First BanCorp Announces the Release of Its 2023 Corporate Sustainability Report

Rhea-AI Summary

First BanCorp (NYSE: FBP), the bank holding company for FirstBank Puerto Rico, has published its third annual Corporate Sustainability Report for 2023. The report underscores the company’s dedication to environmental, social, and governance (ESG) principles. Key achievements include the expansion of their recycling program, the adoption of a Human Rights Statement, enhanced diversity, equity, and inclusion (DEI) initiatives, and the launch of a coastal erosion mitigation program called 'Rescate Costero'.

CEO Aurelio Alemán emphasized the importance of aligning business practices with sustainability to deliver shareholder value and contribute positively to society and the environment. The report adheres to standards set by the Sustainability Accounting Standards Board (SASB), the United Nations Sustainable Development Goals (UNSDG), and the Task Force on Climate-Related Financial Disclosures (TCFD).

Further details are available in the full report.

SAN JUAN, Puerto Rico--(BUSINESS WIRE)-- First BanCorp (the “Corporation”) (NYSE: FBP), the bank holding company for FirstBank Puerto Rico, announced the release of its third annual Corporate Sustainability Report, highlighting the Corporation’s commitment to environmental stewardship, social responsibility, and ethical governance. This 2023 Corporate Sustainability Report details significant achievements, including the expansion of the Corporation’s recycling program, the adoption of a Human Rights Statement, the expansion of initiatives related to diversity, equity and inclusion (DEI), and the launch of the Corporation’s multisectoral coastal erosion mitigation program known as “Rescate Costero.”

“Since our inception, we have always recognized the importance of conducting business in a manner that not only delivers value to our shareholders, but also contributes positively to society and the environment,” said Aurelio Alemán, President and Chief Executive Officer of First BanCorp. “By staying true to our mission, vision, and values, we will continue to drive long-term value for the Corporation and contribute to a more sustainable and equitable society for future generations,” Alemán added.

The Corporation’s 2023 Corporate Sustainability Report aligns with and references relevant sector standards from the Sustainability Accounting Standards Board (SASB), the United Nations Sustainable Development Goals (UNSDG), and the Task Force on Climate-Related Financial Disclosures (TCFD).

View the full report here.

About First BanCorp

First BanCorp is the parent corporation of FirstBank Puerto Rico, a state-chartered commercial bank with operations in Puerto Rico, the U.S. and British Virgin Islands and Florida, and of FirstBank Insurance Agency, LLC. Among the subsidiaries of FirstBank Puerto Rico is First Federal Finance Limited Liability Company, a small loans company. First BanCorp’s shares of common stock trade on the New York Stock Exchange under the symbol “FBP.”

View source version on businesswire.com: https://www.businesswire.com/news/home/20240701758186/en/

First BanCorp.

Ramon Rodríguez

Senior Vice President

Corporate Strategy and Investor Relations

(787) 729-8200 Ext. 82179

ramon.rodriguez@firstbankpr.com

Source: First BanCorp

FAQ

What are the key highlights of First BanCorp's 2023 Corporate Sustainability Report?

The report includes expanded recycling programs, a new Human Rights Statement, enhanced DEI initiatives, and the launch of the 'Rescate Costero' coastal erosion mitigation program.

What is Rescate Costero?

Rescate Costero is a multisectoral coastal erosion mitigation program launched by First BanCorp as part of its 2023 Corporate Sustainability Report.

How does First BanCorp align its sustainability efforts?

First BanCorp aligns its sustainability efforts with standards from the Sustainability Accounting Standards Board (SASB), the UN Sustainable Development Goals (UNSDG), and the Task Force on Climate-Related Financial Disclosures (TCFD).

What new initiatives did First BanCorp introduce in 2023?

First BanCorp introduced a Human Rights Statement, expanded recycling programs, enhanced DEI initiatives, and launched the 'Rescate Costero' coastal erosion mitigation program.

Who announced the release of First BanCorp's 2023 Corporate Sustainability Report?

The release was announced by Aurelio Alemán, President and CEO of First BanCorp.