XP Inc. Announces ESG Initiatives
SÃO PAULO, Brazil, June 19, 2020 (GLOBE NEWSWIRE) -- XP Inc. (Nasdaq: XP), a leading, technology-driven financial services platform and a trusted provider of low-fee financial products and services in Brazil, announced the creation of an ESG (Environmental, Social and Governance) board and initiatives to provide the best products, services, content and recommendations focused on ESG, in addition to further leveraging the company's internal standards and practices. The Company seeks to lead ESG initiatives in the Brazilian financial markets, democratizing access to content and quality products to customers.
This is a natural move, recognizing the importance of the theme ESG in the world, and its potential benefits for Brazil specifically. According to Bruno Constantino, XP Inc.’s CFO, “XP understands its responsibility in our society, and we can leverage our ecosystem, bringing others into ESG initiatives, improving quality of life and enhancing sustainability to drive positive social and environmental impacts.”
To lead this initiative, the Company appointed Marta Pinheiro as director of ESG. Ms. Pinheiro has been with XP for more than three years, with responsibilities including the integration of acquired brokerage firms Rico and Clear, the development of the Bank and related products, and the creation of the Innovation area, amongst others.
“Leading XP’s ESG efforts is a great opportunity and I plan to contribute to the development of the Brazilian financial markets, generating long-term value to our clients, investors and society. We are focused on ensuring XP continues to make a positive contribution through best practice ethical behavior, social responsibility and, above all, total transparency with all stakeholders,” said Marta Pinheiro.
Early initiatives include the production of exclusive content, analysis of platform assets, education of the partners’ network, adoption of governance best practices, and association with commitments and ESG pacts, amongst others. Below are some highlights of the Company’s ESG initiatives:
- XP’s commitment to gender equality, aiming to increase the number of female employees by
10% in one year, while preserving XP's culture of meritocracy. Among the measures to be implemented include: shortlists of at least35% of women as finalists in our selection process, training of leaders on unconscious biases, participation in the corporate citizen program (extension of maternity and paternity leave), and remote work options. In addition, the Company will intensify partnerships with training programs for minority groups;
- Dedicating R
$100 million of seed money for the development of a Fund-of-Funds ESG ecosystem, which will invest in exclusive strategies of major Brazilian asset managers that invest in companies with high ESG standards. These funds will have a minimum investment of R$500 , democratizing this type of product for all investors;
- The construction of a new headquarters, aligned with intention to adopt permanent remote work options. The new facility, initially named Villa XP, will follow eco-efficient standards, using
100% renewable energy and technologies for reusing water and utilizing sustainable materials, among others. More details about the Company's vision for the future of Villa XP can be found in this link;
- Launched in March 2020 by XP Inc., with the aim of helping families in need, the Juntos Transformamos movement has generated R
$32 million in donations in total, with R$5 million dedicated to health initiatives and the remainder earmarked for supplying food to those in need. Of the total, R$30 million was donated by XP Inc. For more information, visit: www.juntostransformamos.com.br.
XP will continue to expand internal actions related to diversity, inclusion and support to the community, in addition to environmental matters. In the coming months, XP plans to build a strategic diagnosis to guide the next steps and implement actions related to ESG best practices at a global level., including an official report that will allow all stakeholders to follow the development of our ESG initiatives.
About XP
XP is a leading, technology-driven financial services platform and a trusted provider of low-fee financial products and services in Brazil. XP’s mission is to disintermediate the legacy models of traditional financial institutions by:
- Educating new classes of investors;
- Democratizing access to a wider range of financial services;
- Developing new financial products and technology applications to empower clients; and
- Providing high-quality customer service and client experience in the industry in Brazil.
XP provides customers with two principal types of offerings, (i) financial advisory services for retail clients in Brazil, high-net-worth clients, international clients and corporate and institutional clients, and (ii) an open financial product platform providing access to over 600 investment products including equity and fixed income securities, mutual and hedge funds, structured products, life insurance, pension plans, real-estate investment funds (REITs) and others from XP, its partners and competitors.
Forward Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made as of the date they were first issued and were based on current expectations, estimates, forecasts and projections as well as the beliefs and assumptions of management. Words such as "expect," "anticipate," "should," "believe," "hope," “aim,” "target," "project," "goals," "estimate," "potential," "predict," "may," "will," "might," "could," "intend," variations of these terms or the negative of these terms and similar expressions are intended to identify these statements. Forward-looking statements are subject to a number of risks and uncertainties, many of which involve factors or circumstances that are beyond XP Inc’s control.
XP, Inc’s actual results could differ materially from those stated or implied in forward-looking statements due to several factors, including but not limited to: competition, change in clients, regulatory measures, a change the external forces among other factors.
For any questions, please contact:
| Carlos Lazar, Head of Investor Relations | Investor Contact: ir@xpi.com.br |
| André Martins, Investor Relations Specialist | IR Website: investors.xpinc.com |
