Amalgamated Bank Issues 2019 Corporate Social Responsibility (CSR) Report: Responsibility in Action
NEW YORK, April 13, 2020 - Amalgamated Bank (Nasdaq: AMAL) today announced the publication of its 2019 Corporate Social Responsibility (CSR) Report. This report, titled “Responsibility in Action,” provides a comprehensive overview of Amalgamated’s CSR policies, strategies, initiatives, and related performance. For nearly 100 years, Amalgamated has used its financial resources and corporate influence to advance economic, social, and environmental change.
As we reflect back on 2019, our first full year as a publicly traded company, we are proud of all that we have accomplished. Not only have we made a positive difference for our many clients, helping them achieve their goals, we have acted according to our principles and made a positive difference in our communities and society.
Highlights from the 2019 CSR Report:
- Increased Amalgamated Bank’s B Corp Impact Score from 87 to 115
- Formalized Board oversight of CSR initiatives
- Met and exceeded the bank’s “2X Impact Goal” of financing $700m by 2020 – Amalgamated exceeding this goal by $250m and ahead of schedule
- Became the first bank in the United States to increase its minimum wage to $20/hour
- Powered all corporate offices with 100% clean energy and achieved carbon neutrality in its operations for the second year in a row
- Became a founding Supporter of the Collective Commitment to Climate Action
- Became a founding signatory and the first bank in the United States to endorse the United Nations’ Environment Programme Finance Initiative (UNEP FI) Principles for Responsible Banking (UNPRB)
- Led the development of the Partnership for Carbon Accounting Financials in North America
- Joined the Science Based Targets initiative
- Formalized and documented several environmental, sustainable, social and governance programs on topics such as CSR governance, diversity and inclusion, employee training and education, work life balance, supplier standards, human rights, information security and environmental stewardship, among others
- Received several awards, including the National Association of Corporate Directors (NACD) NXT award for small cap board diversity, the Euromoney Awards for Excellence - Best Bank in North America for CSR, and B Corp’s Best for the World.
“As we reflect back on 2019, our first full year as a publicly traded company, we are proud of all that we have accomplished,” said Keith Mestrich, President and CEO of Amalgamated Bank. “Not only have we made a positive difference for our many clients, helping them achieve their goals, we have acted according to our principles and made a positive difference in our communities and society. We are more committed than ever to continue leading by example. Our hope is that other banks and financial institutions will be similarly energized to transparently measure and report their social and environmental impact, and contribute to a more inclusive financial system that creates opportunities for all.”
About Amalgamated Bank
For nearly a century, Amalgamated Bank has served as America’s socially responsible bank, supporting forward-thinking organizations, companies, and individuals across the country. We are an advocate for those working to make the world more just, compassionate and sustainable. Our extensive experience, financial knowledge and community of like-minded customers offer a unique set of financial tools to customers. Amalgamated is the country’s largest B Corp® bank and a proud member of the Global Alliance for Banking on Values. We don’t just have a mission. We are on a mission: to support those who support others, to invest in progressive and impactful causes and to advocate true financial opportunity for all.
Source: Amalgamated Bank