American Express Releases 2020-2021 Environmental, Social, and Governance Report with New Long-Term Goals
September 28, 2021 at 07:00 AM EDT
American Express (NYSE: AXP) today announced the release of its 2020-2021 Environmental, Social, and Governance (ESG) Report, which includes a new roadmap for the company’s ESG strategy focused on three core pillars: Promoting Diversity, Equity, and Inclusion (DE&I); Building Financial Confidence; and Advancing Climate Solutions. The new ESG roadmap outlines long-term goals and initiatives to drive American Express’ ESG strategy, including the company’s commitment to net-zero emissions globally by 2035, announced last week.
This year’s report also includes first-time disclosures, including diversity representation data on the company’s hiring, promotions, and colleague retention efforts, as well as the “raw median pay gap” for women globally and for racially or ethnically diverse colleagues in the U.S.
“We’ve always believed that our strength comes from the impact we can make on people’s lives – what we call the powerful backing of American Express,” said Stephen J. Squeri, Chairman and Chief Executive Officer. “Over the last year, we’ve made progress on our commitments across our ESG priorities and set new long-term targets with actionable initiatives. We also raised the level of transparency we provide about our progress, particularly on the DE&I front, which demonstrates the rich, inclusive, and engaging culture we strive for at American Express.”
Promoting Diversity, Equity, and Inclusion American Express is committed to supporting a diverse, equitable, and inclusive workforce, marketplace, and society. To further this objective, the company announced a $1 Billion DE&I Action Plan in October 2020, which outlined its initiatives to promote diversity, equity, and inclusion for its colleagues, customers, and communities. Through mid-2021, the company has spent more than $450 million toward this target, which primarily includes spending with diverse suppliers, grants, and assistance for Black and minority-owned businesses, investments in pay equity, and philanthropic contributions.
In this year’s ESG Report, the company is providing greater transparency on its progress, building on the enhanced disclosures and 2020 U.S. EEO-1 data published in the company’s 2021 Interim ESG update earlier this year.
Building Financial Confidence As one of the largest financial institutions in the world with an extensive small business customer base and merchant network, American Express has an opportunity to help people and businesses build financial resilience through responsible, secure, and transparent products and services. To advance this strategic pillar, the company established new goals and initiatives as detailed in the report including:
Advancing Climate Solutions
To help build a more sustainable world, American Express is enhancing its efforts to help customers and communities transition to a low-carbon future. Recently announced goals include:
American Express’ ESG Report is mapped to the following voluntary reporting standards and frameworks: Global Reporting Initiative (GRI) Standards Core Option, Sustainability Accounting Standards Board (SASB), and Task Force on Climate-Related Financial Disclosures (TCFD).
To learn more about American Express’ approach to corporate responsibility and ESG, visit https://amex.co/ESG.
ABOUT AMERICAN EXPRESS
American Express is a globally integrated payments company, providing customers with access to products, insights and experiences that enrich lives and build business success. Learn more at americanexpress.com and connect with us on facebook.com/americanexpress, instagram.com/americanexpress, linkedin.com/company/american-express, twitter.com/americanexpress, and youtube.com/americanexpress.
Key links to products, services and corporate responsibility information: personal cards, business cards, travel services, gift cards, prepaid cards, merchant services, Accertify, Kabbage, Resy, corporate card, business travel, diversity and inclusion, and corporate responsibility.
Source: American Express Company
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which are subject to risks and uncertainties. The forward-looking statements, including the company’s aspirational ESG commitments and goals, contain words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “aim,” “will,” “may,” “seek,” “should,” “could,” “would,” “likely,” “commit,” “continue” or other similar expressions. Actual results may differ from those set forth in the forward-looking statements due to a variety of factors, including: competition, brand perceptions and reputation; an inability to develop and market value propositions that appeal to Card Members and new customers; the amount and efficacy of investments in product innovations, resources, marketing campaigns and programs; changing customer behaviors, interest in the company’s products, resources and programs, and willingness to access capital provided by the company, spend money at small businesses and value environmentally and socially responsible products and services; management’s inability to identify suitable suppliers, grantees, partners and community investments and negotiate acceptable terms; the actual amount the company spends with suppliers, on ESG initiatives and to make appropriate salary adjustments, all while implementing operating expense control initiatives; an inability to build partnerships and execute programs with other companies and of partners to meet their obligations to the company; changes in developing standards and certifications; the cost and availability of renewable energy, carbon removal and carbon offset projects, energy attribute certificates, certified paper and green buildings, and alternatives to single-use plastic; supply chain and market disruption; regulation; potential M&A activity; severe weather conditions, natural disasters and other catastrophic events; changes in the company’s real estate, technology, colleague and community engagement, and risk management strategies; an inability of waste management systems to divert waste to recycling and composting facilities; and changes in economic or business conditions and the company’s ability to grow, improve its financial performance and execute on its strategies. A further description of these and other risks and uncertainties can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and the Company’s other filings with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update or revise any forward-looking statements.