SVB to Conduct Equity Audit

Rhea-AI Summary

SVB, the financial partner of the innovation economy, has announced an audit of its Access to Innovation programs aimed at enhancing opportunities for underrepresented groups, including women and Black and Latinx individuals. This audit, conducted by attorneys from Paul, Weiss, Rifkind, Wharton & Garrison LLP, seeks to assess the impact of these initiatives since their inception in 2019 and establish benchmarks for future progress. Key findings from this assessment will be reported in SVB's 2023 ESG report, expected in Q3 2023.

Positive

• SVB is committed to diversity and inclusion in the innovation economy.
• The audit aims to measure the impact of SVB's initiatives, potentially attracting more funding.

Negative

• None.

Third-party will review SVB's Access to Innovation programs, which focus on increasing opportunities and funding for underrepresented people in the innovation economy

SANTA CLARA, Calif., Sept. 20, 2022 /PRNewswire/ -- SVB, the financial partner of the innovation economy and parent of Silicon Valley Bank, today announced it will audit its Access to Innovation platform, a family of programs first announced in 2019 focused on advancing women and Black and Latinx individuals to positions of influence in the innovation economy. This audit is intended to measure the impact of SVB's commitment to access-related initiatives so far and set a baseline by which the company can measure progress in the future. The analysis will be conducted by attorneys at Paul, Weiss, Rifkind, Wharton & Garrison LLP.

"The innovation economy generates wealth, opportunities and rewarding careers for many, yet women and Black and Latinx individuals are significantly underrepresented and underfunded in this sector of the US economy. We want to use our influence to change that," said Greg Becker, President and CEO of SVB. "A few years into our Access to Innovation programs, we are choosing to engage in an outside review to help us measure the impact of our efforts and make the most meaningful progress we can toward our goals."

"SVB has taken decisive steps to help diversify the innovation economy through a commitment to programs and dedicating staff and financial resources to these programs," said Kay Matthews, Board Chair of SVB. "We see this assessment as a positive step we can leverage to strengthen our efforts and help define the future of our programs."  

To date, SVB has publicly reported progress updates on its internal and external DEI efforts in annual reports and has made its EEO-1 report available on svb.com under Living Our Values. In 2022, SVB also conducted a review led by a third-party to identify employee perceptions of SVB's internal DEI practices. Finding highlights are included in SVB's 2022 ESG report. By extending assessment and transparency practices to its Access to Innovation platform via an audit, SVB intends to bolster the company's efforts to measure and communicate its impact on increasing inclusion in the innovation economy.

Key findings and next steps resulting from the assessment will be published in SVB's 2023 ESG report, expected in Q3 2023.

Visit the company's website to learn more about SVB's DEI and Access to Innovation efforts at https://www.svb.com/about-us/living-our-values  

About SVB

SVB is the financial partner of the innovation economy, helping individuals, investors and the world's most innovative companies achieve their ambitious goals. SVB's businesses - Silicon Valley Bank, SVB Capital, SVB Private and SVB Securities - together offer the services that dynamic and fast-growing clients require as they grow, including commercial banking, venture investing, wealth planning and investment banking. Headquartered in Santa Clara, California, SVB operates in centers of innovation around the world. Learn more at svb.com/global. [SIVB-C]

SVB Financial Group (SVB) (Nasdaq: SIVB) is the holding company for all business units and groups. © 2022 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, SVB SECURITIES, SVB PRIVATE, SVB CAPITAL and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group.

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SOURCE SVB Financial Group

FAQ

What is the purpose of SVB's Access to Innovation programs?

The Access to Innovation programs aim to increase opportunities and funding for underrepresented groups in the innovation economy.

Who is conducting the audit of SVB's Access to Innovation programs?

The audit is being conducted by attorneys from Paul, Weiss, Rifkind, Wharton & Garrison LLP.

When will SVB publish the findings from the audit?

The findings from the audit will be included in SVB's 2023 ESG report, which is expected in Q3 2023.

What groups does SVB's Access to Innovation initiative focus on?

The initiative specifically targets women and Black and Latinx individuals.

What impact does SVB hope to achieve with this audit?

SVB aims to assess its progress in enhancing diversity and inclusion, which may lead to improved funding and opportunities for underrepresented groups.