In a shift toward more transparent and comprehensive non-financial reporting, beginning for the 2019 reporting year, Wells Fargo (NYSE: WFC) is moving from a single, annual Corporate Responsibility Report to a suite of disclosures that more completely address Wells Fargo’s approach to ESG risks and opportunities, and performance on ESG measures. The company believes this enhanced transparency will help inform stakeholders and accelerate progress toward ESG-related goals.
Three documents are at the core of the company’s new disclosure strategy.
- Wells Fargo’s ESG Report outlines the company’s positions and strategies on approximately 90 ESG-related topics (published August 2020, updated at least annually).
- Wells Fargo’s ESG Goals and Performance Data provides three-year ESG data trends (published August 2020, updated annually).
- A Corporate Responsibility Highlights Report provides a high-level recap of progress made on ESG issues during the reporting year, condensed for customers and interested stakeholders (published April 2020, issued annually).
In the last year, Wells Fargo made strong progress in the areas of operational sustainability and financial education.
- Achieved carbon neutrality, and made progress toward transitioning from renewable energy certificates to long-term contracts that fund net-new sources of renewable energy.
- 3.8 million people participated in the Hands on Banking® financial education program, compared to 2.8 million in 2018.
- Provided free access to FICO® scores to 9.2 million customers, compared to 4 million the previous year.
- Enhanced our climate-related disclosures, providing detail around our positions, commitments and approach to managing climate risk in our products and services, operations, and community partnerships.
Wells Fargo’s reporting is also meant to drive accountability in areas where the company needs to improve. For example, in expanding workforce disclosures this year to include EEO‑1 percentage data, it became clear to leadership that the company can and must do better on diversity measures and supporting a consistently inclusive work environment. CEO Charlie Scharf has already detailed the first steps in a sustained journey to drive change within Wells Fargo.
- A new role has been created that will report directly to the CEO, with broad mandate to drive diversity and inclusion in both our workplace and our business.
- Operating Committee members’ performance in improving diverse representation and inclusion in their areas of responsibility will have a direct impact on year-end compensation decisions.
- Significant expansion of diversity, equity, and inclusion training opportunities and requirements.
As the company is publishing these disclosures, COVID-19 continues to challenge businesses, people and governments around the world. At Wells Fargo, safety is our top priority. We have taken — and will continue to take — actions to support our employees, customers, and communities during this extremely difficult time. Detailed information on how we are supporting our stakeholders can be found at wellsfargo.com/coronavirus.
Wells Fargo’s approach to the effective management of ESG matters rests on a commitment to rebuilding trust and making positive contributions to society that respects people and communities. Through these disclosures, Wells Fargo demonstrates the many ways ESG considerations are integrated throughout its products and services, operations and culture, and community engagement.
About Wells Fargo:
Wells Fargo & Company (NYSE: WFC) is a diversified, community-based financial services company with $1.97 trillion in assets. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, investment and mortgage products and services, as well as consumer and commercial finance, through 7,300 locations, more than 13,000 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 31 countries and territories to support customers who conduct business in the global economy. With approximately 266,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2020 rankings of America’s largest corporations. News, insights and perspectives from Wells Fargo are also available at Wells Fargo Stories. Additional information may be found at www.wellsfargo.com | Twitter: @WellsFargo.
E.J. Bernacki, 415-840-4469