State Street

The financial institution discloses its approach to lobbying and political engagement in a policy statement and requires third-party lobbyists to comply with this policy. Decision-making and oversight responsibility for the sustainability strategy are assigned to the highest governance body, while implementation responsibilities are given to specific functions, teams, or committees within the institution. The financial institution monitors its Scope 1 and 2 emissions and reports that its Scope 1-3 emissions are reducing in line with interim targets. Additionally, the institution discloses the amount and/or share (in monetary terms) of products, services, and capital provided to usually excluded groups, as defined by the institution itself.

The financial institution has a publicly available policy statement committing to respect specific workers’ rights, but it could strengthen this by referencing all ILO fundamental rights at work. It has the opportunity to disclose a policy statement specifying that it does not make political contributions. While it identifies material sustainability impacts across its value chain, it could further detail its process and the criteria or evidence used for identification and prioritization of impacts.

Although the financial institution provides evidence of third-party assurance or verification, it is unclear if the targets are covered. While the investment management arm, State Street Global Advisors, has a stewardship policy, the institution could benefit from publishing its own policy document at the group level. The financial institution discloses some trade associations it is a member of, but this list is not complete. Additionally, it should disclose the breakdown of clients and beneficiaries by income group and ensure its risk assessment process includes risks related to ILO fundamental rights at work for those affected by its products, services, and capital provisions. It is also recommended that the institution discloses its process for identifying social risks associated with its provision of products, services, and capital in relation to the net-zero transition. Lastly, the institution should provide examples of specific conclusions and actions taken on at least one salient human rights issue related to its products, services, and capital within 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.