Report underscores the company’s ongoing ESG efforts to power financial inclusion
SIOUX FALLS, S.D. – April 16, 2024 – Pathward®, N.A., one of the nation’s leading financial empowerment companies, today released its 2023 Sustainability Report. The report highlights Pathward’s environmental, social, and governance efforts throughout fiscal year 2023, ending Sept. 30, 2023. The company’s ESG practices in 2023 worked to advance its purpose of powering financial inclusion because it believes everyone should have equitable access to the financial network and the agency to chart their financial path forward.
“Sustainable business practices are woven into the fabric of our business,” said Pathward CEO Brett Pharr. “They guide our policies, practices, goals and the way in which we engage with customers, employees and shareholders. We are immensely proud of the way our employees embody Pathward’s core values. Their dedication to continuous improvement drives our company’s purpose forward every day.”
Pathward drove multiple positive, lasting impacts for shareholders, customers, employees, communities and the environment in fiscal year 2023, including:
Environmental:
● Diversifying the company’s portfolio by leveraging the structured finance lending platform and new tax credit benefits available to renewable natural gas investors under the Inflation Reduction Act
● Financing $520.6 million in renewable solar energy initiatives, representing a 27% year-over-year increase
Social:
● Earning a Great Place to Work® Certification for the first time and being recognized by Newsweek as one of America’s Greatest Workplaces 2023, underscoring high employee engagement and workplace satisfaction
● Boosting employee participation in its Employee Resource Groups to 31%, representing a 12% increase from FY2022
● Exceeding $1 million in total corporate charitable investments, engaging in 5,600 employee volunteer hours and awarding 10 scholarships to continue building Pathward’s Community Impact Program that helps power economic mobility for underserved and underrepresented populations across the country
Governance:
● Continuing to collaborate closely with regulatory bodies to maintain high ethical standards to protect employees, customers and partners, and streamline risk controls to enhance operational efficiency
● Receiving an award from the Financial Crimes Enforcement Network (FinCEN) of the U.S. Treasury for Pathward’s Bank Secrecy Act (BSA) and Financial Intelligence Unit teams
With a focus on purpose, culture and sustainability, Pathward is also continually pursuing better ways to capture, analyze and communicate sustainability data and enhance disclosures. Initiatives for fiscal year 2023 included advancing and monitoring Diversity, Equity and Inclusion curriculum participation and adding certain material Scope 3 emissions to its greenhouse gas emissions tracking.
“With the goal of financial inclusion serving as our north star at Pathward, we pride ourselves on embracing sustainability efforts wholeheartedly,” said Pathward President Anthony Sharett. “Last year, we furthered our charitable investments, upheld our commitment to renewable solar energy initiatives and found new ways to make Pathward an even more inclusive and positive workspace for all. We are proud to reflect on our achievements from the last year and remain committed to continuing to raise the bar in 2024 and beyond.”
View Pathward’s 2023 Sustainability Report on Pathward.com.
About Pathward®
Pathward®, N.A., a national bank, is a subsidiary of Pathward Financial, Inc. (Nasdaq: CASH). Pathward is a U.S.-based financial empowerment company driven by its purpose to power financial inclusion. Pathward strives to increase financial availability, choice and opportunity across our Banking as a Service and Commercial Finance business lines. The strategic business lines provide end-to-end support to individuals and businesses. Learn more at Pathward.com.
Media contact:
Courtney Heidelberg
605.291.7044
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