Signature Bank Supports the Task Force on Climate-Related Financial Disclosures

Signature Bank became an official supporter of the Task Force on Climate-Related Financial Disclosures (TCFD). Established in 2015 by the Financial Stability Board, the TCFD has developed a framework to help public companies and other organizations disclose climate-related risks and opportunities.

By joining roughly 3,400 TCFD supporters, Signature Bank is demonstrating greater transparency through climate risk disclosures. Ultimately, this will allow stakeholders to better assess the impact of risks associated with climate change in comparison to Signature Bank’s business model.

Signature Bank engaged a management consulting firm specializing in environmental, social and governance (ESG) to advise on company-wide ESG strategies, including implementation of the TCFD’s guidelines. The bank shared information through the lens of the Sustainability Accounting Standard Board (SASB) framework for the first time in its 2021 Social Impact Report.

The bank also intends to disclose Scope 1 and Scope 2 greenhouse gas emissions (produced from its own operations), as well as diversity data from its 2022 EEO-1 report.

“Since our inception 21 years ago, this institution has been focused on ensuring its lending practices and all we do positively impacts the communities we serve. The adoption of our purpose statement, ’Looking Forward. Giving Back.,’ is our way of articulating these core values, including transparency for all stakeholders,” Scott Shay, co-founder and chairman of the board at Signature Bank, said. “Given our rapid rate of growth during the past two years, we are making significant headway, as evidenced by the TCFD-designed disclosures to better inform our investors, clients and colleagues about the bank’s dedication to climate-focused initiatives.”

“The TCFD recommendations are structured around themes that we as an institution are already focused on improving,” Lisa Bond, chief social impact officer and senior vice president at Signature Bank, said. “Our commitment and strategy around ESG initiatives affords us a strong foundation to build on as we begin this journey towards climate-related financial disclosure. We believe implementing the TCFD guidelines will benefit all our shareholders, colleagues and other stakeholders, and our clients can now take comfort in knowing the company caring for their finances shares a similar commitment to the environment.”

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