A Strong Foundation: Regions Bank Releases Two Major ESG Disclosures
Progress on environmental, social and governance initiatives detailed in 2021 Annual Review & ESG Report and Regions’ latest Task Force on Climate-related Financial Disclosures Report.
BIRMINGHAM, Ala.–(BUSINESS WIRE)–#ESG—Regions Financial Corp. (NYSE:RF) on Thursday announced the release of its 2021 Annual Review & ESG Report and 2021 Task Force on Climate-related Financial Disclosures (TCFD) Report. The two disclosures are designed to collectively provide Regions’ stakeholders a comprehensive overview of the company’s financial performance, along with its service to customers, commitment to employee well-being, support of communities where Regions does business, adherence to strong governance principles and progress around ongoing environmental sustainability efforts.
“The 2021 Annual Review & ESG Report and 2021 TCFD Report reflect key milestones as we fulfill Regions’ mission to make life better for our customers, associates, communities and shareholders,” said John Turner, President and CEO of Regions Financial Corp. “We’re proud to share our progress and our ongoing priorities in key areas of customer and community support, prudent and effective governance and environmental sustainability. Further, these reports illustrate key elements of our strong corporate culture, including sound risk management; fostering greater diversity, equity and inclusion; supporting associate well-being; advancing learning and development and prioritizing business ethics.”
The 2021 Annual Review & ESG Report, titled “A Strong Foundation,” combines details about the bank’s financial and ESG performance in one document. This latest version also includes Regions’ Sustainability Accounting Standards Board (SASB) disclosure, 2021 Global Reporting Initiative (GRI) Index and 2021 Workforce Demographics (EEO-1) Index. Previously, these disclosures were released separately; with the consolidation of these disclosures, along with the latest TCFD release, the majority of Regions’ ESG disclosures are being issued simultaneously.
Highlights from the 2021 Annual Review & ESG Report include:
- Business: The report provides an overview of Regions’ solid performance in 2021, including the acquisitions of EnerBank, Sabal Capital Partners, LLC, and Clearsight Advisors, Inc., as well as Regions’ focus on making banking easier through investments in technology and digital capabilities.
- Governance: Regions’ values-based governance strives to ensure its business is conducted according to the highest ethical standards, from the company’s Board of Directors to associates, suppliers and vendors. The 2021 report announces enhancements to ESG governance, including the creation of the ESG Leadership Council, a cross-functional decision-making body that reports to Regions’ Executive Leadership Team.
- Planet: Regions’ environmental strategy is explained, including updates to performance on Scope 1 and Scope 2 greenhouse gas emissions and how the company is measuring and evaluating Scope 3 portfolio emissions, which are emissions resulting from activities of assets not owned or controlled by Regions. Regions actively works to identify climate-related opportunities. This includes supporting customers by providing sustainable investing and financing opportunities related to their transition to a more sustainable future.
- People: The report tracks Regions’ performance related to associates, customers and communities. Highlights include the commitment of Regions Bank and the Regions Foundation in areas such as diversity, equity and inclusion; human rights; supplier diversity; associate engagement; community support and talent recruitment and development.
- Prosperity: The report provides details about Regions’ offerings of products and services that respond to a wide variety of customers and prospects and their changing needs, as well as new and updated financial wellness programs and significant community investments.
Regions’ 2021 TCFD Report reveals progress toward the bank’s climate strategy, which is built on three pillars: supporting Regions’ customers in the transition to a lower-carbon economy, reducing the environmental footprint of operations and managing climate-related risks. Highlights include:
- Supporting Customers: Regions’ bankers continue to offer innovative sustainable finance products to promote clean energy solutions for clients, such as EnerBank’s point-of-sale financing for energy-efficient home improvement projects.
- Environmental Footprint: The bank achieved its 2023 energy use goal early (in 2021) and continues to monitor performance to ensure ongoing reductions. Progress is also being made toward the new gross Scope 1 and Scope 2 Greenhouse Gas Emissions goal, which was updated in last year’s TCFD Report to reduce emissions by 50% by 2030 against a 2019 baseline. Regions continues to implement new and innovative energy-efficient approaches within existing and new facilities to help reach this goal.
- Managing Climate-related Risks: Regions continues to advance environmental and risk-related efforts to execute climate-connected initiatives, including developing new analytical capabilities to strengthen the bank’s evaluation of transitional and physical risks in its portfolio. Geospatial analysis enhancements are enabling more precise analysis of sea level rise, which helps assess potential risks to Regions’ facilities and those of its customers.
“We know that our stakeholders are increasingly interested in Regions’ ESG priorities, and we’re constantly looking for opportunities to improve the timing and content of our ESG-related disclosures to provide that information,” said Regions Chief Governance Officer Andrew Nix. “With the broad overview provided by our Annual Review & ESG Report, including our SASB disclosure, GRI Index and Workforce Demographics Index, and the deeper dive on climate provided by our TCFD Report, this coordinated release provides a holistic view of the work that we’re doing to advance our ESG priorities for all of our stakeholders.”
About Regions Foundation
The Alabama-based Regions Foundation supports community investments that positively impact communities served by Regions Bank. The Foundation engages in a grantmaking program focused on priorities including economic and community development; education and workforce readiness; and financial wellness. The Foundation is a nonprofit 501(c)(3) corporation funded primarily through contributions from Regions Bank.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $164 billion in assets, is a member of the S&P 500 Index and is one of the nation’s largest full-service providers of consumer and commercial banking, wealth management, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,300 banking offices and more than 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.
This release may include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, which reflect Regions’ current views with respect to future events and financial performance. The words “future,” “anticipates,” “assumes,” “intends,” “plans,” “seeks,” “believes,” “predicts,” “potential,” “objective,” “estimates,” “expects,” “targets,” “projects,” “outlook,” “forecast,” “would,” “will,” “may,” “might,” “could,” “should,” “can,” and similar expressions often signify forward-looking statements. Forward-looking statements are not based on historical information, but rather are related to future operations, strategies, financial results, or other developments. Forward-looking statements are based on management’s expectations as well as certain assumptions and estimates made by, and information available to, management at the time the statements are made, and are subject to various known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from the views, beliefs, and projections expressed in such statements. Factors that could cause actual results to differ from those described in forward-looking statements include those risks identified in Regions’ Annual Report on Form 10-K for the year ended December 31, 2021, and in subsequent filings with the Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements, which speak only as of the date made. Regions assumes no obligation to update or revise any forward-looking statements that are made from time to time.
Jeremy D. King
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