Popular Formalizes Its ESG Priorities and Furthers Sustainable Investment
Firm in its commitment to its customers, employees, communities, and shareholders, and mindful of its responsibility as Puerto Rico's leading banking institution, Popular announced through its second annual sustainability report, the evolution of its community efforts toward a corporate sustainability vision that considers the corporation's environmental, social, and governance (ESG) impact.
By formalizing its ESG priorities, Popular joins thousands of companies worldwide that are increasing their levels of transparency around their socio-environmental impacts and setting goals for responsible and sustainable growth. Popular's second annual corporate sustainability report, which is released as a complement to the annual report and proxy, summarizes the company's efforts during 2020 with highlights from the first half of 2021.
"Looking ahead, meaningful change will only emerge if the private sector works collaboratively with the public and nonprofit sectors to address these challenges in the same systematic way it manages its business. I believe there is an opportunity for Popular and others to lead constructive dialogues and develop innovative solutions for everyone’s benefit," commented Ignacio Alvarez, President and Chief Executive Officer of Popular, Inc.
As part of Popular's sustainability vision, the report highlights Community, Environment, and People (employees) as essential areas to continue investing responsibly. The report highlights the importance of improving employees' and customers' social and economic well-being and opening the way for the acceleration of entrepreneurship, the use of technology as a means of expanding access to financial services, and for young people to be able to obtain more and better opportunities using education as a foundation.
In addition, the company works with a dual approach to the environment. For several years, it has reduced the environmental impact of its daily operations through eco-friendly branches and other projects such as solar panels and water use, among other initiatives. Additionally, Popular is currently creating a plan to offer products and services that consider the environment, such as loans to finance solar panels, and has incorporated a “green” consideration in the credit analysis process.
Popular is committed to being a great place to work and focuses on fostering a culture that promotes performance excellence and where diversity, equity, and inclusion (DEI) is valued. Popular also supports social commitment and promotes and invests in the well-being and development of its employees following the guidelines provided by the Global Reporting Initiative to retain and attract the best talent.
Similarly, the company unveiled the most important objectives they will be focused on this year. The three principal objectives are the education of Commercial Banking Relationship Officers on the value and importance of ESG due diligence, establishing an Environmental and Social Risk Management Framework (ESRM) and creating specific goals, to track progress, and communicate results regularly to be transparent on all ESG priorities.
For Popular, investing and conducting its operations responsibly represents a step in the right direction. For more information and to view Popular's ESG report, please access the following link: https://www.popular.com/en/corporate-sustainability/
Popular, Inc. (NASDAQ: BPOP) is the leading banking institution in terms of deposits and assets in Puerto Rico and is among the top 50 bank holding companies by assets. Founded in 1893, Banco Popular de Puerto Rico, Popular's principal subsidiary, provides personal banking, mortgage, and commercial banking services in Puerto Rico and the U.S. Virgin Islands. Popular also offers auto and equipment financing, investment, and insurance services in Puerto Rico through specialized subsidiaries. In the United States, Popular provides individual banking, mortgage, and commercial banking services through its New York banking subsidiary, Popular Bank, which has branches located in New York, New Jersey, and Florida.
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