corporate social responsibility · 2019-04-01 · we focus our corporate social responsibility...
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Corporate Social Responsibility
Corporate Social Responsibility 2018
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At CIT, we believe in the power of responsible companies to be a force for good. Our actions are making a positive, meaningful difference.
We focus our corporate social responsibility framework on financial and personal empowerment, supporting the environment, and advancing wellness. Our company and our employees actively contribute resources, time and talent to the places we live, work and do business. And in our retail banking region, our community investment efforts support affordable housing, economic development and community services.
We also maintain a strong commitment to sustainable business operations, an inclusive culture and good governance. We do the right thing because it’s the right thing to do.
250nonprofit
relationships
$6.5million
in charitable contributions
$1.4billion
invested in communities across Southern
California
FoodPantry
Empowering people and communitiesCIT is dedicated to empowering consumers, businesses, employees and communities.
Our passion is evident across the full breadth of our corporate responsibility initiatives – including promoting homeownership and aff ordable housing, providing meals to people in need, and supporting the growth of small businesses.
Last year in partnership with Operation HOPE, we launched a fi nancial empowerment series called Launch + Grow that featured small business owners speaking on topics like accessing capital, recovering from mistakes and leading through growth. The series drove 150,000 online video views and nearly 15 million social media impressions.
CIT also helps empower people to power the future by investing in the next generation of leaders and innovators. Last year, we supported educating girls to pursue technology opportunities by funding Girls Who Code, a nonprofi t dedicated to closing the technology gender gap. In Southern Califor-nia, our OneWest Bank business partnered with Junior Achievement to advance fi nancial literacy by teaching hundreds of hours of curriculum to local school children. We also supported the Boys & Girls Clubs of Pasadena and Santa Monica in providing after-school programs and work -force development.
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Corporate Social Responsibility 2018
Spotlight: Self-Help Federal Credit Union
CIT’s $6 million equity investment is jump -starting establishment of a new branch in Los Angeles for the Self-Help Federal Credit Union. The new Self-Help branch in Los Angeles supported by CIT’s investment expects to serve 5,000 new individuals and families in need of aff ordable checking and sav-ings accounts, mortgages, and small business and commercial loans over the next 5-10 years.
Donated 1.5 million meals to those in need through
Feeding America®
Provided $2+ million in grants and $93+ million
in investment to promote aff ordable housing in Southern California
Provided 3,940 small businesses with
credit assistance through the Business Resource Group
Nurturing a cleaner, greener environment
CIT works to improve environmental quality through our corporate responsibility activities and business investments.
Greenhouse gas credits acquired through our partnership with Carbonfund.org off set the carbon associated with our air travel during 2018. Our employees joined with Surfrider Foundation to help clean the world’s oceans and beaches and assisted the New York City Parks Department in combating an invasive plant species crowding out native vegetation in a local park.
Our investments in clean energy projects also helped drive a greener future by facilitating renewable power. In 2018, our investments supported the construction or operation of nearly 1,500 megawatts of renewable energy generation or storage – enough for roughly a quarter million homes.
Promoting wellness
Promoting wellness is an investment with long-term value for communities and employees alike.
In collaboration with America’s Grow-A-Row, CIT enabled the harvesting of 228,000 pounds – or 912,000 servings – of fresh produce for people facing food insecurity.
For the second straight year as part of our Balance & Wellness month, dozens of our employees bicycled for the equivalent of hundreds of miles, improving their own fi tness while raising funds for rare cancer research.
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Workforce Wellness
Informative health fairs
Comprehensive biometric screening
Fitness membership reimbursement
Onsite meditation classes
Tobacco cessation
Wellness webinars
Spotlight: Riding to fi ght cancer
Our volunteer cyclists in New York, New Jersey and California participated in Cycle for Survival events, raising thousands of dollars for the Memorial Sloan Kettering Cancer Center.
Spotlight: Riding to fi ght cancer
Our volunteer cyclists in New York, New Jersey and California participated in Cycle for Survival events, raising thousands of dollars for the Memorial Sloan Kettering Cancer Center.
Spotlight: Putting down roots
In response to deadly wildfi res that ravaged California late last year, CIT again partnered with nonprofi t One Tree Planted to support reforestation eff orts in that state by planting 25,000 trees.
Spotlight: Putting down roots
In response to deadly wildfi res that ravaged California late last year, CIT again partnered with nonprofi t One Tree Planted to support reforestation eff orts in that state by planting 25,000 trees.
Corporate Social Responsibility 2018
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Employees making a diff erence
In local communities nationwide, CIT employees demonstrate the power of giving back and the joy of helping others.
Our employees volunteer their time and talents in the community year-round and especially during our annual CIT Cares Month each June. Last year alone, our employees volunteered more than 10,000 hours on projects nationwide.
Also in 2018, we increased our support for employee giving to eligible nonprofi ts by launching a matching gift program.
Spotlight: Pedal power for kids
As part of CIT Cares Month, employee volunteers built and donated 150 chil-dren’s bicycles to Together We Rise, a national nonprofi t advocating for foster children. In all, employees con-tributed about 200 volunteer hours toward the bicycle assembly. Finished bikes were delivered to foster children in the New York City metro area.
1,900employee volunteers
250community projects
7,300hours worked
Corporate Social Responsibility 2018
Culture of inclusion
CIT is committed to diversity and inclusion and the belief that more perspectives lead to greater innovation.
We are dedicated to building an environment where all employees bring their best selves to work and feel included, welcome, empowered and able to thrive. Together we develop fi nancial products and services that deepen our relationship to the community, innovate in today’s marketplace and return value to customers and shareholders.
In 2018, CIT Chairwoman and Chief Executive Offi cer Ellen Alemany highlighted our commitment by joining the CEO Action for
Diversity and Inclusion™ initiative. We take pride in the diversity of our board of directors and senior leader-
ship team. The company also has employee resource groups to foster engagement and support for
women and veterans who work at CIT.
Our supplier base is also an important focus for our diversity eff orts as we pro-actively add suppliers owned by minorities, women and disabled veterans, among others. Inclu-sion also informs our giving strategy, which contributes to numerous nonprofi ts actively engaged in promoting diversity, equity and
empowerment across our focus areas.
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Spotlight: Building inclusive communities
CIT Bank was honored by the Greater Los Angeles African American Cham-ber of Commerce with its prestigious Banking & Financial Institution of the Year award. The award is presented annually to the fi nancial institution that has shown the highest level of re-sponsiveness to the African American and small business community.
Spotlight: Supplier diversity
In March 2018, CIT began working with Diversity Direct, a minority business enterprise, to assist in fi lling staff openings in information technology. Over the balance of the year, Diversity Direct successfully assisted CIT in hiring numerous technology professionals, solidifying our supplier relationship while helping CIT advance its goals.
CIT has tripled its spend with diverse suppliers since 2015
Corporate Social Responsibility 2018
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One-third of CIT’s Board of Directors are women
Building a sustainable company
In addition to supporting the external environment, CIT is determined to enhance the sustainability of our own opera-tions by minimizing our environmental footprint.
We’re adopting energy-effi cient LED lighting for all new construction projects and renovations. We’re introducing fi xtures that simultaneously reduce water consumption and lower wastewater volume. Employee hydration stations pro-mote use of refi llable water bottles, helping cut reliance on disposable water bottles and cups. And we’re working closely with suppliers to encourage use of recycled products and to increase recycling of those materials that we do consume.
Ethics and governanceCIT is committed to the principles of eff ective corporate governance and high ethical standards.
We believe the right mix of skills, experience and perspective is essential to CIT’s success. The membership on our board of directors refl ects diversity in gender, professional expertise, geographic reach, ethnicity and tenure. Our board has been recognized by the Women’s Forum of New York for gender diversity.
All members of our board of directors, elected annually by majority vote, are independent except for our chairwoman and CEO. We have added four new independent directors in the last three years.
Spotlight: Dynamic lighting
Substituting natural daylight for artifi cial lighting is a time-tested method for cutting energy usage and eliminating the associated carbon emis-sions. In CIT’s Los Angeles offi ce, we are implementing technologies that allow users to adjust LED lighting levels on sunnier days – saving energy while creating a more conducive work environment.10 buildings
are LEED or Energy Star certifi ed
60 facility projectssaved water, improved energy e� ciency, and boosted indoor air quality and recycling.
Corporate Social Responsibility 2018
Headquarters11 West 42nd St.New York, NY 10036Telephone: 212-461-5200
Corporate CenterOne CIT DriveLivingston, NJ 07039
CIT Bank, N.A. Headquarters75 North Fair Oaks Ave.Pasadena, CA 91103
Executive Management Committee
Ellen R. AlemanyChairwoman and CEO
James J. DuffyChief Human Resources Officer
John J. FawcettChief Financial Officer
Matthew GalliganPresident, Real Estate Finance
Marisa J. HarneyChief Credit Officer
James R. Hubbard¹General Counsel and Corporate Secretary
James L. HudakPresident, Commercial Finance
Michael S. JonesPresident, Business Capital
Mark E. LinksChief Auditor
Jeffrey LytlePresident, Rail
Kenneth McPhailChief Strategy Officer
Denise M. MenellyHead of Technology and Operations
Wahida PlummerChief Risk Officer
Gina M. ProiaChief Marketing and Communications Officer
Robert C. Rubino2
President, CIT Bank N.A.;Head of Commercial Banking
Steven SolkPresident, Consumer Banking
Board of Directors
Ellen R. AlemanyChairwoman and CEO of CIT Group and Chairwoman and CEO, CIT Bank N.A.
Michael L. BrosnanRetired Examiner-in-Charge for Midsize Bank Supervision in the Office of the Comptroller of the Currency
Michael A. CarpenterRetired CEO of Ally Financial Inc.
Dorene C. DominguezChairwoman and CEO of Vanir Group of Companies, Inc.
Alan FrankRetired Partner of Deloitte & Touche LLP
William M. FreemanExecutive Chairman of CDF Group Inc.
R. Brad OatesChairman and Managing Partner of Stone Advisors, LP
Gerald RosenfeldStrategic Advisor and Vice Chairman of U.S. Investment Banking of Lazard Ltd.
Vice Admiral John R. Ryan, USN (Ret.)President and CEO of Center for Creative Leadership and Retired Vice Admiral of the U.S. Navy
Sheila A. StampsFormer Executive Vice President of DBI LLC and Senior Banking Executive
Khanh T. TranPresident and CEO of Aviation Capital Group
Laura S. UngerIndependent Consultant, Former Commissioner of the U.S. Securities and Exchange Commission
Investor Information
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¹ Joined March 20192Joined February 2019
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