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RingCentral Receives Prestigious Recognition For Commitment to Addressing Environmental, Social, and Corporate Governance Issues
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RingCentral, Inc. (NYSE: RNG) has been recognized by the Frost and Sullivan Institute and MSCI for its commitment to environmental, social, and corporate governance (ESG). The company received the 2022 Enlightened Growth Leadership Best Practices Award for its sustained financial growth and positive societal impact. Additionally, RingCentral's MSCI ESG rating improved from A to AA, indicating enhanced resilience to ESG risks. Notably, the company invested $23.4 million in diverse suppliers and emphasizes mental health support for employees.
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Recognized by Frost and Sullivan Institute for ESG commitment.
Received 2022 Enlightened Growth Leadership Best Practices Award.
MSCI ESG rating improved from A to AA.
$23.4 million invested in diverse supplier businesses.
Initiatives in diversity, greenhouse gas reduction, and mental health support.
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Frost and Sullivan Institute and MSCI Recognize RingCentral for Creating Social and Environmental Impact
BELMONT, Calif.--(BUSINESS WIRE)--
RingCentral, Inc. (NYSE: RNG), a leading provider of global enterprise cloud communications, video meetings, collaboration, and contact center solutions, today announced receiving prestigious recognition from both the Frost and Sullivan Institute and from MSCI for the Company’s commitment to addressing environmental, social, and corporate governance (ESG) issues:
RingCentral received the 2022 Enlightened Growth Leadership Best Practices Award from the independent, not-for-profit Frost & Sullivan Institute. The award recognizes companies for “achieving sustained financial growth over a ten year period,” as well as “innovating to zero” and making a positive difference in the world by addressing environmental, social, and corporate governance (ESG) issues. RingCentral was honored for its use of innovative technology, as well its commitment to promote diversity and inclusion, reduce greenhouse gas emissions, and emphasize the importance of mental health.
RingCentral recently increased its rating from A to AA (on a scale of CCC to AAA) in the MSCI ESG Ratings assessment, moving into the leadership category. MSCI ESG Research measures a company’s resilience to long-term, financially relevant ESG risks and the ability to manage those risks relative to peers. The research is designed to provide critical insights that can help institutional investors identify risks and opportunities that traditional investment research may overlook. The MSCI ESG Ratings are also used in the construction of the MSCI ESG Indexes, produced by MSCI, Inc.
“As RingCentral continues to grow, so too does our focus on improving the communities we operate in,” said Sonalee Parekh, chief financial officer at RingCentral. “The Frost & Sullivan Institute award recognizes that business performance and doing good are not mutually exclusive–it is a priority for us to continue exploring ways to leverage our technology to help underserved communities and activate the passion of our employees to do their part in helping our planet. We’re humbled to receive this recognition by the Frost & Sullivan Institute as well as MSCI for our work.”
RingCentral has made noteworthy strides toward building diversity and sustainability by addressing several pertinent United Nations Sustainable Development Goals, including adopting responsible consumption and production practices. In 2021, RingCentral accelerated efforts to diversify its supply chain by setting up an Office of Diversity and Access, establishing an affirmative action plan, and investing $23.4M in supplier businesses owned by minoritized communities. Data security and privacy are also a top priority. All of RingCentral’s products are built from the ground up to inherently protect the integrity of customer data, minimizing the risk of data leaks and security breaches.
“We have identified companies that have demonstrated success in merging business acumen with a moral imperative. Frost & Sullivan Institute applauds RingCentral’s efforts in leveraging its technology, influence, and expertise to align itself with global priorities and go above and beyond in its efforts to improve the world,” said Abash Raj Subedi, research analyst, the Frost & Sullivan Institute. “The Company’s active and firm approach towards diversity and inclusion, emission reduction, and data privacy and security, has set the gold standard which other companies in the cloud computing business will do well to imitate.”
More details on RingCentral’s ESG efforts can be found in its 2021 Impact Report. The Impact Report highlights RingCentral’s commitment to corporate responsibility and the steps the Company is taking to do good by its employees, communities, and shareholders, as well as the planet. In 2021, RingCentral focused on building diversity across its business, supporting its people, and extending the Company’s reach to the communities who need it most. Highlights from the Impact Report include:
26 awards recognizing RingCentral’s diversity and inclusion and philanthropy
$23.4M invested in diverse suppliers
$425K donations made by RingCentral and its employees
6+ employee benefits added to support mental health and work-life balance
400+ nonprofits benefitted through volunteering and donations
RingCentral, Inc. (NYSE: RNG) is a leading provider of business cloud communications and contact center solutions based on its powerful Message Video Phone™ (MVP®) global platform. More flexible and cost effective than legacy on-premises PBX and video conferencing systems that it replaces, RingCentral empowers modern mobile and distributed workforces to communicate, collaborate, and connect via any mode, any device, and any location. RingCentral offers three key products in its portfolio including RingCentral MVP™, a Unified Communications as a Service (UCaaS) platform including team messaging, video meetings, and cloud phone system; RingCentral Video®, the company’s video meetings solution with team messaging that enables Smart Video Meetings™; and RingCentral Contact Center™ solutions. RingCentral’s open platform integrates with leading third-party business applications and enables customers to easily customize business workflows. RingCentral is headquartered in Belmont, California, and has offices around the world.
What recognition did RingCentral receive in 2022 for its ESG initiatives?
RingCentral received the 2022 Enlightened Growth Leadership Best Practices Award from the Frost and Sullivan Institute.
How did RingCentral's MSCI ESG rating change recently?
RingCentral's MSCI ESG rating improved from A to AA, moving into the leadership category.
What is the significance of RingCentral's $23.4 million investment?
The $23.4 million investment was directed towards supplier businesses owned by minoritized communities, reflecting RingCentral's commitment to diversity.
What environmental initiatives has RingCentral focused on?
RingCentral has focused on reducing greenhouse gas emissions and promoting diversity and inclusion as part of its ESG efforts.
How does RingCentral support mental health among employees?
RingCentral has added several employee benefits focused on supporting mental health and work-life balance.
