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Originally Published in Webster Bank's 2023 Corporate Responsibility Report
What are your reflections on the Office of Corporate Responsibility journey to date?
Since we established the Office of Corporate Responsibility (OCR) in 2022, we have continued to execute on our multi-year Community investment Strategy (CIS), with a focus on our commitment to driving economic vitality in our communities.
OCR has made tremendous progress in the two years since we began. We have built and maintained solid partnerships both internally across the enterprise and externally with community partners, especially our Community Advisory Councils. These relationships have created the strong foundation for our execution against the CIS. With a focus on both qualitative and quantitative measures, we're helping to create meaningful impact in our communities and we're proud to be a part of this effort.
The CIS is a major commitment for Webster, and our entire leadership team has not only embraced it but they're actively working to support its success. I'm also grateful for the continued enthusiasm and engagement of our colleagues. This truly shows the Webster values of Integrity, Collaboration, Agility, Accountability, Respect and Excellence in action.
What were some of the achievements in 2023?
2023 was a busy and productive year. We launched“Webster You're Home,” our Special Purpose Credit Program aimed at expanding homeownership opportunities for low- to moderate-income (LMI) firsttime homebuyers. We know that homeownership strengthens our neighborhoods and helps individuals and families build generational wealth, and this new program will provide greater access to credit in economicallydisadvantaged communities.
We introduced Webster's Minority and Women Owned Business Enterprise (MWBE) team. These colleagues work to support the growth and development of minority- and women-owned small businesses across our footprint. Webster has also partnered with a number of organizations that support women- and minority-owned businesses in New England and New York.
Webster's signature Finance Lab initiative continued to expand as we opened our third Finance Lab and announced three new Finance Labs in Connecticut and Massachusetts.
Continuing our collaborative approach to corporate responsibility, we strengthened our partnerships with nonprofits across our footprint. We also engaged more deeply with internal teams to successfully launch our“Webster You're Home” program, grow our Supplier Diversity program and expand community development lending and other OCR efforts.
How is Webster continuing its approach to Corporate Sustainability?
Our approach is tied to our mission and values: a strategic program clearly focused on positive social and environmental impact within an effective governance framework based on ethics and risk management.
Responsible governance is the cornerstone of everything we do at Webster. Our Board continues to oversee our Environmental, Social and Governance (ESG) efforts, with the Nominating and Corporate Governance Committee having primary responsibility for coordination of that oversight.
We're firmly focused on achieving our community commitments and making the right long-term investments to support the economic vitality of our communities. We measure our progress not only by the milestones we reach, but also in the way our colleagues have matched our ambitions with actions.
As investors continue to demand more consistent and relevant ESG information, we've expanded our Corporate Responsibility reporting. This year, we added disclosures from the Task Force on Climate-Related Financial Disclosures (TCFD) framework to our Sustainability Accounting Standards Board (SASB) disclosures. 2023 also marks the first time we have reported greenhouse gas (GHG) emissions.
What are some new Corporate Responsibility initiatives for 2024?
As we continue to execute on our multi-year Community Investment Strategy, we'll be announcing three new Finance Labs, expanding this signature initiative for a total of nine programs across our footprint. We're excited to grow our Supplier Diversity program, creating more opportunities for increased revenue, profit and growth for diverse small businesses in the communities we serve. We're creating a multicultural campaign to engage with more communities in our footprint. We'll also continue to develop our ESG strategies, creating a more formal program and maturing our processes.
These and other programs and projects are built on the foundations of our four Corporate Responsibility pillars: Economic Vitality, Valuing Our People, Our Environment and Responsible Governance. They create value across our business as they help to strengthen the systems and organizations that drive shared prosperity in our communities.
Learn more about Webster Bank's achievements, and commitment to continue to make progress with purpose.
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