Northern Trust Releases Sustainability Report

Rhea-AI Summary

Northern Trust has published its latest Sustainability Report, focusing on sustainability efforts that benefit clients, employees, shareholders, communities, and the environment. Chairman and CEO Michael O’Grady and Head of Corporate Sustainability, Kimberly Evans, emphasized the importance of ethical business practices, risk management, and community care.

Key achievements in 2023 include maintaining an outstanding Community Reinvestment Act (CRA) rating for the 28th year, with community investments exceeding $4.6 billion; supporting over 900 charities worldwide, and contributing 106,000 hours of volunteer work by employees; increasing diverse supplier spending from 6% to 10%; and enhancing climate risk management by reducing energy consumption by 27% and implementing Energy and Environmental Management Systems (EMS) in offices in Europe and the Middle East. The report also highlights ongoing efforts in diversity, equity, and inclusion.

Northern Trust remains committed to making a positive, sustainable impact in collaboration with stakeholders.

CHICAGO--(BUSINESS WIRE)-- Northern Trust has released its latest Sustainability Report, highlighting efforts to create better and more sustainable futures for our clients, employees, shareholders, communities and the world we live in.

“Ethical business practices, risk identification and mitigation and caring for our communities are fundamental to our core strategy as a responsible business,” Chairman and Chief Executive Officer Michael O’Grady and Kimberly Evans, Head of Corporate Sustainability, Inclusion and Social Impact, said in a joint message to stakeholders.

“As we have for the past 135 years, we continue to invest in the well-being of our employees and surrounding communities by helping them meet their needs and respecting their human rights.”

Northern Trust made significant progress in 2023, including:

• Maintaining an outstanding Community Reinvestment Act (CRA) rating for the 28th consecutive year, reflecting a community development and investments portfolio that exceeded $4.6 billion.
• Supporting more than 900 charities worldwide and mobilizing employees around the globe to support their desired causes through more than 106,000 hours of volunteerism.
• Increasing its diverse supplier spend from 6 to 10 percent of the total dollar amount spent for the procurement of products, goods and services in the organization.
• Enhancing climate risk management capabilities, including reducing our energy consumption by 27 percent and started implementing Energy and Environmental Management Systems (EMS), beginning with our offices in Europe and the Middle East.
• Continuing to advance diversity, equity, and inclusion, as a material sustainability topic for the firm, with a focus on our inclusion strategy and future outcomes.

“Looking to the future, we will continue to find opportunities to make a positive impact and contribute to a more sustainable future for all by working together with our stakeholders,” O’Grady and Evans said in their opening message to stakeholders.

About Northern Trust

Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 24 U.S. states and Washington, D.C., and across 22 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2024, Northern Trust had assets under custody/administration of US$16.5 trillion, and assets under management of US$1.5 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Visit us on northerntrust.com. Follow us on X (formerly Twitter) @NorthernTrust or Northern Trust Corporation on LinkedIn.

Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Global legal and regulatory information can be found at https://www.northerntrust.com/terms-and-conditions.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240701283271/en/

Media Contact:

Doug Holt

(312) 557-1571

Dh124@ntrs.com

http://www.northerntrust.com

Source: Northern Trust Corporation

FAQ

What are the key highlights of Northern Trust's 2023 Sustainability Report?

The report highlights Northern Trust's outstanding CRA rating for the 28th year, over $4.6 billion in community investments, support for 900+ charities, 106,000 hours of volunteerism, diverse supplier spending increase, and enhanced climate risk management.

How has Northern Trust improved its climate risk management in 2023?

Northern Trust improved climate risk management by reducing energy consumption by 27% and starting the implementation of Energy and Environmental Management Systems (EMS) in its offices in Europe and the Middle East.

What was Northern Trust's diverse supplier expenditure in 2023?

In 2023, Northern Trust increased its diverse supplier spend from 6% to 10% of the total amount spent on procurement of products, goods, and services.

How did Northern Trust support community and charitable activities in 2023?

Northern Trust supported over 900 charities globally and mobilized employees to contribute more than 106,000 hours of volunteer work.

What is the significance of Northern Trust's CRA rating mentioned in the 2023 Sustainability Report?

Northern Trust maintained an outstanding Community Reinvestment Act (CRA) rating for the 28th consecutive year, reflecting a community development and investments portfolio that exceeded $4.6 billion.