FOR IMMEDIATE RELEASE
Prudential Joins Ceres Company Network
Financial Services Leader Integrates Sustainability into Reporting and Operations
Ceres today announced that its board of directors has approved Prudential Financial, Inc. (NYSE:PRU), one of the world’s largest financial services institutions, as a Ceres Network Company. Companies that join Ceres work to further integrate environmental and social performance into the company’s business strategies and initiatives.
As a diversified financial services company headquartered in Newark, NJ, Prudential offers an array of financial products and services including a full range of insurance products, annuities, retirement-related services, mutual funds and investment management services for individual and institutional customers. In joining the Ceres company network, Prudential has committed to improving its sustainability disclosure and performance by engaging with investors, environmental groups and other stakeholders.
“Through its significant investment portfolio and its work with a variety of customers, Prudential plays a pivotal role in shifting markets in the right direction,” said Mindy Lubber, president of Ceres. “As one of the world’s largest financial services companies, Prudential has made some encouraging steps forward on reporting, governance and identifying sustainability leadership among its constituents. We welcome Prudential as the newest member of the Ceres Company Network and look forward to leveraging some of the exciting work that is already underway at the company.”
Prudential has shown sustainability leadership at the Board level by expanding its Charter of the Corporate Governance and Business Ethics Committee to include oversight of policy issues related to environmental, social and governance (ESG). Earlier this year, the company published its first sustainability report based on ESG performance over the course of 2011. Prudential has also committed to reducing its greenhouse gas emissions by 10 percent from 2007 levels by 2013 at its U.S. office properties. The company is on track to meet this commitment and has already reduced its annual carbon dioxide emissions by 29,000 tons, saving approximately $7.5 million in energy costs annually.
“We strive to create long-term value for our stakeholders through strong business fundamentals and our long-standing commitment to high standards of governance and transparency in our reporting,” said Peggy Foran, chief governance officer, vice president and corporate secretary of Prudential Financial. “We are pleased to join the Ceres network, and look forward to working with its members to further enhance our commitment to sustainability over the long term.”
Prudential is also a member of the Ceres-led Investor Network on Climate Risk (INCR), a network of 100 institutional investors with collective assets totaling more than $10 trillion that works to advance the investment opportunities and reduce the material risks posed by sustainability challenges such as global climate change and water scarcity.
Prudential is the third insurance company to join Ceres’s network, along with Allstate and The Co-operators.
Ceres is an advocate for sustainability leadership. Ceres mobilizes a powerful coalition of investors, companies and public interest groups to accelerate and expand the adoption of sustainable business practices and solutions to build a healthy global economy. Ceres also directs the Investor Network on Climate Risk (INCR), a network of 100 institutional investors with collective assets totaling more than $10 trillion. For more information, visit http://www.ceres.org.
About Prudential Financial, Inc.
Prudential Financial, Inc. (NYSE: PRU), a financial services leader with approximately $961 billion of assets under management as of June 30, 2012, has operations in the United States, Asia, Europe, and Latin America. Prudential’s diverse and talented employees are committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential’s iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century. For more information, please visit http://www.news.prudential.com.