Report details SVB's work to contribute to a more just and sustainable world
SANTA CLARA, Calif., Aug. 18, 2022 /PRNewswire/ -- SVB, the financial partner of the innovation economy and parent of Silicon Valley Bank, today released its 2022 Environmental, Social and Governance (ESG) Report. The report details the company's commitments and strategies to help create a more just, equitable and sustainable world and reports on its programs and progress made throughout 2021.
"As the financial partner of the innovation economy, we support visionary companies and investors boldly addressing the biggest challenges of our time," said Greg Becker, president and CEO of SVB. "Our long history of serving this sector has enabled us to seize opportunities to build a better world, and this report highlights our efforts, progress and commitment to transparency and accountability."
SVB's ESG program centers on the positive impact its innovative clients make and is built around six strategic initiatives designed to support long-term sustainability for the company:
- Engaging and empowering employees,
- Building a culture of diversity, equity and inclusion at SVB,
- Championing inclusion in the innovation economy,
- Supporting its communities,
- Advancing the transition to a sustainable, low-carbon world, and
- Practicing responsible corporate governance.
Among the many ESG initiatives included in the report, highlights from 2021 are included below:
- $11.2 Billion Community Benefits Plan: SVB announced its $11.2 billion Community Benefits Plan that builds on the company's long-standing commitment to support small businesses, finance affordable housing, reinvest in low- and moderate-income (LMI) communities in Massachusetts and California, and support charitable causes via philanthropy and volunteering. The plan will be executed over a five-year period from January 2022 through December 2026, and includes several commitments:
- $5 Billion Sustainable Finance Commitment: SVB announced its commitment to provide at least $5 billion by 2027 in loans, investments and other financing to support clients' sustainability businesses; and the company has set a goal to achieve carbon-neutral operations by 2025. SVB's Sustainable Finance Commitment aims to support companies that are working to decarbonize the energy and infrastructure industries and hasten the transition to a sustainable, low-carbon, net-zero emissions economy.
- Building an Inclusive Workplace: SVB continued to build a workplace where all employees are connected, celebrated and supported. Among its major advancements, the company implemented a diverse candidate slate mandate for U.S. senior leadership roles to ensure hiring managers are interviewing and selecting from a diverse range of candidates; SVB launched an Inclusion Index survey to understand employees' experience to further strengthen its culture of inclusion; and the company introduced its first six Employee Resource Groups (ERGs) representing Asian, Black/African American, Hispanic/Latinx, LGBTQ+, veteran and military, and women employees.
SVB introduced measurable diversity goals for its senior leadership positions to strengthen hiring and talent development initiatives meant to create paths to professional advancement, especially for women, Black/African American and Hispanic/Latinx individuals. In 2022, SVB completed an employee assessment conducted by a third-party to advance its DEI mission, framework and strategy. SVB also publicly disclosed its 2020 EEO-1 and 2021 EEO-1 workforce demographics to promote transparency.
- Expanding Access to Innovation: Access to Innovation is SVB's signature program designed to advance inclusion and opportunity in the innovation economy, particularly for women, Black/African American and Hispanic/Latinx individuals. In 2021, SVB continued to expand the program, harnessing its resources, experience and connections to address key barriers that prevent underrepresented groups from succeeding in the innovation sector. SVB aims to reach 10,000 individuals annually with access to information, education and career opportunities.
- CRA Outstanding Rating: SVB earned an "Outstanding" rating from the Federal Reserve Bank for its 2018-2020 Community Reinvestment Act (CRA) strategic plan.
- $18 Million in Charitable Giving: SVB donated $18 million to charitable causes in 2021, surpassing the company's annual Pledge 1% goal. Through the Pledge 1% corporate philanthropy pledge, SVB aspires to donate at least one percent of its net income to charitable causes annually.
"Using our resources and influence to help build strong communities and contribute to economic, social and environmental progress has always been core to our business," said Craig Robinson, Head of Corporate Social Responsibility. "We are proud of the progress we have made in recent years and our annual reporting will hold us accountable to continue to learn and improve."
SVB reports its ESG data using several disclosure frameworks, including the Sustainability Accounting Standards Board (SASB) Commercial Bank Sector Standard and the World Economic Forum's Stakeholder Capitalism Metrics (WEF), in addition to separately responding to the Financial Stability Board's Task Force on Climate-Related Financial Disclosures (TCFD) and CDP. The environmental data in the report has been verified by Lloyd's Register Quality Assurance (LRQA).
To learn more about SVB's ESG work, visit svb.com/about-us/living-our-values.
SVB is the financial partner of the innovation economy, helping individuals, investors and the world's most innovative companies achieve their ambitious goals. SVB's businesses - Silicon Valley Bank, SVB Capital, SVB Private and SVB Securities - together offer the services that dynamic and fast-growing clients require as they grow, including commercial banking, venture investing, wealth planning and investment banking. Headquartered in Santa Clara, California, SVB operates in centers of innovation around the world. Learn more at svb.com/global. [SIVB-C]
SVB Financial Group (SVB) (Nasdaq: SIVB) is the holding company for all business units and groups. © 2022 SVB Financial Group. All rights reserved. SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, SVB SECURITIES, SVB PRIVATE, SVB CAPITAL and the chevron device are trademarks of SVB Financial Group, used under license. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is the California bank subsidiary of SVB Financial Group.
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