Month: March 2023

Citing its commitment as a responsible bank to address climate change, KeyBank has issued its second annual Task Force on Climate-related Financial Disclosure (TCFD) report. The Climate Change Risks & Opportunities Report outlines Key’s commitment to both further reduce its environmental footprint and continue to enable stakeholders in efforts to do the same. 

In 2017, Key published the company’s first environmental targets, including reductions to overall greenhouse gas emissions and increases in renewable energy sourcing. Key recognizes that risks and opportunities associated with climate change have grown exponentially and, as a result, have expanded and accelerated its commitments. In 2022, KeyBank published updated environmental targets, including:

Achieve carbon neutral operations across our scope 1 direct and scope 2 indirect emissions by year-end 2030.Finance or facilitate $38B to address climate change and support green initiatives by year-end 2026.Join the Partnership for Carbon Accounting Financials (PCAF) and complete the necessary measurement and evaluation of scope 3 financed emissions.

Covering the period from January 1, 2021 to December 31, 2021, the report is informed by TCFD’s recommendations and outlines KeyCorp’s approach to managing climate-related risks and opportunities in the areas of governance, strategy, risk management, and metrics and targets.

As highlighted in its TCFD report, Key has:

Formed a Climate Oversight Council (COC), a temporary advisory body to oversee Key’s climate risk framework buildoutContinued to see the positive environmental impacts of multiyear efforts to optimize operations and have already reduced their greenhouse gas (GHG) emissions by 31% and energy consumption by 23% compared to a 2016 baseline.Deployed $6.2 billion to support the transition to a low-carbon economy.Continued to invest in its renewable investment banking team, doubling in size while enhancing its advisory and capital markets capabilities. Ranked as the number 2 North American renewable energy project finance lender in terms of both the number and dollar volume of deals executed, in 2021.Joined the Partnership for Carbon Accounting Financials (PCAF) to complete the necessary measurement and evaluation of scope 3 financed emissions.Welcomed its first Head of Climate Risk in June 2022 to lead the evolution of the climate risk management framework and who has more than 20 years of risk management experience and 8 years of financing climate change activities globally.Invested in new resources to capture and share robust, decision-useful data and further expand our disclosures.

Originally published on principal.Com

The number of women who own small businesses is increasing, making up a total of 1.24 million of employer businesses (those with employees), according to the U.S. Census Bureau. 

And women are hungry for financial education: Investing is the second most popular topic among female customers of Principal®.1

So why do women still face worse financial outcomes than men in both the marketplace and the workplace?

Our research shows that women report they have less access to financial products, tools, services, and safeguards than men.2 This disparity in access extends to female-led businesses seeking capital to start or grow their enterprises.3

Principal can help.

Advancing financial inclusion for women globally 

Before someone can find a sense of financial security, they must first be included in the system.

With this in mind, we are taking action to help ensure women have an equitable opportunity to succeed by removing barriers and providing financial tools they need to succeed—particularly when starting and running a business.

In 2020, we committed to doubling the number of businesses we support owned by women and people of color, by 2025. We’re making meaningful progress toward this goal:

Principal provides capital to fuel growth for women-owned businesses as a First Women’s Bank Mission Partner.In Singapore, Aidha, a Principal® Foundation grantee, provides financial education and skill-building to migrant domestic workers and lower-income women.With support from Principal Foundation, FreeFrom builds an ecosystem of support to intimate partner violence survivors. By providing basic needs, access to capital, and professional skill-building through Gifted, their social enterprise, FreeFrom removes financial security barriers unique to survivors.

Principal also helps customers improve financial wellness through useful products and resources, personalized information, and tailored education—including webinars specific to women’s financial challenges and goals.

“If the problems are varied and systemic, the chasm can feel unbridgeable,” says Jo Christine Miles, director of community relations and Principal® Foundation. “But it’s not. Policy changes, combined with focused, innovative, capacity-building programs, and expanded access to capital could help more women-owned small businesses and aspiring entrepreneurs thrive.”

Fostering a deep sense of belonging among women in the workplace

Driving change, of course, starts with core values and aligning employer practices.

In 2022, we conducted a global pay equity study with a third party focused on race and gender. The results: Our management of pay equity ranks best in class among financial services companies reporting pay equity data. We also require all leaders to take unconscious bias training and apply their learnings in everyday decision-making.

Additionally, this is our third year on the Bloomberg Gender-Equality Index (GEI), which measures companies on key factors including leadership and talent pipeline, equal pay and gender pay parity, inclusive culture, anti-sexual harassment policies, and external brand. Of the 153 financial companies evaluated for their work in 2022, we scored higher in seven out of eight categories.

“These are just a few examples of how we’ve continued to reinforce a culture of inclusion at Principal,” says Miriam Lewis, chief inclusion officer for Principal. “It’s feeling you can be your authentic self while at work. When you have that, you have the license to bring your ideas to the table and can focus on the business itself—because you’re not thinking about covering up. You’re thinking about financial security for all.”

That deep sense of belonging is something women at Principal can tap further into as part of the Global Women’s employee resource group (ERG)—providing opportunities to connect, develop, empower, and support one another across departments and countries. This newly launched group brings together existing women-focused initiatives and groups under one umbrella to provide greater, unified support and development for women at Principal. The Global Women’s ERG kicked off in 2023 through a virtual event in celebration of International Women’s Day, March 8.

Empowering more women at Principal
Women make up 54% of our global workforce and 46% of our leadership.4

And when employees need more specific support, they can also access one of six niche women’s networks which are supported through the Global Women’s ERG such as Women in Technology, Women in Sales, and EnablHER (Women in India).

Women in LatAm, one of the newest networks, focuses on developing women employees in Latin America while providing tools and resources to promote a more inclusive culture. Since their inception in 2021, they’ve increased the number of job vacancies filled by women by 6% and the percentage of women in executive leadership positions from 36% to 38%.

“Bias, attitudes, and beliefs are the main barriers to female professional development,” says Marcela Blaquier, LatAm Strategy and Project Manager for Principal who co-leads the group. “Raising awareness about shared behaviors is a necessary first step toward making change.”

Ultimately, our global practice of including women in everything we do is helping us reach our highest potential as a company.

“That’s how we get the best out of every employee,” Lewis says. “Varying backgrounds and perspectives lead to innovations and better outcomes and solutions for our valued customers.”

Learn more about our commitment to inclusion at Principal.

1 2022 Principal Sustainability Report

2 2022 Global Financial Inclusion Index 

3 “21st Century Barriers to Women’s Entrepreneurship,” Majority Report of the U.S. Senate Committee on Small Business and Entrepreneurship

4 As of Dec. 31, 2022

Principal Financial Group Foundation, Inc. (“Principal® Foundation”) is a duly recognized 501(c)(3) entity focused on providing philanthropic support to programs that build financial security in the communities where Principal Financial Group, Inc. (“Principal”) operates. While Principal Foundation receives funding from Principal, Principal Foundation is a distinct, independent, charitable entity. Principal Foundation does not practice any form of investment advisory services and is not authorized to do so.

© 2023 Principal Foundation.

Insurance products issued by Principal National Life Insurance Co (except in NY) and Principal Life Insurance Company®. Plan administrative services offered by Principal Life. Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc. Securities offered through Principal Securities, Inc., member SIPC and/or independent broker/dealers. Referenced companies are members of the Principal Financial Group®, Des Moines, IA 50392.​ ©2023 Principal Financial Services, Inc.

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Fiduciary Trust International, a global wealth manager and wholly owned subsidiary of Franklin Templeton, proudly announces that Freda Lam Zietlow, CFA, managing director and senior portfolio manager, has been selected by Women We Admire as one of the honorees on its “Top 50 Women Leaders of San Francisco” list for 2023.

“Freda has established herself as a respected industry leader during her successful 25-year career in investment and wealth management, and is more than deserving of this recognition,” said Amy Ko, Fiduciary Trust International’s regional managing director for Northern California. “She has excelled as a highly esteemed senior team member in Northern California due to her genuine interest in helping others flourish and her desire to serve—as well as her ability to empathize and inspire team members, professional partners, and clients.”

The annual Women We Admire “Top 50 Women Leaders” listing recognizes exceptional women for their achievements, while inspiring others to aim high and continue their journeys toward reaching their full potential.

Ms. Zietlow joined Fiduciary Trust International in late 2019 and has a deep and uncommon breadth of expertise in portfolio management, public and private securities, real estate, and cross-border wealth planning strategies. She has been instrumental in building the firm’s business in the San Francisco Bay Area, one of the fastest growing regions for the company.

“I am privileged to be honored alongside so many influential women from different industries in the San Francisco Bay Area,” said Ms. Zietlow. “I look forward to continuing to help my colleagues and others in the coming years to be the best they can be, so they can serve our clients, our organization, and our community even better.”

Ms. Zietlow leads a number of important programs for Fiduciary Trust International, including the firm’s Women Initiative and its Sustainable Investing and Diversity & Inclusion efforts. She is passionate about advancing women in corporate leadership and is an active member of the Women Corporate Directors (WCD) Foundation, How Women Lead, and National Association of Corporate Directors (NACD). Ms. Zietlow also enjoys mentoring young professionals and serving multiple local and international nonprofit organizations as a board member and volunteer.

About Fiduciary Trust International

Fiduciary Trust International, a global wealth management firm headquartered in New York, NY, has served individuals, families, endowments and foundations since 1931. With over $87 billion in assets under management and administration as of December 31, 2022, the firm specializes in strategic wealth planning, investment management and trust and estate services, as well as tax and custody services. The New York-based firm and its subsidiaries maintain offices in Coral Gables, FL, Boca Raton, FL, St. Petersburg, FL, Radnor, PA, Lincoln, MA, Los Angeles, CA, San Mateo, CA, San Francisco, CA, Washington, DC, Wilmington, DE, Reston, VA, and Atlanta, GA. For more information, please visit fiduciarytrust.com, and for the latest updates, follow Fiduciary Trust International on LinkedIn and Twitter: @FiduciaryTrust.

About Franklin Templeton 

Franklin Resources, Inc. [NYSE:BEN] is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 155 countries. Franklin Templeton’s mission is to help clients achieve better outcomes through investment management expertise, wealth management and technology solutions. Through its specialist investment managers, the company offers specialization on a global scale, bringing extensive capabilities in fixed income, equity, alternatives and multi-asset solutions. With offices in more than 30 countries and approximately 1,300 investment professionals, the California-based company has over 75 years of investment experience and approximately $1.4 trillion in assets under management as of January 31, 2023. For more information, please visit franklintempleton.com and follow us on LinkedIn, Twitter and Facebook.

The 2022 report features successes achieved this year, including progress made on companywide ESG targets, including goals around environmental sustainability, diversity and inclusion, and power efficiency of our Snapdragon products.

Qualcomm’s ESG priorities include three areas of focus where the Company believes it can make the greatest impact — Empowering Digital Transformation, Acting Responsibly and Operating Sustainably.

Key highlights from 2022 include:

The Company continued to invent and develop products that enable customers to make a positive impact— from the individual smartphone experiences to the environment. One of Qualcomm’s 2025 goals is to reduce power consumption by 10 percent every year in the Company’s flagship Snapdragon products. Thus far, year over year, the Company achieved a reduction in power consumption by at least 20 percent in Snapdragon products when averaged across all use cases.Because the Company’s success is rooted in the hard work, dedication, and diversity of the workforce, it has been driving progress towards meeting the 2025 diversity and inclusion goals: Increase Representation of Women in Leadership by 15 percent; Increase Underrepresented Minorities (URM) Leadership representation by 15 percent; Increase overall URM representation by 20 percent. We have so far increased our representation of women in leadership by more than 7%, our representation of underrepresented minorities (URM) leadership by more than 5% and our overall representation of URMs by more than 12%, since 2020.”The Company’s efforts around sustainable supply chain management continue with the 2025 goal of auditing 100 percent of primary semiconductor manufacturing suppliers every 2 years for conformance to its Supplier Code of Conduct. As of 2022, 88 percent of our primary semiconductor manufacturing suppliers have received audits.In line with the Company’s conviction to address the environmental, social, and economic impacts of climate change, this past year the Company set new, ambitious climate goals, including reaching net-zero global greenhouse gas (GHG) emissions for Scope 1, 2 and 3 by 2040 and committed to the Science Based Targets Initiative’s (SBTi) Business Ambition for 1.5°C. The Company also continued to make progress on its goal to achieve a 2025 emissions reduction goal of 30% from a 2014 base year. The Company has reduced Scope 1 and Scope 2 GHG emissions by approximately 28%, and achieved The Climate Registry’s (TCR) Climate Registered Platinum status. Qualcomm engaged with our primary manufacturing suppliers to obtain direct emissions data and collaborate on expectations.The Company continues to work to enrich people’s lives by bringing technology to underserved communities around the world through its Qualcomm Wireless Reach™ Initiative. During this past year, Wireless Reach has launched five new projects and, since 2006, has positively impacted the lives of over 26 million people.The Company remains committed to its goal of inspiring the next generation of inventors by engaging to date over 1.5 million students and teachers across the globe through strategic STEM initiatives. In 2022, the Company achieved its 2025 goal early and met the 1.5 million student and teacher goal.

Read the report to learn more about Qualcomm’s Corporate Responsibility and ESG progress, programs and initiatives. And to stay up to date, follow Qualcomm for Good on Twitter, LinkedIn and Instagram.

Media Contacts:

Pete Lancia
Corporate Communications
1-858-845-5959
corpcomm@qualcomm.com 

Mauricio Lopez-Hodoyan
Investor Relations
1-858-658-4813
ir@qualcomm.com

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Trane Technologies’ Vice President of Human Resources Michelle Murphy shares how the HVAC industry can fill the growing need for skilled employees in HVAC and other trades by recruiting, hiring, training, and retaining women workers.

From contractors to engineers to welders to maintenance and service technicians, skilled employees are the No. 1 resource the HVAC industry depends upon most to meet the growing demand for comfortable indoor climates. The American Welding Society projects that by 2026 the U.S. will need 336,000 more welders. That need is driven by the number of currently unfilled positions, attrition, and new job positions generated by industry growth.

How is the HVAC industry going to meet the massive labor needs? We’ll only build the teams we need by recruiting, hiring, training, and retaining women for careers in essential HVAC professions. Inviting more women into the HVAC ecosystem will help close the labor gap it’s experiencing and create a more diverse and approachable culture.

The good news is that in some areas of the HVAC workforce, women’s representation is growing. As of 2019, 15% of engineering professionals are women. We’re seeing women engineers working in mechanical and system design, consulting and specifying, and with contractors. But the inclusion of women in the trades like welding, pipefitting, and ironwork is lackluster. Women fill only 4% of all construction and trade jobs.

What can the HVAC industry do to change this?

First, we need to be vocal that we want women workers on our team and make them feel welcome! We must actively recruit, hire, train, and retain women in HVAC and the trades. Low female representation is not due to a lack of interest from women.

A comprehensive survey conducted by the Institute for Women’s Policy Research (IWPR) found that tradeswomen are attracted to trade jobs for high earnings, good benefits, the opportunity to do physical work, and to contribute and find community. The No. 1 barrier to more women entering the trades is that women aren’t aware of the opportunities, much less the training requirements or what it takes to succeed.

Second, we must debunk the myth that women can’t work in trades. To do so, Trane Technologies interviewed three women professionals in different HVAC careers to get their take on how women can succeed in HVAC and the trades. They also debunked a few time myths in the process:

1. Women can perform the physical work required in the trades.

Most women can do all the physical work required for a trade job. Hayley Whiting, an apprentice pipefitter in Chicago Union Local 597, participated in an apprenticeship and training program hosted by Chicago Women in the Trades (CWIT) and a Technical Opportunities Program (TOP)—where she learned what would be required of her physically to succeed as a certified welder.

“Day one, you have to pick up the things that are heavy. If you think you’re capable of picking it up, pick it up. If you’re capable of doing the work, do the work because it’s worth it,” shared Whiting.

2. Training is affordable and quickly generates income.

Some skilled jobs in HVAC cost only thousands of dollars for training and women can earn money while learning a trade and earning certifications. Trade professions use a tiered system of skill-building that starts with apprenticeships.

According to the U.S. Department of Labor, 92% of apprentices who complete an apprenticeship retain employment, with an average annual salary of $72,000.

“Three of my third-year apprentices have all purchased homes,” said Beth Rovazzini, president of B&W Plumbing and Heating in Indianapolis, Indiana.

3. You can start in the trades at nearly any age.

Most women apprentices are 25 years old or older, and 43% are 35 years or older. Many women have entered the trades as a career change.

4. Trade professions are workable for people with families.

Thousands of women working in the trades balance family life and trade work. In the IWPR survey, 50% of the tradeswomen, apprentices, and journey workers have children younger than 18 years old, and 21.9% have children younger than six. Rovazzini notes that a much better work-life balance has evolved in the HVAC industry.

5. There’s growing support for women in HVAC.

Professional Engineer (P.E.) Jessica Ely shared that a network of mentors, coaches, and sponsors helped her advance upward through her multi-staged career in HVAC engineering and contracting.

“I had a mentor that turned sponsor,” Ely said. “That was a pivotal moment for me–he advocated for me when he was at the table, but I wasn’t. He encouraged me to be bold and push way beyond my capabilities.”

Women and tradeswomen organizations also effectively promote trade jobs to women and provide training, support, and education for women entering the trades. And many unions have women’s committees or sponsor programs to encourage participation in the trades and help women find financial support for training costs.

Make the Trades Better for Women

As promising as trade careers are for women, ominous barriers can still exist, including sexual harassment, discrimination, and lack of promotion, advancement, and equal pay. The only way to rapidly change those conditions is to increase female representation in HVAC and trade professions.

Trane Technologies is working to remove systemic barriers to diversity and inclusion by creating an inclusive culture, holding leaders accountable, and changing our policies and procedures to create a diverse workforce. We invite our industry peers, vendors, supplies, distributors, and competitors to join us. Now is the time for HVAC to welcome women of all ages, races, and backgrounds to consider the benefits and possibilities of careers in HVAC.