CSR business investment raised by BNY Mellon in 2010
Continuing our review of corporate social responsibility (CSR) business performance based on industry sector I wanted to share some details from the recently released annual accomplishments published by BNY Mellon. The results are a strong example of a well-rounded approach to CSR that continues to expand in equal measure to benefit the environment, the community, employees and suppliers. Now in existence for over 225 years the financial services giant has expanded to more than 48,000 employees with annual profits in 2010 exceeding $2.5 billion. The report is especially worth sharing due to its detailed assessments which provide tangible accounting of the company’s performance within its CSR platform and how the future target areas are considered a key component of the company’s continued success. Chairman and CEO Robert Kelly explained:
“Over the last few years, BNY Mellon has made clear progress as a socially responsible corporate citizen as evidenced by our 2010 CSR results and accomplishments. Through our CSR program we have adopted fairly aggressive goals relating to everything from governance to environmental sustainability and we have continued to push ourselves to do better. By doing business the right way, we are helping to drive an economy of responsible business practices in every market in which we operate.”
As I’ve remarked continually on the blog the most progressive way forward for CSR reporting regardless of the industry concerned is a series of benchmarks which allow customers and consumers along with partners and suppliers to make decisions based upon the company’s performance within established metrics. BNY Mellon have gauged the guidelines that have been established by the Global Reporting Initiative (GRI) when setting out the strategies and policies that make up the report and actions of the corporation. Mellon appear to be finding an encouraging blend of initiatives that relate to each of the key criteria.
As you’re well aware the banking and financial services sector has been under needed scrutiny following the global economic collapses of 2007 and reestablishing consumer confidence in conjunction with promoting greater market stability are both key concerns particularly within the confines of CSR. In the report Mellon demonstrate that they have been able to maintain top rankings for client service and implementing programs that minimize credit volatility. They also operate an extensive Community Partnership program which last year saw participation expand to 20,000 of their employees. Mellon provided more than one point 1.3 million hours of training to the staff during 2010 which equates to about 30 hours per person. They also oversaw the launch of a global workforce development program, a $6 million project to help disadvantaged youth transition to adulthood.
The company also heightened their attention to supplier relationships with 27 percent of bid contracts being awarded to those within the supplier development program and 12 percent to firms owned by minorities and women. Mellon are also committed to reducing their carbon footprint and have managed $3 million in annual savings due to more energy-efficient practices. Plus to take the program forward the company have started a CSR Council of senior managers which will be overseen by the CSR committee within the company’s board of directors. I was especially impressed by the company’s commitment to environmental issues with great acceleration of their sustainable practices ranging from employee education programs about energy use, commitment to green construction and more focused supplier management.
The full report is available online and is definitely worth taking the time to review as the level of detail provided demonstrates a very broad but practical approach to corporate responsibility business standards. The 2010 BNY Mellon CSR report is available via this link.
To learn more about the GRI, it’s guidelines and support for corporations please visit this link.
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ummmm, interesting. BNY Mellon is socially and ethically responsible ? ….maybe by a Perception Management Firm. Richard Mellon Scaife is the heir to the Mellon banking fortune and is basically a Nazi. No , don’t criticize me, just do some research.
To think that he doesn’t, or cannot, influence the Bank’s “social responsibility” in a KKK manner is foolish. Unless BNY Mellon can irrefutably prove that Scaife doesn’t influence them politically, then I would tend to scoff at any pretentious new release and fancy brochure from them.