Awards for Excellence 2019
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For commitment to serving communities, Amalgamated Bank is a benchmark in the region. It is North America’s best bank for corporate responsibility.
After being the first bank to raise its minimum wage to $15 in the US in 2015, this year the bank raised it to $20. It also became the first US bank to endorse the UN’s principles for responsible banking and is a member of the Global Alliance for Banking on Values.
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| Ivan Frishberg |
A leader in the transition to a low carbon future, Amalgamated Bank does not finance fossil fuel projects, uses 100% renewable energy and is carbon neutral. Last year it went one step further, measuring the climate impact of its $3.2 billion loan portfolio – and encouraging other US banks to join it.
“We’re a values-based bank and clear about that,” says Ivan Frishberg, director of impact policy. “It’s no good for our industry to highlight financing that’s already taking place – we need to start shifting the economy through more deliberate measures.”
The bank also recently announced a commitment to double the amount of assets dedicated to financing socially responsible businesses over the next two years, moving from its current commitment of $350 million to at least $700 million by 2020. One example is its provision of $35 million to help 4,000 Connecticut businesses and municipalities become more energy efficient.
It is an engaged shareholder, and this year added its board diversity actions to include LGBTQ in addition to women and people of colour. The bank has ensured its own 400-strong workforce is diverse: 59% of its employees are ethnically or racially diverse and its board of directors has above average representation of women, people of colour and LGBTQ members.
Inclusivity is promoted through the various affinity groups that have events, visiting speakers and meetings with the head of human resources once a quarter.
