Fifth Third Bancorp

The institution discloses its lobbying expenditures and assigns decision-making and oversight responsibility for its sustainability strategy to the highest governance body. Performance criteria for senior executive remuneration are linked to specific sustainability targets, while implementation responsibility for the sustainability strategy is assigned to various functions, teams, or committees. The stewardship policy encompasses client and stakeholder engagement, advocacy, and partnerships.

A list of trade associations, specifically the FSB, is disclosed, along with the identification of key sectors, clients, and investees for climate engagement. Monitoring of scope 1-2 emissions and emissions from associated financing activities (Scope 3 category 15) is conducted. The institution also discloses the monetary amount or share of products, services, and capital provided to usually excluded groups and to small- and medium-sized enterprises. Additionally, operations are disclosed by country, including metrics such as the number of employees or revenue.

The institution has a publicly available policy statement committing to respect specific workers’ rights and expects its suppliers to do the same, with an opportunity to reference all ILO fundamental rights at work. It can disclose how it determines a living wage in its operational regions. Anti-bribery and anti-corruption clauses are included in contracts, but consequences for breaches are not specified. Political contributions are made after approval from a political action committee, with an opportunity to clarify if these are made only by exception and the criteria for them. The institution could require third-party lobbyists to comply with its lobbying policy.

While it identifies material sustainability impacts, further detail on the process and criteria for prioritisation is needed. It has measurable targets for “green” solutions but could specify the share for climate solutions. Monitoring of scope 3 emissions is conducted, but additional categories could be covered with rationale for exclusions. A breakdown of clients by income group is recommended. The risk assessment process includes some ILO fundamental rights but could cover the full set, with a process for mitigating identified risks. It is also recommended to identify social risks related to the net zero transition and provide an example of actions taken on salient human rights issues from assessment processes in the last three years.

This scorecard refers to information in English which was publicly available by July 15 2024. AuM and Total assets are stated in USD for comparability and have been calculated based on reported local currency values multiplied by applicable IMF currency converter values.