Washington Trust Bancorp, Inc. Releases 2024 Environmental, Social, and Governance Report

Rhea-AI Summary

Washington Trust Bancorp (NASDAQ: WASH) released its 2024 Environmental, Social, and Governance (ESG) Report on May 15, 2024. This report outlines the 's ongoing efforts and achievements in key areas such as employee engagement, diversity, equity, inclusion, corporate governance, data security, community involvement, and environmental responsibility. CEO Edward O. Handy III emphasized the importance of maintaining high ESG standards to ensure the long-term sustainability of the business and positively impact all stakeholders. The report provides insights into how Washington Trust is attracting a diverse workforce, managing risk, and enriching the community, while also prioritizing sustainable practices to lessen environmental impact.

Positive

• Washington Trust is actively engaging in employee attraction, retention, and motivation.
• The company is fostering a diverse, inclusive, and welcoming work environment.
• Corporate governance is emphasized with high ethical standards and full legal compliance.
• Data security and privacy are prioritized, effectively managing risks.
• Community involvement and investment are key focuses, enhancing community vibrancy and sustainability.
• Environmental responsibility is a priority, with efforts to mitigate operational environmental impacts and preserve the environment for future generations.

Negative

• The ESG Report lacks specific financial data on the return on investment for these initiatives, making it difficult for investors to assess the tangible financial benefits.
• The report does not address any specific challenges or setbacks faced in implementing these ESG practices, potentially omitting important risk factors.
• The focus on ESG might divert attention from immediate financial performance metrics, which could concern short-term investors.

WESTERLY, R.I., May 15, 2024 /PRNewswire/ -- Washington Trust Bancorp, Inc., (the Corporation"), NASDAQ: WASH, has released the Corporation's 2024 Environmental, Social and Governance Report ("ESG Report"), which presents the actions the Corporation has taken, and continues to take, to fulfill its obligations as an employer of choice, a business of choice, and a responsible corporate citizen.

"We embrace our responsibility to maintain the highest standard of environmental, social, and governance practices for the benefit of our employees, customers, communities, and shareholders," stated Edward O. Handy III, Washington Trust Chairman and Chief Executive Officer.  "We believe our efforts can have a material effect on the long-term sustainability of our business and positively impact all of our stakeholders."

The ESG Report illustrates the progress the Corporation has made in the following areas:

• Employee Engagement: attracting, motivating, and retaining a talented, engaged, and diverse workforce.
• Diversity, Equity, and Inclusion: fostering a diverse, inclusive, and welcoming work environment.
• Corporate Governance: operating with the highest ethical standards, in full compliance with the spirit and letter of all laws and regulations.
• Data Security and Privacy: managing risk effectively and ensuring the security and privacy of customer assets, information, and data.
• Community Involvement and Investment: enriching the lives of customers and enhancing the vibrancy and sustainability of the communities.
• Environmental Responsibility: bringing sustainable thinking into the business, mitigating operational environmental impact, and helping to preserve the environment for future generations.

ABOUT WASHINGTON TRUST BANCORP, INC.
Washington Trust Bancorp, Inc., the parent of The Washington Trust Company, had $7.2 billion in assets as of March 31, 2024. Founded in 1800, Washington Trust is the oldest community bank in the nation, the largest state-chartered bank headquartered in Rhode Island and one of the Northeast's premier financial services companies. Washington Trust offers a full range of financial services, including commercial banking, mortgage banking, personal banking and wealth management and trust services through its offices located in Rhode Island, Connecticut and Massachusetts. The Corporation's common stock trades on NASDAQ under the symbol WASH. Investor information is available on the Corporation's web site at ir.washtrust.com.

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SOURCE Washington Trust Bancorp, Inc.

FAQ

What is the release date of Washington Trust Bancorp's 2024 ESG Report?

The 2024 ESG Report of Washington Trust Bancorp was released on May 15, 2024.

What does the 2024 ESG Report of Washington Trust Bancorp cover?

The 2024 ESG Report of Washington Trust Bancorp covers employee engagement, diversity, equity, inclusion, corporate governance, data security, community involvement, and environmental responsibility.

How is Washington Trust Bancorp ensuring data security?

Washington Trust Bancorp is effectively managing risks to ensure the security and privacy of customer assets, information, and data.

What stock symbol is associated with Washington Trust Bancorp?

The stock symbol for Washington Trust Bancorp is WASH.

How does Washington Trust Bancorp contribute to environmental sustainability?

Washington Trust Bancorp is mitigating operational environmental impacts and helping to preserve the environment for future generations.