Webster Bank Corporate Responsibility Report: Responsible Governance

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Webster Bank emphasizes comprehensive governance structures and ethical business conduct in its Corporate Responsibility Report.

08/30/2023 - 08:15 AM

STAMFORD, CT / ACCESSWIRE / August 30, 2023 / Webster Bank

Originally published in Webster Bank's 2022 Corporate Responsibility Report

This commitment starts with comprehensive governance structures, policies, management committees and practices designed to ensure transparency in reporting and accountability for our Board of Directors and senior management. Our governance policies and procedures ensure that we maintain the highest levels of ethics and integrity, as well as data security and client privacy safeguards. We also maintain robust programs to manage operational risks and uphold compliance with all applicable laws, regulations and rules governing ethical business conduct.

Webster believes that its Board should be composed of directors with diverse experience in business and in areas that are relevant to the company. Our Board of Directors is comprised of a majority of independent directors as defined by the NYSE listing standards and the Board's Corporate Governance Guidelines. With the exception of the Executive Committee, our Board committees consist entirely of independent directors. Our directors bring valuable expertise and insight to help Webster realize its corporate goals.

As directors retire, our robust succession program identifies new Board members who can bring additional qualities and experience to help us continue to innovate and succeed. Each year, the Board undergoes a selfassessment process to evaluate performance of the Board and Committees. As part of the self-assessment process, the Board considers which attributes and skill sets are important to ensure optimal performance of the Board. The information learned through this process is utilized when considering outside director candidates. The Board is committed to sustaining a board that achieves balance between depth of experience in the oversight of Webster and fresh approaches to oversight and strategic deliberations, particularly as Webster's business and best practices of corporate governance, as well as corporate sustainability, evolve.

ESG Oversight

Our Board of Directors continues to oversee Webster's ESG efforts, led by the Nominating and Corporate Governance Committee. Our Corporate Responsibility Committee is comprised of senior executive leadership, overseeing the ESG Council activities and reporting on ESG efforts to the Nominating and Corporate Governance Committee. Our management-level ESG Council includes a cross-functional team with representatives from lines of business, Audit, Compliance, Corporate Responsibility, Investor Relations, Legal, Operations and Risk. The Council meets on a quarterly basis.

To learn more about Webster Bank's commitment to corporate responsibility, visit our CR webpage.

For full details about Webster Bank's 2022 Corporate Responsibility Report, visit here.

Webster Bank, Wednesday, August 30, 2023, Press release picture