Month: May 2023

CLEVELAND, May 3, 2023 /3BL Media/ — In recognition of its continued commitment to and advancement of diversity, equity, and inclusion practices in the workplace and in the communities it proudly serves, KeyBank (NYSE: KEY) has earned the #22 place on the 2023 DiversityInc “Top 50 Companies for Diversity” list. This year’s recognition marks the fourteenth time and tenth consecutive year KeyBank was named a Top 50 Company. KeyBank was also ranked on several specialty lists:

#8 Top Companies for People with Disabilities#8 Top Companies for Philanthropy#10 Top Companies for Veterans#29 Top Companies for Employee Resource Groups

“I often say our teammates are our greatest strength as a company. KeyBank’s ranking as a top 50 DiversityInc company is a testament to our team’s collective focus, dedication, and commitment to ensuring DE&I is foundational to all we do – from supporting one another to serving our clients to investing in our communities,” Chris Gorman, Chairman and CEO, KeyCorp, shared. “I am incredibly proud to continue this critical work alongside the KeyBank team – 18,000 strong – and thank DiversityInc for being a valued partner on this journey.”

DiversityInc’s rankings are based on 2022 company-submitted data in six key areas: leadership accountability, human capital diversity metrics, talent programs, workforce practices, supplier diversity, and philanthropy.

“Diversity, equity, and inclusion is an accelerator for KeyBank. We strive to build a diverse and inclusive organization, at all levels, that is reflective of the communities we serve,” Helena Haynes-Carter, Chief Diversity, Equity, and Inclusion Officer said. “Creating an environment where all clients and people equitably experience being respected, valued, and appreciated fuels our workplace and marketplace success.”

To view KeyBank’s Top 50 profile, visit here.

To view the entire Top 50 list, visit here or follow the conversation at #DITop50.

About KeyCorp:

KeyCorp’s roots trace back nearly 200 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $198 billion at March 31, 2023.

Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of approximately 1,000 branches and approximately 1,300 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit https://www.key.com/. KeyBank Member FDIC.

About DiversityInc:

About DiversityInc: DiversityInc’s mission is to educate the workforce and bring clarity to the business benefits of workplace fairness, equity and inclusion. We have evolved as the preeminent source of human capital data, education and advice. DiversityInc is a VA-certified and veteran-owned business. We are also certified by Disability: IN and led by a Black woman CEO.

On 1 April, Carol Adams commenced her role as the new Chair of the Global Sustainability Standards Board (GSSB), the independent body responsible for setting the GRI Standards.

Prof. Adams has written to GRI reporters and supporters, to share insights into her priorities as she takes on leadership for developing and maintaining the world’s most widely used sustainability reporting standards:

“This is an exciting time to be involved in sustainability reporting. The discussion about corporate accountability, and the role organizations play in sustainable development, is more widespread than ever before. The Global Reportign Initiative is right at the heart of the debate. The continued development of the GRI Standards to facilitate the achievement of sustainable development – as called for by our stakeholders, including investors – has never been more relevant and necessary than it is today.

I have supported and actively contributed to GRI’s mission since the early years. As a previous Chair of the GRI Stakeholder Council (2017-19), I also have a deep understanding of the constituency groups that use and rely on our leading standards. I firmly believe the diverse, multi-stakeholder ethos that is at the core of the GSSB’s ways of working is essential to developing standards that assist the sustainability transition.

Over a 30-year career in sustainability research, academia and leadership roles, I have championed the benefits of evidence-based and impact-focused reporting – which encompasses disclosures on management approach, governance oversight, targets and strategy. I have wide-ranging expertise in the analysis and application of sustainability reporting, policy and practice, all of which I intend to bring to the fore in my capacity as GSSB Chair.

What GRI has achieved so far – with the support of our reporters, stakeholders and input from technical experts – is significant. Most major companies around the world voluntarily use the GRI Standards. That includes 78% of the 250 largest global companies, according to recent KPMG analysis. Meanwhile, new IFAC research found that 39% of GRI reports are subject to external assurance, a number which is growing.

Looking ahead, we are committed to achieving interoperability between the GRI Standards and the IFRS Foundation’s sustainability-related standards, being developed by the International Sustainability Standards Board (ISSB). The two standards come from different perspectives, with GRI addressing how an organization impacts economies, environment and people for a multi-stakeholder audience (including investors), while the ISSB is focused on reporting of financially-material matters for investors. Combined, I believe these approaches strengthen corporate reporting and increase transparency.

For the past two years, GRI has worked with the European Financial Reporting Advisory Group (EFRAG) to support the development of the European Sustainability Reporting Standards (ESRS). Encouragingly, these efforts are paying off – with the impact disclosure requirements in the first set of ESRS confirmed as closely aligned with the corresponding GRI disclosures. This offers reassurance to the thousands of companies for which the ESRS will become mandatory that they can expect to utilize existing GRI reporting to meet EU requirements. We are optimistic this will apply to developing impact reporting requirements in other jurisdictions.

As GSSB Chair, I will seek to deepen our relationships with reporting standard setters, disclosure frameworks and other partners around the world. Not only does this reinforce the applicability and integration of the GRI Standards in global markets, it will minimize reporting burden for organizations. Balancing our aims for ever improved reporting on impacts, including processes for integrating them into decision making, with standards that are practical and usable, is crucial. I encourage your input through the further development of your reporting, responses to GSSB consultations or involvement in technical working groups.

Recent years have seen steady growth in GRI adoption, alongside the expansion and improvement of the suite of Standards – commendable progress that we will endeavor to continue. Under the current GSSB work program this includes a revised Biodiversity Standard, the continued roll-out of Sector Standards, and significant updates covering all climate and labor related Standards. The Standards Division continues to expand in order to facilitate this work.

Finally, I want to acknowledge the excellent work of my predecessor as chair, Judy Kuszewski. The advancement of the GRI Standards under her astute guidance is clear for all to see, and is a legacy on which I intend to build.”

Prof. Carol Adams, Chair of the GSSB

Carol Adams MSc PhD CA FAICD is an internationally renowned researcher in sustainability accounting and reporting. She is Professor of Accounting at Durham University Business School, advises the Chartered Institute of Public Finance and Accountancy on sustainability reporting, is a member of the Australian Accounting Standards Board’s Sustainability Reporting Advisory Panel, and chair of the Institute of Chartered Accountants of Scotland’s Sustainability Panel.

The Global Sustainability Standards Board has sole responsibility for the development and approval of the GRI Standards and works exclusively in the public interest, according to a formally defined due process. This 15-member body reflects a balance of technical expertise, global diversity and multi-stakeholder perspectives.

Attracting a diverse workforce requires addressing the unique needs of employees. Coveralls are essential personal protective equipment (PPE) on the job at Baker Hughes, but they’re not one size fits all. Workwear traditionally designed for men is often ill-fitting for women and interferes with their ability to work comfortably and safely.

Baker Hughes’ Oilfield Services and Equipment procurement team in Mexico addressed this need by reaching out to the company’s Women’s Network Employee Resource Group to learn more about the unique needs of female employees. They then worked with a vendor to find more inclusive, gender-specific PPE that provides protection without sacrificing fit and comfort.

“Having coveralls designed for women is a positive step in keeping our people safe, meeting the needs of the modern workplace, and ensuring that all employees feel confident, proud, and productive when they’re wearing the Baker Hughes brand,” said Michelle Contreras, Baker Hughes Procurement Specialist.

Development of the women-specific PPE supports Baker Hughes’ goal of ensuring the company has access to and supports diverse pipelines of talent, and to prioritize development and retention.

Equal safety and protection

Workwear and other PPE should be designed for women equally — not sized down like a long-standing theory that recommends buying one size smaller than a woman would typically wear to accommodate for men’s sizing. This recommendation isn’t ideal given that differences in body size and shape (physiology) may be small, but the proportions can be meaningful.

Baker Hughes Women’s Network members explained that when coveralls are too big in the waist, neck and arms, it can interfere with the use of tools and operation of equipment. Excess fabric in the sleeves can get caught in machinery, presenting a serious hazard for arm and hand safety. And a collar that’s too wide around the neck won’t effectively keep out debris and splatter.

The new coveralls for women are better proportioned with a tailored fit in the chest and hip areas. The torso is shorter and flares near the waist, which is also cut higher. The coveralls are designed for ease of movement and have utility pockets for gauges and gear.

New overalls designed, sized and styled specifically for women, became available for all Baker Hughes teams beginning January 2023 and are available in a range of sizes.

Learn more about Baker Hughes’ strategic goals and the progress made in the 2022 Diversity, Equity and Inclusion Annual Report.

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