T. Rowe Price Reports on Its Commitment to Clients, Associates, and Communities
October 28, 2019, /3BL Media/ - T. Rowe Price has released its latest Corporate Responsibility Report, demonstrating its efforts to improve the lives of its clients, associates, and community members. The report specifically addresses the firm’s initiatives to promote financial security, resilient communities, environmental sustainability, and unique perspectives and diversity within its workforce.
“The desire to bring about positive change should drive every organization,” says Bill Stromberg, president and CEO of T. Rowe Price. “I can tell you that it plays an integral part in every facet of our culture—guiding how we operate. That’s why, on behalf of more than 7,000 associates worldwide, I’m excited to share our corporate responsibility results.”
Responding to the Bigger Picture
- The report reflects T. Rowe Price’s commitment to support select United Nations Sustainable Development Goals and the 2030 global agenda. T. Rowe Price works to address the goal of Quality Education through its daily interaction with clients, associates, and communities. As the firm strives to make a greater global impact, it indirectly affects select areas of the goals of Good Health and Well-Being; Gender Equality; Decent Work and Economic Growth; Industry, Innovation, and Infrastructure; Reduced Inequalities; Responsible Consumption and Production; Climate Action; and Peace, Justice, and Strong Institutions.
- To better understand the issues that matter most to its stakeholders, T. Rowe Price conducted a materiality assessment and learned that fiduciary responsibility; diversity and inclusion; attracting and retaining talent; data security; customer welfare; and environmental, social, and governance (ESG) investing ranked highest.
- T. Rowe Price continues to support the quality of life of countless people around the globe. The firm’s investment strategies help fund workers’ retirements and help families save for college. In 2018, retirement plan deferral rates in the U.S. hit a 10-year high at 8.6% among the 2.1 million retirement plan participants the firm is proud to serve.
- To help parents and educators teach kids about money concepts, the firm continues to promote its Money Confident Kids® program, which has reached 11 million people since it launched in 2009.
- To foster a creative environment and help transform the firm’s approach to global technology, T. Rowe Price opened the Client Experience and Delivery Transformation Lab and the New York Technology Development Center.
- The firm continues to invest in its capabilities to better understand ESG considerations about the companies in which it invests. In 2018, three additional dedicated ESG analysts were hired and the firm continued to invest in proprietary tools that proactively screen the responsible investing profile of a company.
- Associates received 174,000 hours of training in 2018 to help them be more effective in their roles and develop the skills needed to grow in their careers.
Collaboration and Diversity
- In 2018, 50% of the firm’s senior-level hires were diverse.1
- The firm launched two new programs—LEAD and Women in Sales—to attract, support, and promote diverse associates.
- T. Rowe Price received a perfect 100 score on the Human Rights Campaign’s Corporate Equality Index in 2018 and 2019.2
- The firm was ranked as one of the World’s Best Employers by Forbes in 2018.3
- The firm and its associates collectively gave $25.3 million to nonprofits around the globe in 2018. Within the communities where associates live and work, they volunteered more than 40,000 hours.
- The T. Rowe Price Foundation continues to provide capacity-building support to nonprofits, enabling them to more effectively deliver on their mission. A few capacity-building events in 2018 included the Foundation’s Annual Summit and two workshops for teachers and families on Raising Race-Conscious Children.
- To help bridge school and workplace experiences, in 2018, T. Rowe Price held Career Day events for hundreds of high school students across the globe. Every event was customized to focus on issues that resonated with each group.
- T. Rowe Price continues to reduce its environmental footprint and achieved an 11.5% reduction in greenhouse gas emissions since 2010 and a 45.3% reduction in greenhouse gas emissions per associate during that time frame. Additionally, the firm has reduced its landfill waste by 91% since 2010.
- The firm continues to invest in multiyear strategies that target an achievable reduction in its environmental impact. It is targeting a greenhouse gas emissions reduction of 13% and a 92% reduction in landfill waste by 2025, when compared with its performance in 2010, its benchmark year.
1 Senior roles are defined as people leaders and /or individualcontributors with significant business or functional responsibility.
2 © Human Rights Campaign 2019.
3 Forbes, ”Global 2000: World’s Best Employers’ 2018.” © Forbes Media, LLC. Used with permission.
About T. Rowe Price
Founded in 1937, Baltimore-based T. Rowe Price Group, Inc. (NASDAQ-GS: TROW), is a global investment management organization with $1.126 trillion in assets under management as of September 30, 2019. The organization provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers a variety of sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research. For more information, visit troweprice.com or our Twitter, YouTube, LinkedIn, Instagram, and Facebook sites.
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