Truist

Decision-making and oversight responsibility for Truist sustainability strategy is assigned to the highest governance body, while implementation responsibilities are delegated to specific functions, teams, or committees within the organization.

The financial institution has a publicly available policy statement affirming its commitment to respecting ILO core labour rights and another committing to respect human rights. It discloses its lobbying expenditures and provides a list of trade associations to which it belongs.

Truist discloses the monetary amount or share of its products, services, and capital linked to high-emitting sectors and fossil fuel sectors. It also actively monitors its Scope 1-2 emissions.

There is no evidence that Truist has a material assessment or transparent identification of material topics. Recommendations include disclosing third-party assurance of target reporting, linking senior executive remuneration to sustainability targets, and engaging with trade associations misaligned with climate strategy. The entity claims alignment with trade associations on climate goals but lacks clarity on specific lobbying actions. It has joined the PCAF and is working on identifying scope 3 financed emissions, yet has not disclosed these emissions as of 2024. While monitoring scope 3 emissions, additional categories could be covered, and the methodology for footprint calculation should be detailed.

Recommendations also include establishing a transition plan, ensuring emissions reduction aligns with interim targets, disclosing client income group breakdowns, avoiding divestment from low-income countries, assessing risks related to ILO rights, and identifying social risks in relation to the net zero transition. Truist has a publicly available policy statement that expects business relationships to respect fundamental human rights as declared by the ILO, although this applies only where legally permitted.

Lastly, it is recommended to provide examples of actions taken regarding 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.