Northwestern Mutual reaffirms sustainable commitment in new social impact report

Northwestern Mutual reaffirms sustainable commitment in new social impact report | Insurance Business America

Insurance News

Northwestern Mutual reaffirms sustainable commitment in new social impact report

Company looks forward to “a better tomorrow”

Insurance News

By
Kenneth Araullo

Financial services firm Northwestern Mutual has unveiled its 2023 Sustainability and Social Impact Report titled “A Better Tomorrow,” highlighting its ongoing commitment to societal and environmental goals.

The report outlines the company’s strategic focus on five critical areas: enhancing financial security and access, community investment, fostering an inclusive culture, minimizing environmental impact, and maintaining rigorous corporate governance.

The report noted a significant boost in the company’s Impact Investment Fund to $175 million, targeting capital access for entrepreneurs in underserved communities. Additionally, the Northwestern Mutual Future Ventures aims to invest $20 million each in initiatives supporting women and African American/Black entrepreneurs.

The company has also allocated $3.5 million to assist Milwaukee residents in homeownership and invested over $60 million in local education initiatives over 25 years. Since 2012, it has contributed more than $50 million through its foundation to advance childhood cancer research.

The report goes into detail regarding Northwestern Mutual’s efforts in promoting diversity and inclusion within its workforce. The firm touts that more than one-third of the staff engage in employee resource groups, 83% of employees report that their managers are attuned to their professional aspirations, and 30% of corporate staff are people of color, marking a record high for the company.

In terms of environmental stewardship, the company also highlighted significant milestones, including the diversion of 75% of construction waste from its North Office Building renovation away from landfills. Additionally, over 40% of its corporate office space has attained LEED Gold certification, underscoring its commitment to sustainable building practices.

Grady Crosby, vice president and chief sustainability and impact officer at Northwestern Mutual, emphasized the company’s pledge to stick to its sustainability targets.

“Our sustainability and social impact actions demonstrate our commitment to progress over pledges,” Crosby said.

He also noted that the company escalated its efforts in 2023 to adapt to the evolving needs of stakeholders by investing in a diverse array of initiatives and technologies aimed at fostering a sustainable future.

Through these measures, Northwestern Mutual says that it aims to drive positive and enduring impacts, aligning corporate practices with broader societal and environmental objectives to benefit future generations.

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