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Sustainability Sustainable sourcing

Sustainable sourcing

Our commitment

We’ll work with our suppliers to understand their sustainability practices and use this information when making purchasing decisions. We’re committed to improving our screening, evaluation, and review of new and existing suppliers against sustainability criteria and incorporating our findings into our supplier selection process. Our sustainability criteria may include topics related to climate action and environmental commitments, compliance with human rights and fair labor principles, diversity, equity, and inclusion commitments, among others.

Our goals

  • Educate our supply chain on the importance of considering diverse suppliers. Increase the overall direct and indirect use of diverse suppliers within our supply chain by encouraging our top 100 suppliers to share their quarterly spend totals with diverse suppliers which will improve transparency.
  • Include progress toward supplier diversity goal as a metric of the Diversity Index, which is a metric toward employee incentive pay.
  • Build and maintain a robust and qualified diversity spend pipeline through industry peer group participation and partnerships with national diversity credentialing organizations.
  • Source at least 5.8% of eligible spend in the U.S. from diverse suppliers, amounting to $53.2 million through tier one and tier two spending.

Our work supports the following UN Sustainable Development Goals:

Goal 5: Gender equality Goal 8: Decent work and economic growth Goal 10: Reduced inequalities Goal 13: Climate action Goal 17: Partnerships for the goals
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Photo of people at work

Supplier diversity program

Principal values doing business with diverse suppliers. Through our supplier diversity program, we actively support and facilitate the purchase of products and services from businesses owned or operated by individuals representing people of color, women, members of the LGBTQ+ community, veterans, or individuals with different abilities. We are an active member of the Financial Services Roundtable for Supplier Diversity, a group dedicated to building strong supplier diversity practices in the financial services industry.

View our supplier diversity requirements

2022 highlights

  • We continued working with the Financial Services Roundtable for Supplier Diversity, benefiting from its benchmarking survey and supplier-development committee.
  • We focused on tier two reporting from non-diverse suppliers and improved communication on timing and reports.
  • We updated our Global Supplier Code of Conduct, which includes more robust expectations and guidelines for suppliers related to environmental, social, and governance performance, including human rights.
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We expect all suppliers, vendors, and businesses we do business with to comply with our Global Supplier Code of Conduct, and/or our Global Code of Conduct.

View our Supplier Code of Conduct (PDF)

2023 Sustainability report

Read more about our commitment to sustainability.

Download full report (PDF)

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