CHICAGO--(BUSINESS WIRE)--Northern Trust, a leading provider of financial services for institutions, affluent individuals and families, today released its first corporate social responsibility (CSR) report, which followed the Global Reporting Initiative (GRI) guidelines and earned a B+ GRI rating.
The report offers a comprehensive review of Northern Trust’s CSR strategy, including more than 120 global initiatives in effect in 2010 and targets for 2011.
“Corporate social responsibility is not new to us,” Northern Trust Chairman and Chief Executive Officer Frederick H. Waddell said. “Since our founding in 1889, Northern Trust has had a responsible and caring culture embodied in our commitment to our clients, our shareholders, our partners, the environment and communities we serve.
“Business has entered a new age of transparency, and our CSR report is a reflection of our continued commitment to the highest standards of transparency and disclosure,” Waddell added.
Among measures highlighted in the report are:
- 180,000 volunteer hours donated to organizations by Northern Trust partners globally
- $45 million spent with minority and women-owned firms in the U.S.
- $14 million cash contributions to charities and civic organizations worldwide
- 30 percent reduction in global paper usage
- London office operates 100% on renewable energy.
Connie Lindsey, Northern Trust’s Head of Corporate Responsibility, said, “We believe that corporate social responsibility, combined with strategic stakeholder engagement, is smart business, because it creates measurable growth and value. Our commitment to gauging and managing our environmental impact, along with our guiding principles of service, expertise and integrity, drive our social and governance practices globally.”
Northern Trust’s CSR report complies with reporting standards of the Global Reporting Initiative™ (GRI), a network-based organization that pioneered the world’s most widely used sustainability reporting framework. Northern Trust also engaged Deloitte & Touche LLP to validate the report’s factual accuracy in an external assurance report.
According to the GRI Reports List, Northern Trust is only the second bank in the United States to have its report checked by the Global Reporting Initiative. Northern Trust's adherence to GRI’s framework, its numerous disclosures, and third-party review merited a B+ reporting level from GRI.
“As GRI reporting continues to expand in the U.S., we are thrilled to see Northern Trust -- a leading global financial institution -- report on its environmental, social and governance performance following the GRI guidelines,” said Mike Wallace, Director, Focal Point USA at GRI.
To view the full 2010 CSR report and a condensed highlights summary, visit www.northerntrust.com/csr.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2011, Northern Trust had assets under custody of US$4.4 trillion, and assets under investment management of US$662.2 billion. For more than 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit http://www.northerntrust.com.