Awards for Excellence 2018
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If there is one bank in North America that is shoring up the financial system, moving finance into a modern era and willing to do what it takes to create a healthy, safe and prosperous society for employees, clients and communities, it is Citi, North America’s best bank for corporate responsibility.
Over the last year the bank has been a first mover in a variety of politically challenging areas. Citi was, for example, the only US bank to be in the pilot group for the UN Environment Programme Finance Initiative’s task force on climate-related financial disclosures – putting together a methodology for the industry to assess and discuss specific risks and opportunities associated with the transition to a low-carbon economy.
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Mike Corbat |
The bank had already altered its approach to evaluating pipelines and other projects that could impact indigenous peoples and was noticeably absent from the Kinder Morgan Trans Mountain Pipeline deal. Citi’s head office in New York is the middle of a greening overhaul and the bank has committed to using 100% renewable energy to power all its facilities by 2020.
In other important moves, the bank was the first to publish its pay split across gender and race, and it has dramatically improved its commitment to diversity and inclusion, with its direct reports to the chief executive taking charge of affinity groups that represent LGBT or women for instance.
Perhaps the most courageous move of all was chief executive Mike Corbat’s decision to speak out for stricter US gun control in March this year and to create a commercial firearms financing policy – inviting other large financial institutions to discuss ways to encourage responsible practices by all who sell firearms.
It is this kind of leadership that Citi exemplifies more than any other North American bank. In its retail bank, Citi has recognized the importance of a diverse financial industry and runs an ATM community network programme, giving 400,000 clients of minority‐owned banks and credit unions access to its ATM network for free. It is also a leader in affordable housing lending and the development of land trusts aimed at ensuring that affordable housing remains just that.
