% increase in less than two years to help hourly employees improve their quality of life.
- Facilitating $5.4 billion in Small Business Administration Paycheck Protection Program, or PPP, loans and executing over 156,000 hardship requests during the COVID-19 pandemic.
- Pledging $8.75 million for COVID-19 relief.
- Establishing a new Executive Diversity Leadership Council.
- Pledging $100 million for Opportunity Zones investments.
- Achieving the milestone of 2.5 million people educated via Fifth Third LIFE (Lives Improved through Financial Empowerment®) programs.
- Providing $17.8 million in philanthropic gifts with employees logging over 147,000 hours of volunteerism.
- Reporting 33% of the Fifth Third Bancorp’s Directors are women and earning recognition as a Winning “W” company for 2020 Women on Boards.
- Establishing an ESG Committee accountable to the Nominating and Corporate Governance Committee of the Board of Directors.
- Publishing an updated Employee Code of Conduct & Business Ethics and Supplier Code of Conduct.
- Publication of a new Environmental and Social Policy.
About Fifth Third
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio and the indirect parent company of Fifth Third Bank, National Association, a federally chartered institution. As of June 30, 2020, Fifth Third had $203 billion in assets and operated 1,122 full-service banking centers and 2,456 ATMs with Fifth Third branding in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Georgia and North Carolina. In total, Fifth Third provides its customers with access to approximately 53,000 fee-free ATMs across the United States. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Wealth & Asset Management. Fifth Third is among the largest money managers in the Midwest and, as of June 30, 2020, had $405 billion in assets under care, of which it managed $49 billion for individuals, corporations and not-for-profit organizations through its Trust and Registered Investment Advisory businesses. Investor information and press releases can be viewed at www.53.com. Fifth Third’s common stock is traded on the Nasdaq® Global Select Market under the symbol “FITB.” Fifth Third Bank was established in 1858. Deposit and Credit products are offered by Fifth Third Bank, National Association. Member FDIC.
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