Wachovia Corporation Approved as Ceres Company
Financial Services Company Credited for Environmental Focus
BOSTON -- Citing the company's commitment to sustainability issues, Wachovia Corporation has been approved by the Ceres board of directors as a Ceres company to further integrate environmental and social performance into the company's business strategies and initiatives.
Wachovia, a financial services company headquartered in Charlotte, NC, is the fourth largest bank in the U.S. and is among several financial service companies, including Bank of America, State Street and Wainwright Bank that have joined Ceres, a leading coalition of investors, environmental groups and other public interest organizations working with companies to address environmental and social challenges. Wachovia is among more than 70 companies in the Ceres network, including 20 Fortune 500 companies.
"Wachovia's focus on becoming an industry leader on the environmental and climate change fronts through its internal operations and its lending portfolio is impressive and exciting," said Mindy S. Lubber, president of Ceres. "We look forward to working with Wachovia to further integrate sustainability issues into its business practices."
In October 2006, Wachovia launched its Environmental Protection Strategy, including a policy on forest protection and a commitment to address climate change. Wachovia committed to develop products to increase its lending and investments in projects that are less carbon intensive, to reduce its absolute greenhouse gas emissions 10 percent from 2005 levels by 2010, and to build 'green' bank branches in accordance with the Leadership in Energy and Environmental Design (LEED) rating system. The company's Forest Protection Policy prohibits the company from financing projects where major indigenous land claims have not been appropriately addressed, logging in "no go zones" such as primary tropical forests and World Heritage sites, and providing services to clients that purchase timber from illegal logging operations.
"Wachovia has a long history of working to better our communities, and protecting the environment is a natural extension of that commitment," said Patrick Mumford, head of Environmental Affairs at Wachovia. "We look forward to working with Ceres to continue enhancing our strategy and integrating our environmental commitments in the way we do business. Our environmental stewardship makes a positive and measurable impact on our company's performance and in our communities."
Companies that join Ceres must make continuous strides in improving their sustainability performance and reporting practices by engaging with investors, environmental groups, and other stakeholders.
About Wachovia Corporation (NYSE:WB) is one of the nation's largest diversified financial services companies, with assets of $719.9 billion and market capitalization of $97.5 billion at June 30, 2007. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to 13 million household and business customers. Wachovia has 3,400 retail financial centers in 21 states from Connecticut to Florida and west to Texas and California, and nationwide retail brokerage, mortgage lending and auto finance businesses. Globally, clients are served in selected corporate and institutional sectors and through more than 40 international offices. Our retail brokerage operations under the Wachovia Securities brand name manage more than $795 billion in client assets through approximately 10,800 registered representatives in 774 offices in 48 states and through service affiliate offices in Latin America. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com; and investment products and services at evergreeninvestments.com.
In May 2007, Wachovia announced an agreement to acquire A.G. Edwards, Inc., a financial services holding company whose primary subsidiary is the national investment firm of A.G. Edward & Sons, Inc. A.G. Edwards and its affiliates employ 6,623 financial consultants in 741 offices nationwide and two European locations in London and Geneva. This proposed acquisition is expected to be completed in the fourth quarter of 2007, pending the approval of A.G. Edwards shareholders and applicable regulatory approvals.
About Ceres: Founded in 1989, Ceres is a leading network of investors, environmental groups and other public interest organizations working with companies to address sustainability challenges. Ceres also directs the Investor Network on Climate Risk, comprised of more than 50 institutional investors who collectively manage $4 trillion in assets. For more information, visit www.ceres.org .
Note: Inclusion of a company in the Ceres network of companies reflects the determination by Ceres that the senior executives and board of directors of the designated company have demonstrated a genuine continuing commitment to apply and support Ceres-approved corporate environmental and social objectives/principles and to acknowledge and promote its publicly available sustainability/corporate responsibility missions and values. Inclusion of a company in the Ceres network of companies is not intended, however, to constitute the endorsement or support by Ceres of the company's business products, services and/or strategies.