Comerica’s dedication to social and environmental issues pays off

06 August 2019
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Comerica Incorporated has released its 2018 corporate responsibility report which shows progress made in areas including reducing environmental impact and advancing diversity and inclusion.

The US financial services firm, headquartered in Dallas, Texas, published its Comerica Corporate Responsibility Report which focuses on the company’s environment, social and governance (ESG) performance.

It contains detailed information about Comerica’s impact topics which are important to the firm and its stakeholders. The current assessment of stakeholder priorities was supported through advanced data analytics and artificial intelligence (AI) as well as through traditional individual interviews and surveys.

Curtis C. Farmer, Comerica president and CEO, said: “Corporate responsibility is a fundamental part of Comerica’s culture. Our Corporate Responsibility Report provides insights on how we support a successful business climate, the environment and our communities, all of which combined put us on a path towards a thriving future.”

The firm has met its 2020 goals for GHG emissions and reduction in waste destined for landfill and remains on target to meet its remaining 2020 goals around water and paper use reductions.

Last year it supported $772 million in loans and commitments to environmentally beneficial companies and projects. This includes financing projects like California’s Mary Pickford Theater solar and energy storage project, one of the premier privately-owned building energy storage operations in the United States and Detroit’s International Brotherhood of Electrical Workers Local 58 net zero energy building renovation.

40 percent of Comerica colleagues represent racial or ethnic minorities and 66 percent of the workforce are women. The company has also seen a 54 percent rise in the number of colleagues who are military veterans in the last five years.

The report highlights how the company supports programs to advance women in technology and brings talent development to diverse youth. It also celebrates diversity awareness and appreciation with local diversity and employee resource network groups.
Comerica also prides itself on recognising the importance of protecting privacy and customer information, at a time when technologies are advancing at an increasing pace and works to fight exploitation.

Scott Beckerman, senior vice president and director of corporate sustainability, said: “Our report goes far beyond the basic metrics on our Impact Topics and delves into the real-life stories that demonstrate how Comerica helps people and businesses thrive.

“We also relate our progress to the United Nations 17 Sustainable Development Goals (SDGs) and support investor ESG interest by publishing extensive metrics, a GRI standards index and, for the first time, a Sustainability Accounting Standards Board (SASB) index.”