Wells Fargo release 2010 CSR report

It has been a good week for Corporate Social Responsibility (CSR) news especially in terms of the results of some large corporate giving plans, hot on the heels of the exceptional results from Microsoft that I wrote about recently comes news from Wells Fargo that is equally impressive. The banking giant (NYSE:WFC) have a strong history in corporate giving and their 2010 results solidify that reputation.

In all, Wells Fargo & Co. announced that it invested a new record amount of $219 million in aiding some 19,000 nonprofit organizations during 2010, this reflected a nine percent increase over the 2009 results. In a year that saw record corporate profits on the books the cynical may say that the banking sector can afford to make such grants however it’s also very encouraging to see what the employees elected to do for nonprofits. Wells Fargo team members donated over $55 million and provided greater than 1.3 million volunteer hours in 2010, this support was provided to over 25,000 nonprofits and schools in communities far and wide. John Stumpf Chairman, President and CEO of Wells Fargo adds:

“Everyone has been touched in some way by the current economic challenges, so I couldn’t be more proud of our company and the generosity of our team members. Our company continues to be committed to using our financial resources and expertise, working closely with nonprofits and other stakeholders, to create long-term economic growth and quality of life for everyone in the communities we serve.”

On the corporate giving side Wells Fargo have continued their commitment to education, investing some $66.4 million in a broad variety of 8,000 schools and educational programs across the US. A further $61.1 million in grants was donated to nonprofits who assist with community development providing help with financial education, job creation, affordable housing, workforce development and homeownership counseling. Each area is a logical benefactor for the Wells Fargo program that relies upon a combination of educational and economic strength. In addition the company provided sizable grants to arts and culture, the environment and human services. The results of the employee giving campaign from the team members were also the most successful in the company’s history.

Last year the final totals reflected that 39,386 team members provided 1.3 milllion volunteer hours, itself an increase of 10 percent over 2009. Independent Sector (the US coalition of over 500 philanthropic organizations) estimates the hourly value of volunteer time at $20.85 which equates to $28.2 million in time donated. The cash contribution from employees marked an incredible 31.7% increase over 2009 and the company celebrated this being the eighth consecutive year of double-digit increases in the amount pledged.

The full details of the 2010 Wells Fargo Corporate Social Responsibility Report can be found via this link and fully explains the company’s integration of social and environmental responsibility within every facet of its business.

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