Northern Trust Corporation (Corporation) is a leading provider of wealth management, asset servicing, asset management
and banking solutions to corporations, institutions, families and individuals. The Corporation is a financial holding
company conducting business through various U.S. and non-U.S. subsidiaries, including The Northern Trust Company
(Bank). The Bank is headquartered in Chicago and the Corporation’s principal subsidiary. At December 31, 2021, the Bank had consolidated assets of $184 billion.
In terms of senior leadership accountability, the responsibility for sustainability issues within Northern Trust lies with the board of directors. Additionally, the financial institution discloses a list of trade associations of which it is a member including sustainability- and non-sustainability-related organisations.
Northern Trust discloses the proportion of its total direct operations workforce for each employee category by gender and race.The financial institution has a grievance mechanism accessible to all workers, external individuals and communities to raise human rights complaints or concerns. Moreover, in a public policy statement, the Nothern Trust discloses its approach to lobbying and political engagement.
In terms of its approach to senior leadership accountability, there is no evidence that Northern Trust links the remuneration of its executive or management teams to sustainability performance criteria. No evidence was found that the financial institution is committed to gender equality and women’s empowerment and women represent only 25% of its board of directors. Additionally, it has an opportunity to disclose the proportion of women in senior leadership roles as well as how it addresses any gender pay gaps. The financial institution has an opportunity to describe its group-level engagement approach on sustainability themes and impact topics with clients and investees.
There is no evidence that Northern Trust discloses a target to reach net-zero financed emissions by 2050. The financial institution has an opportunity to disclose the key sectors and companies it has identified as priorities to engage with on climate change, specifically on the alignment with the Paris Agreement.Moreover, Northern Trust could discloses its financing activities devoted to climate solutions. Regarding nature and biodiversity, no evidence was found that the financial institution is committed to minimising its negative impacts or financing regenerative solutions.
There is no evidence that Northern Trust has a publicly available policy statement committing it to respect human rights. The financial institution has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. To provide transparency on financial inclusivity, the financial institution has an opportunity to disclose the amount of investments directed towards low-income developing countries.
More about the company
United States of America
Revenue: USD 6.5 billion; Total assets: USD 184 billion