FOR IMMEDIATE RELEASE
State Street Corp. Approved as a Ceres Company
BOSTON - Citing the company's increasing commitment to socially responsible investing, sustainability reporting, and community engagement, the Ceres board of directors today announced its approval of Boston-based State Street Corp. as the newest company to join the Ceres network.
State Street, the world's leading provider of financial services to institutional investors, joined Ceres to help advance its corporate responsibility efforts. Ceres is a national coalition of investors, environmental groups and other public interest organizations working with companies to address environmental and social challenges. Ceres has more than 70 companies in its company network, including 18 Fortune 500 companies.
The approval comes after nearly three years of collaboration between Ceres and State Street. State Street's investment management arm, State Street Global Advisors (SSgA), has been managing institutional investment strategies incorporating environmental research since 2005. It is a member of the Ceres-directed Investor Network on Climate Risk (INCR), a group of more than 50 institutional investors working to increase corporate awareness of the financial risks and opportunities associated with climate change. SSgA has played an active role in INCR by sponsoring and participating in two major investor meetings studying climate risk held at the United Nations in 2003 and 2005.
"Ceres commends State Street for taking the lead in its industry to incorporate strong environmental and social values into its business strategies," said Ceres president Mindy S. Lubber, who also directs INCR. "We look forward to bringing together environmentalists, investors and other key stakeholders who can help State Street drill sustainability more deeply into its operations."
"We are pleased to be working with Ceres on a range of corporate responsibility issues which are important to our business in terms of managing risks and realizing new product and service opportunities," said George Russell, executive vice president and director of State Street Community Affairs. "State Street has a long history of community engagement, and we are looking forward to working with stakeholders to expand initiatives across broader sustainability issues."
"We are beginning to see interest from institutional clients wanting to factor environmental risk assessment into investment strategies," said Arlene Rockefeller, head of equities at SSgA. "Our work with Ceres will allow SSgA to further enhance our environmental investing capabilities."
State Street has recently made significant progress in reducing its environmental footprint and addressing critical social issues. Recognizing the importance of corporate transparency and disclosure, the company produces an annual corporate responsibility reports. For the past two years, State Street has modeled its reports after the Global Reporting Initiative (GRI), the de facto international standard for corporate reporting on sustainability issues. Ceres founded GRI and continues to be the lead proponent of the initiative in the U.S.
Last year, State Street stepped up its efforts to evaluate its environmental policies, developing a management system to monitor its environmental impacts. State Street has taken careful steps to measure its own direct and indirect greenhouse gas emissions, including tracking miles traveled by employees and calculating the overall emissions of employee travel.
Attentive to its influence as a leading investment firm, State Street is one of the world's largest SRI investment managers, with assets totaling $88.2 billion as of June 30, 2006.
About State Street Corp.
State Street Corp.(NYSE: STT) is the world's leading specialist in providing institutional investors with investment servicing, investment management and investment research and trading services. With $10.9 trillion in assets under custody and $1.5 trillion in assets under management at June 30, 2006, State Street operates in 26 countries and more than 100 geographic markets worldwide. For more information, visit State Street's web site atwww.statestreet.com.
Founded in 1989, Ceres is a national network of investors, environmental groups and other public interest organizations working with companies and investors to address sustainability challenges such as global climate change. For more information, visit www.ceres.org.