Sustainable sourcing
We pride ourselves on being mindful of the impact we make on our world—this extends to how we engage with and drive impact through our supply chain. We know that our supply chain has associated risks and opportunities when it comes to social and environmental performance. That is why we are committed to upholding and expanding our sustainable sourcing practices.
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 commitment contributes directly to the following UN Sustainable Development Goals:
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 varied demographics and traditionally underrepresented groups. 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.
Our goal is to source least 9% of our eligible spend in the U.S. from diverse suppliers. In 2021, we achieved nearly 100% of our goal by spending 8.9% of our total U.S. spend from suppliers that are owned by women and people of color.
Program goals and highlights
2022 goals
Supplier Code of Conduct
Update our Supplier Code of Conduct by integrating more comprehensive sustainability related guidelines, thereby encouraging our suppliers to remain committed to positive social and environmental performance.
Supply chain management
Research and evaluate supply chain management solutions to help manage supplier risk, environmental performance, and human rights.
Inclusion
Continue to drive inclusion through category management and a preferred supplier program.
Diverse suppliers
Spend 9% of our eligible spend base with diverse suppliers.
2021 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 expanded our goal of spending at least 9% of eligible U.S. spend with diverse suppliers to both tier one and tier two suppliers individually.
Expectations
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.
Related Topic
Environmental impact
To foster a more secure world, we must be mindful of our impact on it.
