Participants in the ESG Communications session at the NIRI 2024 Annual Conference included (left to right) Samantha D’Amore, Chris Benjamin, David Calusdian, Justin Danhof and Aaron Bertinetti.
a $4 trillion-per-year opportunity for financial institutions. We want to be number one in that market, so we are committed to being as green as possible. As a bank with more than 80 million customers we want to invest in their communities to improve their livelihoods. Te stickiest customer you will ever find is one where you uplift their financial well-being and they can then buy more products and services from your bank.” On the diversity, equity and inclusion (DEI) front, Bertinetti
noted that more than half of his company’s nearly 300,000 em- ployees are non-white. “Te idea that we wouldn’t use every tool available to us to attract and retain the best talent from around the world is not something that would be in our shareholders’ best interests,” he said. “Regarding governance, we are the largest bank in the world,
and we take that responsibility very seriously. We talk a lot about our ‘fortress balance sheet’ and risk management around regula- tory issues, the rates environment, cybersecurity, climate change and geopolitics. We are also facing the most important decision for our firm in the next few years, which is selecting a new CEO. We’re always connecting back to value, not to values, and that’s how we make decisions.” Benjamin spoke about how central clean energy is to the mission of PG&E and other aspects of ESG. “As the largest utility in California, a state which has a goal to be carbon neutral by 2045, we have a singular focus on helping to decarbonize our energy system and adapt it to changing climate conditions. It is central to our purpose and business strategy. “But it’s not just the ‘E.’ We subscribe to the triple bottom
line: people, planet and prosperity. Tose are the three legs of the ESG stool. Our workforce and the principles of diversity, equity,
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inclusion, and belonging, run very deep and have been a focus of ours for many decades. “It really ties to our culture that we are trying to continue to develop and improve as a company. We have enhanced our focus around environmental issues, social justice, improving engagement and the way we serve all our customers, including those from more disadvantaged and vulnerable communities. So I think the ‘S’ is critical. “When I think of the ‘G,’ I think about board governance and
the extent to which these issues are explicitly spelled out in the board charter, and having people within the company with spe- cific roles, such as an environmental and social justice manager or a tribal liaison. “Our stakeholders expect continuous improvement—not
just disclosure—so our performance must meet increasing expectations.”
“Value” Versus “Values” Calusdian asked the investor panelists to talk about “value” versus “values” in making investment decisions. D’Amore explained that Trillium “is looking to find companies
with strong growth prospects that are attractively priced and meet our sustainability requirements. Our analysts and portfo- lio managers conduct bottom-up, fundamental research on the companies, simultaneously reviewing both traditional financial and sustainability metrics that we believe can add value to each strategies’ investment process. Ten we work collaboratively with companies to press for what our clients perceive as positive change. “We have a very clearly defined set of investment opportuni- ties. So from a fiduciary perspective, we have a clear responsibil-
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