Truist

Truist has identified and prioritised its impacts through a materiality assessment process which included feedback from external stakeholders. In terms of senior leadership accountability, the responsibility for sustainability issues within the financial institution lies with the board of directors. Moreover, Truist links the remuneration of its executive team to sustainability performance criteria. On gender equality and diversity, the financial institution discloses actions it takes to address any pay gaps, such as adjusting compensation if inequity is found. Regarding trade associations, Truist discloses a list of associations of which it is a member including sustainability- and non-sustainability-related organisations.

No leading practices were identified for the financial institution in the respecting planetary boundaries measurement area.

In terms of human rights, Truist has a grievance mechanism accessible to all workers to raise human rights concerns or complaints. It also commits to protecting personal data and discloses its approach to lobbying and political engagement, in public policy documents. On the topic of financing for usually excluded groups, the financial institution discloses the amount of finance it directs towards small- and medium-sized enterprises (SMEs). Moreover, the financial institution discloses the breakdown of its total direct operations workforce for each employee category by gender, race, ethnicity and age group. Additionally, it discloses the proportion of its total direct operations workforce covered by collective bargaining agreements.

There is an opportunity for Truist to link the remuneration of its management team to sustainability performance criteria. Currently, it only links the compensation of its executive team to sustainability. On gender equality and diversity, women are underrepresented on the board of directors where only seven out of 21 board members are women. Furthermore, there is no evidence that the financial institution has a public commitment to gender equality and women’s empowerment. Truist also has an opportunity to reach at least 40% female representation in senior leadership positions. Presently women hold 28.6% of executive and senior level manager positions. Regarding engagement, the financial institution has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients and investees, across its financing activities.

Truist discloses a net-zero financed emissions target, but could clarify that this target covers all its financing activities. In terms of engagement on the topic of climate change, the financial institution has an opportunity to disclose the key sectors and companies it has identified as priorities to engage with, specifically on alignment with the Paris Agreement. The financial institution discloses several figures in relation to sustainable financing. However, it has an opportunity to disclose an aggregate amount of finance explicitly devoted to climate solutions. Moreover, the financial institution could disclose time-bound targets explicitly for climate solutions. Regarding nature and biodiversity, no evidence was found that Truist is committed to minimising its negative impacts or financing regenerative solutions.

While Truist states that it is committed to respecting human rights, it has an opportunity to formalise this commitment in a public policy document. The financial institution also has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. While the financial institution provides a grievance mechanism for raising human rights, as well as bribery and corruption, concerns or complaints, it should specify that the mechanism is accessible to external stakeholders. Furthermore, while Truist discloses that it directs finance towards usually excluded groups, it could provide an amount.