State Street Archives - SustainCase - Sustainability Magazine Insights on how you can protect the environment, maintain and increase the value of your company, through a structured CSR/Sustainability process with the use of the GRI Standards. Learn how Today's Best-Run Companies are achieving Economic, Social, and Environmental Success - and How You Can Too... Fri, 03 Mar 2023 09:50:34 +0000 en-US hourly 1 https://wordpress.org/?v=7.1.1 Case study: How State Street promotes sustainability across its supply chain https://sustaincase.com/case-study-how-state-street-promotes-sustainability-across-its-supply-chain/ Fri, 04 Jun 2021 06:15:34 +0000 https://ccprowebs.com/new-sustaincase.com/?p=12638 State Street is a leading global provider of financial services to institutional investors, including investment servicing and investment management, operating in more than 100 geographic markets worldwide. State Street’s commitment to responsible governance extends to its relationships with the providers of products and services that State Street uses in its business – 4,700 suppliers worldwide. This case study is based on the 2019 Corporate Responsibility Report by State Street published on the Global Reporting Initiative Sustainability Disclosure Database that can be found at this link. Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability reporting done responsibly means. […]

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]]> State Street is a leading global provider of financial services to institutional investors, including investment servicing and investment management, operating in more than 100 geographic markets worldwide. State Street’s commitment to responsible governance extends to its relationships with the providers of products and services that State Street uses in its business – 4,700 suppliers worldwide.

This case study is based on the 2019 Corporate Responsibility Report by State Street published on the Global Reporting Initiative Sustainability Disclosure Database that can be found at this link. Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and society, and b) measuring, managing and changing.

Abstract

Despite the fact that risks within its supply chain, such as human rights violations, are not directly material to State Street’s business model, State Street screens its suppliers to make sure their practices are consistent with its values and expectations.  Tweet This! In order to promote sustainability across its supply chain State Street took action to:

  • integrate diversity into its supply chain
  • monitor human rights risks
  • screen suppliers

What are the material issues the company has identified?

In its 2019 Corporate Responsibility Report State Street identified a range of material issues, such as climate change, ESG products and services, talent recruitment and retention, operational and cyber resilience. Among these, promoting sustainability across its supply chain stands out as a key material issue for State Street.

Stakeholder engagement in accordance with the GRI Standards

The Global Reporting Initiative (GRI) defines the Principle of Stakeholder Inclusiveness when identifying material issues (or a company’s most important impacts) as follows:

“The reporting organization shall identify its stakeholders, and explain how it has responded to their reasonable expectations and interests.”

Stakeholders must be consulted in the process of identifying a company’s most important impacts and their reasonable expectations and interests must be taken into account. This is an important cornerstone for CSR / sustainability reporting done responsibly.

Key stakeholder groups State Street engages with:

Stakeholder Group
Shareholders
Clients
Employees
Academics
NGOs
Investment analysts
Business partners

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics State Street implemented an employee survey and also interviewed, through a third-party sustainability consulting firm, five external stakeholders.

What actions were taken by State Street to promote sustainability across its supply chain?

In its 2019 Corporate Responsibility Report State Street reports that it took the following actions for promoting sustainability across its supply chain:

  • Integrating diversity into State Street’s supply chain
  • State Street’s Global Procurement team purchased goods and services from 4,700 suppliers in 2019. This reach positions State Street to make an impact on diverse suppliers, which State Street defines as organisations that are at least 51 percent owned and controlled by an individual or group that falls within diverse business categories, including women-owned, minority-owned, veteran-owned, disability-owned or LGBTQ-owned (lesbian, gay, bisexual, and transgender). The supplier diversity programme helped State Street allot 7.2 percent of its annual US supplier spend to diversity-owned suppliers and 3.6 percent to women-owned businesses in 2019. State Street also continued its membership in the Boston Chamber of Commerce Pacesetters programme, which leverages the collective purchasing power of its members to scale opportunities for local, ethnic minority–owned businesses, and joined the board of directors for the Northeast Minority Council, an organisation that works to promote minority-owned businesses.
  • Monitoring human rights risks
  • As a company that procures goods and services from across the globe, State Street is diligent in its efforts to ensure that human rights risks are being monitored in its supply chain. State Street supports fundamental human rights principles as outlined in the United Nations (UN) Universal Declaration of Human Rights and is signatory to the UN Global Compact and supports the principles related to human rights abuses and forced labour. As part of its supplier compliance programme, State Street makes sure that its global procurement due diligence processes are in accordance with the United Kingdom Modern Slavery Act and any other laws, rules or regulations prohibiting human trafficking and/or slavery. This regulation requires that potential suppliers are asked to attest to whether they have a policy in place prohibiting child and/or forced labour, whether their policy extends to their own suppliers and subcontractors, and to provide tangible proof of the policy. State Street’s standard supplier agreement asks suppliers to provide information about their human rights policies as well as an annual slavery and human trafficking report, setting out the steps they have taken to ensure that slavery and/or human trafficking is not occurring in their supply chains or any part of their business. A supplier must notify State Street immediately if it becomes aware or has reason to believe that it, or any of its officers, employees, agents or subcontractors have breached or potentially breached any of State Street’s Service Provider’s obligations under this agreement.
  • Screening suppliers
  • To consistently screen its suppliers against their ESG (environmental, social, and governance) practices, State Street’s Master Services Agreement requires suppliers to answer questions related to environmental sustainability, human rights, fair labour practices, ethical sourcing practices, and other ESG-related issues. A mandatory Third-Party Risk Management (TPRM) and Anti-Bribery and Corruption Screening (ABAC) for purchasing are also critical screenings within State Street’s global sourcing process. Additionally, State Street’s Environmental Preferable Purchasing Programme (EPPP) provides guidance on prioritising vendors and choosing products and services that reduce State Street’s environmental footprint and tracks progress against environmental sustainability purchasing objectives.

Which GRI Standards and corresponding Sustainable Development Goals (SDGs) have been addressed?

The GRI Standards addressed in this case are:

1) Disclosure 308-1 New suppliers that were screened using environmental criteria

2) Disclosure 414-1 New suppliers that were screened using social criteria

 

Disclosure 308-1 New suppliers that were screened using environmental criteria does not correspond to any SDG.

Disclosure 414-1 New suppliers that were screened using social criteria corresponds to:

 

78% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.

7 GRI sustainability disclosures get you started

Any size business can start taking sustainability action

GRI, ISEP, CPD Certified Sustainability courses (2-5 days): Live Online or Classroom  (venue: London School of Economics)

  • Exclusive FBRH template to begin reporting from day one
  • Identify your most important impacts on the Environment, Economy and People
  • Formulate in group exercises your plan for action. Begin taking solid, focused, all-round sustainability action ASAP. 
  • Benchmarking methodology to set you on a path of continuous improvement

See upcoming training dates.
References:

1) This case study is based on published information by State Street, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original, please revert to the original on the Global Reporting Initiative’s Sustainability Disclosure Database at the link:

http://database.globalreporting.org/

2) https://www.globalreporting.org/standards/gri-standards-download-center/

Note to State Street: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

The post Case study: How State Street promotes sustainability across its supply chain appeared first on SustainCase - Sustainability Magazine.

]]> Case study: How State Street promotes a healthy work-life balance for its employees https://sustaincase.com/case-study-how-state-street-promotes-a-healthy-work-life-balance-for-its-employees/ Fri, 19 Mar 2021 07:10:20 +0000 https://ccprowebs.com/new-sustaincase.com/?p=12331 State Street is one of the world’s largest providers of financial services to institutional investors, with operations in more than 100 geographic markets worldwide including the US, Canada, Australia, Europe, the Middle East and Asia. The human capital aspect of its business, including how it engages with and supports its employees, is material to State Street’s long-term success. Accordingly, This case study is based on the 2019 Corporate Responsibility Report by State Street published on the Global Reporting Initiative Sustainability Disclosure Database that can be found at this link. Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability […]

The post Case study: How State Street promotes a healthy work-life balance for its employees appeared first on SustainCase - Sustainability Magazine.

]]> State Street is one of the world’s largest providers of financial services to institutional investors, with operations in more than 100 geographic markets worldwide including the US, Canada, Australia, Europe, the Middle East and Asia. The human capital aspect of its business, including how it engages with and supports its employees, is material to State Street’s long-term success. Accordingly, State Street offers a host of resources and services to support its employees in maintaining a healthy work-life balance.  Tweet This!

This case study is based on the 2019 Corporate Responsibility Report by State Street published on the Global Reporting Initiative Sustainability Disclosure Database that can be found at this link. Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and society, and b) measuring, managing and changing.

Abstract

To make sure that it attracts and develops the industry’s top performers, State Street is dedicated to providing the tools and resources they need to do their best work every day, including comprehensive and flexible benefit programmes. In order to promote a healthy work-life balance for its employees State Street took action to:

  • implement a flexible work programme
  • apply the BeWell Programme
  • provide parental and caretaker support
  • offer benefits

What are the material issues the company has identified?

In its 2019 Corporate Responsibility Report State Street identified a range of material issues, such as climate change, ESG products and services, operational and cyber resilience, inclusion and diversity. Among these, promoting a healthy work-life balance for its employees stands out as a key material issue for State Street.

Stakeholder engagement in accordance with the GRI Standards                        

The Global Reporting Initiative (GRI) defines the Principle of Stakeholder Inclusiveness when identifying material issues (or a company’s most important impacts) as follows:

“The reporting organization shall identify its stakeholders, and explain how it has responded to their reasonable expectations and interests.”

Stakeholders must be consulted in the process of identifying a company’s most important impacts and their reasonable expectations and interests must be taken into account. This is an important cornerstone for CSR / sustainability reporting done responsibly.

Key stakeholder groups State Street engages with:

Stakeholder Group
Shareholders
Clients
Employees
Academics
NGOs
Investment analysts
Business partners

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics State Street interviewed five external stakeholders and also engaged employees through a survey, distributed by State Street’s CR team.

What actions were taken by State Street to promote a healthy work-life balance for its employees?

In its 2019 Corporate Responsibility Report State Street reports that it took the following actions for promoting a healthy work-life balance for its employees:

  • Implementing a flexible work programme
  • Flexible work options help State Street’s employees manage the demands of their personal and professional lives. State Street found that offering employees greater flexibility in their work hours and location increases their productivity and engagement, decreases missed days and turnover, fosters trust and loyalty, maximises State Street’s workspaces, improves retention, and makes for a happier and healthier workforce, all of which result in significant savings for the company. State Street’s employees have a choice of five formal flex work options: flex place (remote working), flex time, compressed schedules, reduced schedules or job-sharing.
  • Applying the BeWell Programme
  • State Street’s global BeWell Programme gives its employees the tools and resources they need to manage their physical, emotional and financial wellness. State Street offers several programmes that fall under these three pillars and while the BeWell benefits vary from country to country, they may include online wellness portals, employee assistance programmes, financial planning seminars, tuition assistance, fitness reimbursements, discounts for personal expenses and group discount opportunities. State Street also incentivises employees with the potential to earn additional paid days off for participating in BeWell programming, such as healthy habit challenges.
  • Providing parental and caretaker support
  • State Street seeks to be there for its employees during all of life’s important events, and make sure they have the flexibility, time and ability to care for their loved ones and themselves when it matters most. That’s why State Street provides child, elder and personal care programmes, referrals and resources, as well as emergency back-up daycare for employees. Employees in the United States are eligible for State Street’s extended paid parental leave (up to eight weeks) and paid family caregiver leave (up to four weeks) from the first day of their employment and benefit from additional policies, including paid adoption and surrogacy leave, as well as adoption and fertility assistance. State Street employees across the globe also enjoy parental leave benefits. Employees in the UK may be eligible for up to 52 weeks of both paid maternity leave and paid adoption leave immediately upon hire. Any associated payment, statutory and company, is dependent upon a number of different factors. Employees in India who have worked at least 80 days are eligible for up to 12 weeks of adoption leave and 26 weeks of maternity leave. Employees in Australia who have completed at least six months of continuous service are eligible for up to 52 weeks of parental leave.
  • Offering benefits
  • State Street’s full-time employees are eligible for a range of benefits, including programmes that cover spouses/domestic partners, adult dependents and children; comprehensive medical plan options; dental and vision care; flexible spending accounts for health care, dependent care and transportation needs; employee and family life insurance; Legal Assistance Plan; Employee Assistance Programme (EAP); Salary Savings Programme with 401(k) pre-tax and post-tax; as well as Roth options and a competitive company match. The EAP is a global service to support the mental health and well-being of State Street employees. State Street’s EAP, offered through Optum, is available 24/7. The service is a free and confidential programme for employees and their family members. The EAP can help employees deal with personal challenges that could affect their health, relationships or job effectiveness.

Which GRI Standards and corresponding Sustainable Development Goals (SDGs) have been addressed?

The GRI Standards addressed in this case are:

1) Disclosure 401-2 Benefits provided to full-time employees that are not provided to temporary or part-time employees

2) Disclosure 401-3 Parental leave

 

Disclosure 401-2 Benefits provided to full-time employees that are not provided to temporary or part-time employees corresponds to:

Disclosure 401-3 Parental leave corresponds to:

 

78% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.

7 GRI sustainability disclosures get you started

Any size business can start taking sustainability action

GRI, ISEP, CPD Certified Sustainability courses (2-5 days): Live Online or Classroom  (venue: London School of Economics)

  • Exclusive FBRH template to begin reporting from day one
  • Identify your most important impacts on the Environment, Economy and People
  • Formulate in group exercises your plan for action. Begin taking solid, focused, all-round sustainability action ASAP. 
  • Benchmarking methodology to set you on a path of continuous improvement

See upcoming training dates.
References:

1) This case study is based on published information by State Street, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original, please revert to the original on the Global Reporting Initiative’s Sustainability Disclosure Database at the link:

http://database.globalreporting.org/

2) https://www.globalreporting.org/standards/gri-standards-download-center/

Note to State Street: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

The post Case study: How State Street promotes a healthy work-life balance for its employees appeared first on SustainCase - Sustainability Magazine.

]]> Case study: How State Street promotes client data protection and privacy https://sustaincase.com/case-study-how-state-street-ensures-client-data-protection-and-privacy/ Mon, 16 Apr 2018 06:00:05 +0000 https://ccprowebs.com/new-sustaincase.com/?p=6234 As a global leader in asset management, and as the second oldest financial institution in the United States, with over 30,000 employees and offices in 30 countries around the globe, , through a range of information security and customer privacy programs and tools. This case study is based on the 2016 Corporate Responsibility Report by State Street published on the Global Reporting Initiative Sustainability Disclosure Database that can be found at this link. Through all case studies we aim to demonstrate what CSR/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy […]

The post Case study: How State Street promotes client data protection and privacy appeared first on SustainCase - Sustainability Magazine.

]]>

As a global leader in asset management, and as the second oldest financial institution in the United States, with over 30,000 employees and offices in 30 countries around the globe, State Street is committed to protecting and properly handling sensitive client information  Tweet This!, through a range of information security and customer privacy programs and tools.

This case study is based on the 2016 Corporate Responsibility Report by State Street published on the Global Reporting Initiative Sustainability Disclosure Database that can be found at this link. Through all case studies we aim to demonstrate what CSR/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and society, and b) measuring, managing and changing.

Abstract

Layout 1

Abstract

Building trust and confidence with clients, not leasτ by making sure client data is handled responsibly over its entire life cycle, is a top priority for State Street. In order to promote client data protection and privacy State Street took action to:

  • use a software data classification tool
  • implement a Data Loss Protection Program
  • employ endpoint protection software

What are the material issues the company has identified?

In its 2016 Corporate Responsibility Report State Street identified a range of material issues, such as compliance and business ethics, talent recruitment, development and retention, client satisfaction, wealth and income creation in society, ESG products and services, fair competition, local job creation, responsible sourcing. Among these, promoting client data protection and privacy stands out as a key material issue for State Street.

Stakeholder engagement in accordance with the GRI Standards

The Global Reporting Initiative (GRI) defines the Principle of Stakeholder Inclusiveness when identifying material issues (or a company’s most important impacts) as follows:

“The organization should identify its stakeholders, and explain how it has responded to their reasonable expectations.”

Stakeholders must be consulted in the process s of identifying a company’s most important impacts and their reasonable expectations and interests must be taken into account. This is an important cornerstone for CSR / sustainability reporting done responsibly.

Key stakeholder groups State Street engages with:   

Stakeholder Group
Shareholders
Clients
Employees
Academics
NGOs
Investment analysts
Business partners

How stakeholder engagement was made to identify material issues

To identify and prioritize material topics State Street conducted an online survey among employees, clients, investors, suppliers, NGOs and academics. The survey was supplemented with in-person and online workshops for employees and follow-up interviews with external stakeholders.

What actions were taken by State Street to promote client data protection and privacy?

In its 2016 Corporate Responsibility Report State Street reports that it took the following actions for promoting client data protection and privacy:

  • Using a software data classification tool
  • As accurate data classification is highly important for State Street, a software tool that helps classify information assets is deployed. The tool requires that emails and most common user-created documents fall into one of the following classifications: Highly Confidential, Personal Sensitive Data, Confidential, Limited Access, Company Internal or General. All information has to be properly labeled, distributed, stored and disposed of on the basis of this classification.
  • Implementing a Data Loss Protection Program
  • To monitor and prevent data leakage, State Street implements a Data Loss Protection Program. The Data Loss Protection Program includes tools that prevent endpoint data loss, web proxy controls, file transfer protocol (FTP) monitoring and internet usage monitoring. In addition, State Street has developed a corporate Data Loss Protection strategy. This strategy will help standardize and streamline such programs across the company.
  • Employing endpoint protection software
  • To promote threat detection, as well as analysis of activities on endpoint devices (e.g. laptops, desktops, virtual desktops), State Street applies endpoint protection software. Additionally, through a Shadow IT identification program, State Street is able to detect and analyze data communicated to external sites, so as to further control unauthorized activity and data exfiltration.

Which GRI indicators/Standards have been addressed?

The GRI indicator addressed in this case is: G4-PR8: Total number of substantiated complaints regarding breaches of customer privacy and losses of customer data and the updated GRI Standard is: Disclosure 418-1 Substantiated complaints concerning breaches of customer privacy and losses of customer data

 

78% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.

7 GRI sustainability disclosures get you started

Any size business can start taking sustainability action

GRI, ISEP, CPD Certified Sustainability courses (2-5 days): Live Online or Classroom  (venue: London School of Economics)

  • Exclusive FBRH template to begin reporting from day one
  • Identify your most important impacts on the Environment, Economy and People
  • Formulate in group exercises your plan for action. Begin taking solid, focused, all-round sustainability action ASAP. 
  • Benchmarking methodology to set you on a path of continuous improvement

See upcoming training dates.

 

References:

1) This case study is based on published information by State Street, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original, please revert to the original on the Global Reporting Initiative’s Sustainability Disclosure Database at the link:

http://database.globalreporting.org/

2) http://www.fbrh.co.uk/en/global-reporting-initiative-gri-g4-guidelines-download-page

3) https://g4.globalreporting.org/Pages/default.aspx

4) https://www.globalreporting.org/standards/gri-standards-download-center/

Note to  State Street: With each case study we send out an email requesting a comment on this case study. If you have not received such an email please contact us.

The post Case study: How State Street promotes client data protection and privacy appeared first on SustainCase - Sustainability Magazine.

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