exo-is/governance-reporting-on-listed-companies huggingface dataset:
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Building Talent in the Southeast
Business
Strategy As Fifth Third continued to expand in its Southeast market,
Human Capital supported fueling the talent pipeline with
new and existing employees, providing numerous
opportunities in our Commercial, Retail and Wealth and Asset
Follow Talent Management (W&AM) lines of business. In some situations,
Through Talent Needs
seasoned employees also temporarily shifted into one of our
Management
de novo banking centers to help onboard and train new hires
Process
and set them up for success. In 2023, 31 de novo banking
centers opened in the Southeast market and Fifth Third
currently has 44 active de novo locations in the market.
Talent Gaps Talent In our commercial line of business, the focus
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Compensation
As part of our ongoing commitment to inclusion, Fifth Third’s
total compensation programs are grounded in a philosophy
that ensures all employees are paid fairly and equitably, and Fifth Third’s
in compliance with the law. Compensation Philosophy
Using competitive benchmarking data provided annually by top
• Attract and retain top talent and
industry consultants, we continuously analyze our compensation
high performers that will drive
and benefits programs and practices, with the objective of
our business strategy.
providing all employees with an opportunity to maximize their
potential and to ensure the ongoing competitiveness of our total • Effectively manage risk within
compensation program, including base salary ra
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Caring for Employees
Fifth Third believes that Enhancements in 2023 include: • A new volunteer policy to help ensure In the first half of 2024, Fifth
nurturing and investing in • Fifth Third announced in 2023 that we that all employees are equally Third implemented the
supported in giving back to the places
would increase our company following enhancements to its
employee well-being is vital we live and work. The policy annually
contribution to HSA by 20% for health and wellness programs:
provides full-time employees eight
to creating a thriving and
employees enrolled in the program,
hours of time away from work and part-
accessible workplace. It’s effective in 2024. time employees four hours of paid time • Enhanced paid time away
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MyWellness Financial Wellness Family-friendly Benefits
Transition to Each year, employees who The Financial Wellness program to Balance Work and Life
Paid Time Off focus on their wellness are offers employees and their • Paid parental bonding leave provides a
rewarded through our spouses or partners personal
minimum of four continuous weeks of time
After analyzing employee feedback, myWellness program. By taking financial coaching, educational
off to all full- and eligible part-time U.S.
Fifth Third transitioned to a Paid Time specific actions for health and tools and resources.
employees at 100% of regular pay to give
Off (PTO) program effective Jan. 1, financial wellness, employees can earn a The program can help employees paren
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Workplace Safety and Security
Helping Growing Families Fifth Third’s integrated
Fifth Third is committed to ensuring the safety of our security program includes:
For seven years, Fifth
customers, employees, and the physical security of our
Third’s Maternity
• Process for physical security
banking centers and workplace.
Concierge services
assessments.
have supported The Company’s chief security officer is responsible for the
families across its physical security of all Bank employees, customers and • Methodology for determining
footprint. Since its facilities. Our Physical Security team manages on-site physical security needs.
inception, the security guards and also manages the Bank’s security • Deployment of physical security
Mate
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Keeping the Customer at the Center
Empowering our customers and clients to achieve what matters most has been at
the heart of what we do since our founding in 1858.
Today, as customer and client needs to evolve, we’re uniquely positioned to serve
them by delivering tailored, digital solutions that meet their on-demand
expectations and lifestyles, while providing the human connection and expert
guidance that makes for lasting, rewarding relationships.
IN THIS SECTION
Business Segments 73
Consumer and Small Business Banking 73
Commercial Banking 73
Wealth & Asset Management 74
Innovative and Inclusive Products 75
Responsible Banking 81
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Keyword: governance
e Governance Appendix
Business Segments
Fifth Third has a simple, diversified business portfolio with three main business segments.
Consumer and small business banking Commercial banking provides credit, cash
provides consumer deposit and loan management and other financial solutions to
products, as well as products designed to large and middle market businesses and to
meet the specific needs of small businesses, government and professional customers. We
including cash management services. We are focused on building and deepening client
offer services through our localized, high- relationships through a full-service platform
touch service model concentrated primarily in that combines creative solutions with strategic
the Midwest and Southeast. From han
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Our Wealth & Asset Management
business provides a full range of wealth
Sustainable Finance Solutions Value-based Investing
management services for individuals,
companies and charitable organizations. Sustainable Bonds While value-based investing has been used for
By providing advice, guidance and decades, there is a growing demand from
Fifth Third’s Debt Capital Markets team
platforms that are thoughtful and holistic— both retail and institutional investors to apply
supports our commercial clients by
and by focusing on the unique needs of sustainability principles in making their
underwriting green bonds, social bonds and
our clients—W&AM is poised to keep decisions. Traditionally, socially responsible
sustainability bonds (collec
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ESG Communications Strategy. portfolio for a real estate customer or and governance factors into their
• $574B assets under care (No. 6). greenhouse gas-emission reductions for investment process, as well as to exclude
other corporate banking clients. Fifth Third companies for various business
• $59B assets under management (No. 9).
believes incentivizing customers to achieve involvement.
agreed upon sustainability metrics that will We provide both active and passive
help support them through their transitions sustainability investment strategies and
to a lower-carbon economy. continue to research and provide new and
In 2023, Fifth Third participated in five exciting options as the marketplace evolves.
sustainability-linked loans, with Fifth Fifth Third also offers clients the ability to
Third’s share reaching over $183 m
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Innovative and Inclusive Products
At Fifth Third, we keep Enhanced Products and deposits. Since its launch in 2021, over
800,000 customer accounts have received
our customers at the Services for a New Age of Renewable Energy
their pay up to two days earlier with $27.9
center of everything we Consumer Banking billion in paychecks deposited early in 2023. Lending Solutions
do by pairing outstanding We continue to improve our award-winning, • Extra Time® gives customers additional time Fifth Third understands that many of
flagship Fifth Third Momentum® Banking to to make a deposit and avoid overdraft fees, our consumers are concerned about
customer experience with
help customers bank more easily while up until midnight ET the followi
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Inclusive Products accounts be low cost and have no overdraft relief to active duty service members
features. (individual state laws may also apply). The
Financial products available at Fifth Third are Continually Improving
Features include: law’s purpose is to provide certain loan
designed to be inclusive so that we can best relief so that military members can focus Value for our Customers
serve all community members. • Low, $5 monthly service fee.
their full attention on their military
"Financial wellness is
Fifth Third Express Banking® • No overdraft fees. responsibilities without adverse
about being empowered
Fifth Third Express Banking® gives • No minimum balance. consequences for them or their families. and in control of you
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Credit Cards, when used responsibly, can help with building credit. Whether customers are looking for a simple and straightforward way to be rewarded for everyday purchases, pay for an
unexpected expense, better manage their cash flow, or build credit to brighten their financial future—Fifth Third has a credit card for their needs. Our Cash/Back cards come with unlimited cash back
on every purchase – no caps, no expiration, no catch. Credit Cards are subject to review and approval.
The 1.67% Cash/Back Credit Card is the Bank’s flagship In 2022, we expanded our Cash/Back suite with a lend The Fifth Third Secured Card is a credit card designed to
cash back credit card product, offering unlimited 1.67% oriented card, the 1% Cash/Back
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ABLE Accounts
Achieving a Better Life Experience, or ABLE, accounts are state- Notched ABLE Debit Card
sponsored savings and investment accounts that allow individuals Fifth Third also offers the Notch debit card to assist visually impaired customers to identify the card easily
with disabilities and their families to save and invest private and help ensure the card inserts correctly into ATMs and PIN pads. The ABLE debit card allows easy access
assets for disability-related expenses without losing, or losing to an ABLE account and can be used to pay qualified ABLE expenses.
access to, federal means-tested benefits, such as Supplemental
Security Income, Medicaid, HUD, SNAP and other benefits.11 Fifth
Third was the first bank to des
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Enhanced Products and Services for a New Age of Commercial Banking
Just as we keep our consumer customers at the center, the same level of attention and priority is given to our business clients. Fifth Third’s Treasury Management business, for example, continues to
provide solutions to clients that optimize how they collect and disburse payments, and help them run their business more efficiently and securely.
Newline™ by Fifth Third is an embedded Payable solutions such as Expert Receivables solutions help our Big Data Healthcare was acquired
payments business within the Treasury AP, Enhanced Payables, and clients receive funds more by Fifth Third in 2023 to address
Management group. Newline’s set of Choice Disbursements help our
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The Journey to Fifth Third’s Special Purpose Credit Program
Fifth Third believes in the power of responsible homeownership Florida regions, with special emphasis within our Fifth Third 53 Community SPCP
as a tool for families to build generational wealth. We also Empowering Black Futures program neighborhoods.
As we moved toward our own SPCP, we continued to refine our
understand that in today’s environment the homeownership Fifth Third’s efforts were consistent with our participation in
own lending products that were available for low-income
and wealth gap in specific communities is widening1 rather than the Office of the Comptroller of the Currency’s Roundtable for borrowers and in majority minority income tracts. Out of this wo
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Responsible Banking
We are focused on delivering Honest Business Practices Fifth Third’s Community Reinvestment Act on an annual basis, including: Complaint
and Responsible Banking Committee is Management, Privacy Compliance Basics,
best-in-class financial products
Fair lending laws and regulations ensure fair, responsible for guiding enterprise-wide CRA Information Lifecycle Governance, Risk
and services while providing equitable and non-discriminatory access to and responsible conduct strategies and Management at 53, Financial Crimes
credit for consumers without regard to race, policies. The committee facilitates high-level Compliance, Preventing Harassment and
access to those services
ethnicity, color, religion, national origin
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Product Reviews Fifth Third has implemented a Consumer and Business Compensation
Practices Compliance Policy, which requires compliance with
Introduction of new products as well as product expansions To support our consultative sales and service approach, our
various laws, regulations and regulatory guidance that seek
and modifications are carefully reviewed to ensure compliance compensation and goal structure is centered on providing
to ensure fair, transparent and equitable treatment of all Fifth
with applicable rules and regulations, and customer suitability. the best solutions for our customers. We align our employee
Third customers, including prospective customers. An
Assessments of new products and changes to existing incent
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Customer Insights
Understanding our customers is important to Commercial voice of customer feedback is 96% of Private Bank customers are satisfied This focus on customer care helps drive
us. We use multiple data sources to received through customer service channels with the Bank in 2023, up from 94% in 2022 business results.
understand our customers and their as well as via a relationship study that is and 2021. Complaints can be an early indicator of areas
experiences, analyze the feedback and fielded twice per year. This study provides of weakness in the Bank’s training program,
improve with the customer in mind. insights into the customer’s satisfaction with product design and internal controls.
Private Bank Satisfaction
Consum
Keyword: governance
• Governance, including our Complaint
promoter score, which is an indicator of year for the past three years with 97% of
Management Policy and Framework.
customer loyalty. Our results for these customers satisfied with their relationship
measures remained high and consistent manager in 2023. Governance includes ensuring that the
throughout the year. 96% complaint management system is designed
to enable proper complaint capture, routing
93% of consumers share that they are satisfied Commercial Relationship
and resolution. It also includes annual
with their retail branch experience, a result that Manager Satisfaction
compliance training for every employee and
we’ve maintained for the last five years.
an annual review of procedures for all teams
involved
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in an unethical or an egregiously • Socialization, through recurring line of Additionally, Compliance reports regulatory outside of control limits. This analysis includes
unprofessional manner—including opening an business complaint dashboards and trends and systemic issues with a regulatory the identification, execution and future
account without authorization—are handled executive updates. impact to the Management Compliance monitoring of improvements and their impact
by Bank Protection. Leaders and employees from all lines of Committee, Community Reinvestment Act & on the customer.
Compliance, Legal, Human Resources, business participate in monthly complaint Responsible Banking Committee and the Risk The Management Compliance C
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Addressing Climate Change
As the impacts of climate change are felt around the world, the way many of our customers do business is changing and driving a wide
economic shift. As the push toward decarbonization accelerates, Fifth Third understands the unique role that financial institutions can play
in supporting the transition toward a more sustainable future.
Fifth Third has had a long standing commitment to environmental leadership in the financial services sector. We are driven by our
understanding that integrating environmental sustainability into all aspects of our business creates long-term value for our customers
and strengthens the communities we serve.
Banking is key to supporting the development of new technologies, fina
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Climate Strategy
Fifth Third has been focused We have been focused on transparency and
reporting since 2010, when we began including an
on driving environmental
environment section in our annual corporate social
sustainability for more than a responsibility report and publicly disclosing carbon
emissions and climate risk through the CDP (formerly
decade. We take a three-
Carbon Disclosure Project) voluntary questionnaire.
pronged strategic approach to
Since 2020, Fifth Third has published a regular Task
addressing climate change. Our Force on Climate-related Financial Disclosure Report Supporting a Managing climate- Reducing our
sustainable transition related risks facing environmental and
according to the Task Force’s recommended
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Transition to a Sustainable Future
Banks play a distinct role in leading in Environmental Financing Dividend’s contribution to Fifth Third’s environmental
financing goals has been significant. It has grown to
the transition to a sustainable future.
become the second largest residential solar lender in the
Renewable Energy
Our business strategy embraces an U.S. Since the acquisition closed, Dividend Finance
Renewable energy, including solar, wind and provided more than $6 billion in lending for renewable
inclusive, sustainable path forward and
other technologies, has environmental and energy and energy efficiency projects.
is based upon our belief that capital economic benefits, including generating energy
Fifth Third can now assis
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Green Buildings Circular Economy
As building processes become more efficient and The circular economy is a sustainable The Fifth Third Green Bond
materials both less environmentally harmful and economic system that targets zero waste
Through the issuance of
less carbon intensive, Fifth Third recognizes more and pollution through materials’ lifecycles.
sustainable bonds by
financing opportunity in green building and green Fifth Third provides financing to
Fifth Third, we aim to
construction. Fifth Third has its own experience companies with the aim of substituting
finance green and social
with green buildings, with a number of our buildings achieving virgin raw materials with secondary (recycled)
projects that align with
either LEE
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Environmental Sustainability In 2023, Fifth Third again hosted employee-focused
electronic waste recycling events at our Fifth Third
in Our Communities Corporate Service Center in Grand Rapids, Michigan, and
the Fifth Third Madisonville Operations Center in
Cincinnati, Ohio.
Our vision for an inclusive, sustainable
Together, the two October events resulted in a collection
path forward includes collaboration
of 9,720 pounds of electronic waste materials. Fifth Third
with local communities. collected cell phones, computers and televisions at both
events. We also collected batteries and unused paint, the
In our headquarters city of Cincinnati, Fifth Third supports latter of which was collected by Matthew 25 Ministries and
the Green U
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Fifth Third Joins the Priceless Planet Coalition
Fifth Third Sponsors Common Orchard Project;
As part of its commitment to combat climate change and in
Employees Volunteer at Tree-Planting Events
celebration of Earth Day, Fifth Third Bank joined the Priceless
Planet Coalition, an effort spearheaded by MasterCard, which Fifth Third was the proud 2023 season sponsor of the
unites the efforts of individuals, businesses and corporate Common Orchard Project. A Cincinnati-area nonprofit,
partners to fight climate change through funding the restoration Common Orchard works to install and maintain small
of 100 million trees in areas with strong potential for impact for orchard plantings in local communities. The orchards
climate, communit
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Climate Risk Management
Our organization-wide focus and overseeing sustainability-related Climate Risk Governance Structure
commitments, issues and strategy.
on managing climate-related
Climate-related matters are addressed in
risks is overseen directly by this committee in the context of
stakeholder concerns, including those
the Board of Directors.
articulated by institutional investors,
employees, customers and civil society.
The Impact of Climate Risk
• Risk and Compliance Committee | The
Climate-related risks can arise from the RCC has been delegated the
impact of extreme climatic events and responsibilities to monitor and oversee
human efforts to address environmental and risks, including climate-related risks. The
climate ch
Keyword: governance
Climate Risk Governance
are properly managed and controlled;
Fifth Third’s Board of Directors is responsible and to review material risk management
for overseeing corporate governance, policies annually. Climate risk
strategy and risks, which include risks and considerations have been integrated into
opportunities related to climate. each risk type within the Enterprise Risk
Management Framework.
In fulfilling its responsibilities, the Board
has delegated responsibilities to the • Audit Committee | The Audit Committee
following sub-committees: has been delegated the responsibility to
monitor and oversee management of
• Nominating and Corporate Governance
financial statements and audit functions.
Committee | The NCGC has been
Climate-related matters are addressed
Keyword: governance
oversee governance matters. The NCGC
disclosure on the risk posed by physical
is responsible for developing and
and transition risks facing the Bank.
recommending corporate governance
policies and guidelines, recommending
policies to enhance Board effectiveness,
creating and reviewing corporate
governance policies, reviewing and
advising on the governance structure,
912023 Sustainability Report Contents Introduction Communities Inclusion Employees Customer Climate Governance Appendix
In October, 2023, Fifth Third partnered with a • Sustainability Committee | The Climate Risk Identification
consultant agency for a climate education Sustainability Committee is chaired by the
and Assessment
session with the Board. The Board is Chief Corporate Responsibility Off
Keyword: governance
change is integrated into the Bank’s strategy of environmental, social, and governance related risks and identifies key roles,
First Street Technology is a research and
and risk management and to help the Board disclosures and performance risks facing responsibilities and risk programs.
technology group dedicated to
fulfill its oversight responsibilities related to Fifth Third. Additionally, this document defines climate
connecting climate risks to financial risk.
climate change. ◦ The Sustainable Financing and Climate risk time horizons and their potential impact Their proprietary models make physical
across traditional risk types.
Management of climate-related risks and Strategy Council is chaired by the chief
climate risk accessible, easy to
opportunities is collectively shared across sustainability officer and was establ
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Climate risk is an “emerging” risk for Fifth Third and is managed across risk types. Scenario analyses revealed new climate risk transmission vectors through the existing risk types and contributed to
enhanced assessment of climate risk. Fifth Third continues to enhance existing risk management practices and build new capabilities, including climate risk scenario analysis, to understand the risks
further. The climate risk scenario analysis program aligns to eight primary risk types, ensuring broad analysis of the risk.
Time
Risk Type Definition Physical Risk Examples Transition Risk Examples
Horizons*
Risk to current or projected financial condition and resilience Diminished ability to pay due to loss of income or Decline in finan
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Climate Risk Monitoring framework, we know that more than 36% of top suppliers are
signatories to the United Nations Global Compact. Forty
As disclosed in our 2022 TCFD report, we continue to use
percent of top suppliers are reporting on diversity in
environmental risk heat maps developed by Moody’s Investor
executive positions, including minorities, vulnerable workers
Service to monitor sectors with elevated physical climate or
and women. More than 45% of our top suppliers are
carbon transition risk. This is monitored quarterly and
reporting on their carbon emissions, with a majority of those
reported to the Bank’s Climate Risk Council.
reporting Scope 3 emissions. More than 48% are reporting to
Upstream | Third Parties and Suppl
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Climate Risk Reporting
We align our reporting with the recommendations of the Task Force on Climate-related
Industry engagement
Financial Disclosures. After publishing our first TCFD-inspired report in late 2019, we
formally signed on as a supporter of the TCFD in 2020, published our second report in Fifth Third collaborates with peers across the financial services industry through many forums,
2022 and our third report in 2023. With the publication of our latest report, our including conversations facilitated by trade organizations such as the American Bankers
activities to further advance our progress against our stated goals include: Association, Bank Policy Institute, Risk Management Association, and Securities Industry and
•
Keyword: governance
continue to be embedded within governance documentation in order to solidify climate-related risk areas from others.
climate risk management within risk programs and across the organization. • In 2023, Ceres supported Fifth Third in creating a substantive assessment of client risks and
• We disclosed emissions from commercial financing activities as part of a TCFD report opportunities.
addendum in March 2024.3 This was the Bank’s first disclosure of financed emissions, • In 2022, Ceres conducted Board education on climate change concepts and risks.
published in alignment with our commitment to the Partnership for Carbon Accounting
• In 2021 and 2022, Ceres partnered with the Climate Risk Office to educate stakeholders across
Financials (PCAF). Disclosure calculations include the e
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Our Environmental
2030 Operational Sustainability Goals4
and Carbon Footprint
Operational sustainability, the reduction
of our own environmental and carbon •
•
footprint, has been key to our 45% 54%
100% •
environmental sustainability program
•
since its inception in 2010. renewable power redu•ction in reduction in
purchased energy use location-based GHG
Fifth Third announced our first five-year operational •
emissions
sustainability targets in 2017. These goals reflected our •
(achieved) (achieved)
commitment to managing our own operations efficiently and
•
showing leadership with the processes and activities that we
•
most closely control. By the end of 2022, we were proud to
have achieved each of these bold goals, which include
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Reducing Our Operational Greenhouse Gas Emissions
Since 2014, Fifth Third has measured and reported on our corporate greenhouse gas
emissions using the Greenhouse Gas Protocol methodology.5 Our calculations have been
independently verified by a third party since 2014.6
Fifth Third includes all Scope 1, Scope 2 and Scope 3 (business travel) emissions in our Operational Emissions Reduction8
“operational” scope as relates to our neutralizing of operational GHG emissions.2 These
emissions are generated primarily through operations of our buildings, corporate transport
and business travel. Since we began measuring these emissions in 2014, we have reduced our
—%
operational GHG emissions by 48%. We began offsetting our Scope 2 emissions
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Understanding our Financed Emissions
This year, Fifth Third marks a significant milestone in beginning to report on emissions from
Total Location-Based GHG Emissions Profile9
lending activities. Scope 3, Category 15 emissions (investments) are particularly relevant for
financial institutions and include emissions associated with loans and investments. As a member
of the Partnership for Carbon Accounting Financials, Fifth Third began reporting on financed
emissions in early 2024. Fifth Third’s initial financed emissions disclosure was provided as an
addendum to the Bank’s 2022 TCFD Report. For more information, see Fifth Third’s Financed
Emissions Disclosure report.
Our current financed emissions calculations include the commercial
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Purchasing 100% Renewable Power Reducing Our Energy Use
Fifth Third recognizes the importance of the transition to The past year saw the achievement of our 40% energy Electric Vehicle Charging
renewable energy and has been purchasing renewable reduction goal, well ahead of our 2030 timeline. As of
Fifth Third’s expansion of electric vehicle charging
power for its own operations since 2010. In the early days 2023, Fifth Third has reduced portfolio-wide energy use by
of our renewable energy strategy, Fifth Third purchased 45%.12 In recent years, we have made improvements to our continued in 2023. To support employees that make the
transition to electric vehicles, we installed ten additional EV
RECs to offset a portion of our energy
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Reducing Our Water Use Reducing Paper
Fifth Third recognizes that water is a community resource Fifth Third is committed to reducing the amount of paper Fifth Third recognized with
and should be managed responsibly. Further, the movement we use, with a goal of reducing use by 75% by 2030. While Energy Reduction Awards
and transport of water typically requires significant energy, so paper remains a frequently used material for general office
efficiently managing its use can help reduce greenhouse gas activities and in documenting and processing customer In 2023, Fifth Third
emissions. Much of Fifth Third’s water consumption is the lending and finance activities, we see opportunities for was again recognized
result of irrigation tha
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Offsetting GHG Emissions In Our Operations13 Fifth Third Installs On-Site Solar
Fifth Third has been offsetting its operational A-Gas is a world leader in the supply and Fifth Third completed solar panel president at SEM Power. “We salute the
GHG emissions since 2020. As an lifecycle management of refrigerants and installations at twenty new financial Bank for its commitment to continually
organization, we are now offsetting all of our associated products and services. A-Gas centers at the end of 2023 and into 2024. lower its carbon footprint and increase its
operational GHG emissions, which includes Americas is headquartered in Bowling These projects took place in communities use of renewable power.
emissions related to all of ou
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Financed Emissions Disclosure
15
2022 Loans 2022 Total 2023 Loans 2023 Total
NAICS 2-Digit Outstanding Absolute Outstanding Absolute
Sector Code NAICS 2-Digit Sector Description ($MM) Emissions (tCO2e) ($MM) Emissions (tCO2e)
11 Agriculture, Forestry, Fishing and Hunting $ 476 1,389,066 $ 313 887,975
21 Mining, Quarrying and Oil and Gas Extraction $ 3,693 5,889,306 $ 2,836 4,394,594
22 Utilities $ 1,889 4,318,444 $ 1,870 4,155,327
23 Construction $ 2,998 1,250,080 $ 2,701 1,094,474
31 Manufacturing (Food & Beverage, Textiles) $ 2,142 1,024,617 $ 1,866 878,746
32 Manufacturing (Wood, Paper, Chemicals, Plastics) $ 3,074 1,485,401 $ 2,528 1,100,901
33 Manufacturing (Metal, Machinery, Electronics, Furniture) $ 6,145 3,706,197 $ 4,830
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Environmental Data
The table below includes recent environmental data. Environmental data prior to 2017 is available at ir.53.com/esg.
Unit 2023 2022 2021 2020 2019
Greenhouse Gas Emissions16
Fossil Gas Mt CO 2e 8,669 10,357 10,538 10,983 10,803
Diesel Mt CO 2e 53 96 94 86 62
Refrigerant Mt CO 2e 111 56 974 1,363 1,042
Corporate Vehicles Mt CO 2e 11 11 13 8 8
Corporate Jet Mt CO 2e 1,015 1,125 860 557 1,317
Total Scope 1 emissions Mt CO 2e 9,859 11,645 12,479 12,995 13,232
Scope 2 emissions (Location-based) Mt CO 2e 60,284 65,075 64,927 72,695 79,417
Green-e Renewable Energy Certificates retired MWh 154,574 140,992 147,048 153,164 149,408
Total Scope 2 emissions (Market-based) Mt CO 2e 0 0 0 0 2,108
Scope 3 emissions from employee
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Governance
One of our most valuable assets at Fifth Third is our reputation for integrity.
We are judged by our conduct, and we must act in a manner that merits
public trust and confidence.
We believe that a strong governance program is the foundation for a sustainable
and well-governed company. Accordingly, we continuously evaluate our structures,
processes and controls to ensure they support and promote accountability,
effectiveness, transparency and ethical behavior.
IN THIS SECTION
Corporate Governance 105
Business Ethics 109
Public Policy and Government Relations 111
Enterprise Risk Management 112
Customer Privacy and Information Security 115
Third Party Management 119
1042023 Sustainability Report Contents Introduction Commu
Keyword: governance
nities Inclusion Employees Customer Climate Governance Appendix
Corporate Governance
Board Committee Oversight of
Sustainability
Board of Directors • Nominating and Corporate Governance
Committee: Oversees the Company’s
Our Board of Directors provides oversight of, and guidance Sustainability program, including practices
to, our executive management team in the development of and reporting related to environmental
corporate strategy, risk management, corporate culture and topics, governance strategy and practices,
other important aspects of our business, including Director and other corporate social responsibilities
sustainability topics. In order to provide such oversight and Diversity that are significant to our business and
guidance, we believe it is important that the Board include a 44% s
Keyword: governance
substantial majority of independent directors, strong Governance Committee receives a
independent committee chairs and a diverse range of sustainability update at each regular
Diverse
backgrounds and experiences calibrated to the evolving needs meeting.
of our business and stakeholders.
• Risk and Compliance Committee:
All of our directors are independent under the standards Oversees risk management practices,
developed by Nasdaq and included in our Corporate including sustainability topics such as
Governance Guidelines, except our CEO. Our Board’s Lead enterprise risk management, information
Independent Director was elected in April 2024 by the security, data privacy, climate risk and
independent directors and facilitates independent Board environmental risk.
oversight of management.
• Audit Committee:
Keyword: governance
of ethnicity or gender, including the chairs of the Audit governance programs.
Committee and Technology Committee.
• Human Capital and Compensation
Our 2024 Proxy Statement includes information about the Committee: Oversees strategies and
Board and its committees and their respective responsibilities. policies regarding compensation, talent
It also includes a Board Skills and Attributes Matrix that sets management and executive succession
Director
forth the diverse skills and attributes that each director planning, and other employment practices.
Independence
contributes to the Board’s oversight of the Company. Twelve
93% • Finance Committee: Exercises all the
of our directors have experience in sustainability, including all
powers of the Board in management of
the members of the Nominating and Corporate Go
Keyword: governance
12023 Sustainability Report Contents Introduction Communities Inclusion Employees Customer Climate Governance Appendix
Committee Composition
Six standing committees of the Board of Directors assist the Board in carrying out its responsibilities. Committee
leadership and membership is reviewed annually by the Board of Directors, upon recommendation of the NCG Committee.
Nicholas K.
Katherine Linda W.
Akins (Lead B. Evan Jorge L. Emerson L. C. Bryan Laurent Mitchell S. Thomas H. Gary R. Eileen A. Michael B. Kathleen A. Timothy N. Marsha C.
Directors B. Clement-
Independent Bayh, III Benitez Brumback Daniels Desmangles Feiger Harvey Heminger Mallesch McCallister Rogers Spence Williams
Blackburn Holmes
Director)1
Audit l l l l l Chair l
Finance l l l l Chair l l
Human Capital
and l l l l Chair l
Compensation
Nominating and
Corporate l l l Chair l
Gove
Keyword: governance
1062023 Sustainability Report Contents Introduction Communities Inclusion Employees Customer Climate Governance Appendix
Director Anonymized
Opportunities
Written interviews results Action items
for Action items
evaluation conducted reviewed developed
improvement progress
questionnaire by lead by NCG and
identified and monitored
completed independent Committee prioritized implemented
director and Board
Though evaluations occur continuously, our directors Each director must possess the highest personal and Management
undergo a thorough annual evaluation process to help ensure professional ethics and integrity and should be committed to
Our management structure is intended to facilitate leadership
that Board and committee oversight remains strong and that representing the interests of Fifth Third and our stakeholders.
that is effective and consistent
Keyword: governance
strong corporate functions and appropriate governance. Our
independent director, full Board and committee written
The NCG Committee carefully considers these and other Company’s most senior management body is Enterprise, which
evaluations, and follow-up action items.
factors—including judgment, diversity and skills—in is responsible for developing and implementing corporate
These candid evaluations are an important part of sustainable determining a mix that best serves the needs of the Board and strategy and managing executive level operations.
governance and allow us to identify opportunities to enhance Fifth Third. We strive to choose nominees that reflect the Sustainability updates are provided to Enterprise throughout
our effectiveness. diverse markets we serve. In addition, any third-par
Keyword: governance
Corporate Governance Guidelines. part of the director recruitment process and is prioritized
under our Corporate Governance Guidelines.
1072023 Sustainability Report Contents Introduction Communities Inclusion Employees Customer Climate Governance Appendix
Executive Compensation Aligned to Sustainability
Executive compensation is delivered through three primary elements: base salary, an annual cash incentive through our Variable Compensation Plan and long-term, equity based incentives.
Since 2020, sustainability has been a component of the Bank’s executive compensation program via potential impacts to the Variable Compensation Plan funding modifiers. Inclusion of sustainability
began as a qualitative assessment of the Bank’s performance in delivering customer
Keyword: governance
1082023 Sustainability Report Contents Introduction Communities Inclusion Employees Customer Climate Governance Appendix
Business Ethics
Ethics Office Foundational
Doing the right thing is Code of Business Conduct and Ethics Employee Code
Program Elements
reminders.
central to achieving our of Conduct
The chief ethics officer may also escalate
vision to be the One Bank The Code of Business
ethics matters directly to the Board. The
Conduct and Ethics,
people most value and trust. Ethics program is audited and examined as
part of the Fifth Third Audit schedule and the anchored by our Fifth
Our vision is a commitment that inspires our schedule of its examiners. Third Compass, is a
employees to create a great customer The Code of Business Conduct and Ethics is critical Board-
experience, an engaging workforce and the foundation of our Ethics program whi
Keyword: governance
vibrant communities. It is the foundation of was recognized as one of the 2024 World’s employees to implement our Core Values in Written Governance and
Fifth Third’s reputation as a respected Most Ethical Companies®. This honor came our daily work: Work as One Bank, Take Standard Ethical Culture
corporate citizen, and this commitment begins from the highly respected Ethisphere Accountability, Be Respectful and Inclusive,
with each Fifth Third employee doing the right Institute, a global leader in defining and and Act with Integrity. It outlines our
thing. advancing the standards of ethical business responsibility to do the right thing, serve with
practices. It puts us in elite company, as only honesty and integrity, and act in compliance
Ethics Program
136 organizations around the globe— with both the letter and the spirit of the law.
Fifth Third’s ethics program is administered inclu
Keyword: governance
and Ethics and reports on key aspects of the and social impact, governance, and third course. In 2023, 99.9% of employees Monitoring and Communication
Ethics program to Management Compliance party management. This year was the fifth completed required training, including the Internal Controls and Training
Committee as well as the Audit and the Risk time the Bank has received this award: Code acknowledgment.
and Compliance committees of the Board of Ethisphere also recognized the Bank as one
Additionally, all employees and contractors
Directors. Information reported includes of the World’s Most Ethical Companies® in
are required to complete ethics training on
EthicsLine (hotline) activity and resolutions, 2019, 2021, 2022 and 2023.
an annual basis. In 2023, 99.9% of all
conflicts of interest matters, and culture a
Keyword: governance
1092023 Sustainability Report Contents Introduction Communities Inclusion Employees Customer Climate Governance Appendix
Ethics Hotline any Fifth Third policy or procedure, or any an individual having been a victim of
law or regulation. domestic violence, sexual assault or abuse, an
Every Fifth Third employee has a Prohibited activities include:
To ensure that Fifth Third’s practices are employee’s or dependent’s reproductive
responsibility to adhere to the Code of
robust, the Bank conducts regular non- • Any agreements between health decision making, or any other status
Business Conduct and Ethics and to raise
retaliation assessments. competitors relating to prices, protected under applicable laws.
issues if they become aware of misconduct
or violations of our code. Employees are allocations of territories Fifth Third does not require employees to
Keyword: governance
1102023 Sustainability Report Contents Introduction Communities Inclusion Employees Customer Climate Governance Appendix
Public Policy and Government Relations
Fifth Third is subject to Our government affairs program is No Company funds are contributed to the PAC. “On behalf of all of our
designed to give us a coordinated voice Disclosure of federal PAC activity can be
government regulation stakeholders, we work
in public policy through a partnership viewed at fec.gov and our website. Disclosure
and risks generated by between the Government Affairs team and of PAC activity at local and state levels is to promote sound
new, complex and evolving Company leaders. provided to state election authorities in public policy to ensure
compliance with applicable law and on our
Fifth Third’s advocacy efforts are executed at
legislative and regulatory website. a
Keyword: governance
disclosure of other lobbying activity is provided The Nominating and Corporate Governance
our operations. to appropriate local and state agencies as Committee of the Board reviews political growth, competition,
required by law. Fifth Third’s Political Action contributions semiannually and approves prosperity and
As a result, customers, employees and Committees support candidates at the the policy annually. Fifth Third also
shareholders have a measurable stake in the federal, state and local level. maintains a Political Activity Policy that innovation. Doing so is
outcome of certain public policy discussions. ensures the compliance of the Bank and its part of our ambition to
Funds in the PACs consist of voluntary
To mitigate this risk and work toward employees with laws and regulations
favorable outcomes, we participate in the p