For 96 years, social responsibility has been embedded into our products, policies, programs, operations and mission. So two years ago when we were recognized by B Lab as a company that meets their rigorous standards for social and environmental performance, accountability and transparency, it was an important third party endorsement. Our initial score of 87 on their assessment qualified us as a B Corp, making us the largest B Corp bank in the United States.
This year, because of our merger with New Resource Bank, we had to recertify and demonstrate our continued prowess in five areas – governance, workers, customers, community and the environment. It is with great pride that we announce our new score of 115, a 28-point increase from two years ago.
Our improved score over the last two years was largely focused in two categories: Environment and Community. Here are some important specifics about what we’ve accomplished:
- We became verified as carbon neutral by offsetting our greenhouse gas emissions
- We provided $302 million in loans to sustainable companies, renewable energy projects, and organizations working to protect the environment. This was almost halfway to our goal of $700 million by 2020.
- We became powered by 100% renewable energy, including the installation of solar panels on our branch in the Bronx
- We saved 73,498 metric tons of greenhouse gas emissions by lending to solar companies last year
- We launched a national Green Team to foster a culture of sustainability and decrease our overall carbon footprint
- Our Diversity and Inclusion numbers remained very strong. Today, 59% of our workforce is ethnically or racially diverse and 41% of our senior leadership is minority or female. We also have four women on our Board of Directors including one serving the role of Board Chair.
- We launched several employee resource groups to foster a culture of diversity and inclusion including a Women’s Group, Minority Organization for Leadership and Development and Amalgamated PRIDE for employees who are or who support lesbian, gay, bisexual, or transgender “LGBTQ” persons
- We launched the Amalgamated Foundation in 2017 to increase social impact through philanthropy
- In 2018, we gave $1.3 million to organizations working in human rights, social justice, and environmental protection.
- We increased employee volunteerism by offering a new benefit of one paid-day off per year
We are honored to be one of over 2,500 companies worldwide that are using business as a force for good. We see our recertification as a renewal of our promise to continue working towards reducing inequality and poverty, as well as to create a healthier environment, stronger communities and high-quality jobs that provide dignity and purpose.
Our score of 115 is something we take a lot of pride in as it demonstrates why we are America’s socially responsible bank.