SoFi Launches ESG Committee and Announces Plans for Inaugural Report
[Updated 05/24/23 to reflect new timeline for publishing first ESG report due to vendor dependencies]
To support our ongoing commitment to drive positive change through environmental, social, and governance programs (ESG), we recently launched a dedicated SoFi ESG Committee. The 10-person committee brings together key SoFi stakeholders from our facilities, compensation, legal, compliance, investor relations, talent, and financial reporting teams who are tasked with tracking our progress within these three core areas using real world, data-based metrics, as well as devising and executing strategies to create an even greater impact.
While we will continue to publish our relevant policies and commitments to our website and include pertinent information on ESG measures in our proxy materials and shareholder communications, we are also excited to share that we expect to publish our first comprehensive ESG later this year, capturing our efforts over the course of 2022. This combination of materials will ensure that key stakeholders are familiar with our stance on ESG matters and can track our progress over time.
The report will provide an in-depth look at our ongoing commitments and progress to date across a wide range of ESG-related topics, such as our people (e.g., benefits, diversity, equity and inclusion, compensation, our approach to talent and employee development, etc.), product development, our community investments and social impact, how we prioritize data protection and privacy, our environmental impact, corporate governance, risk management, public policy advocacy, and more.
While 2023 will be the first year we share a full report publicly, we are incredibly proud of, and would love to share with you, our progress over the past year. SoFi not only became a publicly listed company on The Nasdaq Global Select Market on June 1, 2021, we also completed our merger with Golden Pacific Bank on February 2, 2022, officially becoming a nationally chartered bank.
In addition, with our recent acquisition of Technisys, we now have over 3,000 employees around the world. The composition of our workforce is an important feature of our ESG program. By the end of Q4 2021, 41% of our global workforce was comprised of individuals who identify as female and 53% of our U.S.-based workforce was comprised of individuals who either identify as underrepresented minorities (“URM”) or are part of an underrepresented group (“URG”). While we have made great strides, there remains more work to be done. Our new web page dedicated to Diversity, Equity, and Inclusion (launched in December 2021) provides us with a public space to be transparent about our work in this critical area.
We also take very seriously the “E” in ESG, and the Covid-19 pandemic has allowed us to rethink our environmental footprint, doubling down on our commitment to promote environmental stewardship at all levels of our organization. We also increased transparency in other key areas by publishing our anti-corruption policy, disclosing key human capital metrics in our 10k, and continuing to update our corporate governance policies on our Governance web page.
Creating lasting and meaningful change is a journey, and while we have been working diligently to make a positive impact—not just for our members, but for the community at large—we are excited to take each of you along with us as we enter this next exciting chapter of increased transparency.
For general inquiries about SoFi’s ESG strategy or upcoming report, please reach out to [email protected], and for investor-specific questions, [email protected].