BIRMINGHAM, Ala.–(BUSINESS WIRE)–Regions
Financial (NYSE: RF) today announced the release of its 2018
Environmental, Social, and Governance (ESG) Report, documenting the
company’s progress on initiatives that make life better for customers,
associates and communities, while creating long-term value for
“Regions’ strong corporate culture is founded on the idea that creating
shared value for all stakeholders—customers, shareholders, associates
and communities—is the right way to operate our business,” said
President and CEO John Turner. “More than ever, we must consider how
environmental, social and governance matters affect our company. We are
committed to transparency, and we continuously evaluate opportunities to
adopt leading practices and enhance our reporting.”
The full board of directors and its committees oversee matters related
to Regions’ environmental, social, and governance practices,
performance, and disclosure. Direct oversight responsibility for
environmental matters and corporate responsibility is assigned to the
Nominating and Corporate Governance (NCG) Committee.
“As directors, we are responsible for providing effective governance and
oversight of Regions’ business for the long-term benefit of all
stakeholders, including Regions’ customers, shareholders, associates,
and communities,” said Ruth Ann Marshall, chair of the NCG Committee.
“Regions’ executive management and the board recognize the intersection
between strong environmental, social, and governance practices. It
defines the long-term success of our company.”
The 2018 Environmental, Social, and Governance Report highlights recent
ESG accomplishments, including:
Introduced an expanded parental leave plan to provide 12 weeks of
fully paid leave for birth mothers and six weeks of fully paid leave
for birth and adoptive parents.
Increased the 401(k) Plan matching contribution from 4% to 5% in
addition to the annual 2% contribution that all eligible associates
Raised the entry-level wage to $15 an hour, while also providing
career paths and professional growth opportunities for associates.
Created a Diversity and Inclusion Center of Expertise, led by the head
of Diversity and Inclusion.
Customers and Communities:
Provided 94,000 financial education presentations delivered by the
Regions Next Step® Elevate team.
Contributed $100 million to the Regions Foundation to make
purpose-led, performance-driven community investments.(2)
Formed the Corporate Responsibility and Community Engagement team to
address local community development needs and promote inclusive
economic growth through economic and community development, education
and workforce readiness, and financial wellness.
Adopted an Environmental Sustainability Policy Statement and created
an Environmental Working Group to support the implementation of the
Policy Statement and engage associates on sustainability.
Established the company’s first environmental goals to reduce
greenhouse gas emissions and energy usage each by 30% by the year 2023.(3)
Focusing on sustainable financing, provided $300 million in capital in
the form of sale-leasebacks to utility scale and commercial
photovoltaic solar projects with overall generating capacity of 147
The board is 38% diverse based on gender, ethnicity, race, and sexual
- The board is 92% independent with an independent chairperson.
Since 2016, the board has appointed six new directors, each with
unique skills and backgrounds. This provides the board with additional
diverse points of view when making decisions.
Became a Ceres Company Network Member. Through this partnership,
Regions will leverage Ceres’ in-house expertise and relationship with
shareholders and other stakeholders to gain insights into ESG best
practices, shareholder expectations and other ESG-related guidance.
Adopted a Vendor Code of Conduct, which reiterates the expectation
that vendors adhere to all applicable provisions of our Code of
Business Conduct and Ethics. The Vendor Code of Conduct also sets
forth expectations for working conditions, human rights, ethical
business practices, and environmental conservation.
Released a Human Rights Statement, honoring and affirming that
protections for human rights are embodied in Regions’ values and
The 2018 Environmental, Social, and Governance Report is available on
the Regions website at
the following link. The report covers the period of January 1
through December 31, 2018, unless otherwise noted. Regions uses the
Global Reporting Initiative (GRI) framework to provide transparent and
comparable disclosure of the company’s economic, environmental, and
social impacts. The Report should be read in conjunction with Regions’
2018 Annual Report on Form 10-K, 2018 Annual Review, 2019 Proxy
Statement and 2018 Community Engagement Highlights, all of which contain
additional information about Regions and can be found online at ir.regions.com.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $129 billion in assets, is
a member of the S&P 500 Index and is one of the nation’s largest
full-service providers of consumer and commercial banking, wealth
management, and mortgage products and services. Regions serves customers
across the South, Midwest, and Texas, and through its subsidiary,
Regions Bank, operates approximately 1,500 banking offices and 2,000
ATMs. Additional information about Regions and its full line of products
and services can be found at www.regions.com.
(1)Parental leave plan and 401(k) Plan changes went
into effect January 1, 2019.
contributed $40 million to the Regions Foundation in 2017 and $60
million in 2018.
Greenhouse gas emissions goal is for Scope 1 and 2 emissions.
(4)Corporate Governance metrics are as of April 24, 2019, following
the 2019 Annual Meeting.