Fifth Third CSO in Sustainability Top 100 Leaders List of 2022
Mike Faillo, the chief sustainability officer at Fifth Third Bank (Fifth Third CSO), National Association, was named to the Sustainability Top 100 Leaders list for 2022, which was published in the October issue of Sustainability Magazine.
“This accolade is a tribute to the Bank’s commitment to establishing sustainable and inclusive communities and to generating long-term benefit to all of our stakeholders,” Fifth Third Chief Corporate Responsibility Officer Kala Gibson said. Mike’s leadership has been unparalleled in raising sustainability at Fifth Third, inspiring our entire team to make a difference in people’s lives and take on the nation’s largest challenges.
Chief Content Officer Scott Birch stated in the October 2022 issue of Sustainability Magazine that “the top 100 featured…are the tip of the iceberg, and each have incredible stories to write about.”
Fifth Third CSO
Fifth Third Bank changed under Faillo’s direction from being known for its charitable community assistance to a strategic, all-encompassing sustainability programme housed in the corporate responsibility division. In order to connect the Bank’s development with generally accepted reporting standards, Faillo created the Bank’s first ever environmental, social, and governance report for the year 2019.
Since then, the Bank has established five sustainability initiatives that have been adopted by the Board: combating climate change, advancing inclusion and diversity, fulfilling our promise to our staff, maintaining the client as the primary focus, and enhancing our communities.
Recent achievements in achieving these goals include:
Through Fifth Third’s acquisition of Dividend Finance, new operational sustainability targets, a $100 billion environmental and social finance target, and new residential operational sustainability products and services for customers will all be attained by 2030. Since 2020, Fifth Third has operated carbon-neutrally.
Delivering $88 million in diverse supplier spend in 2021, delivering $1.3 billion in the first year of the Company’s $2.8 billion Accelerating Racial Equality, Equity and Inclusion initiative, and reporting progress toward the Bank’s ambitious inclusion and diversity goals, including achieving 99% pay equity for women and people of colour.
the implementation of 39 hours of training per full-time employee in 2021, an increase in the minimum wage to $20 per hour by April 2022, and the activation of active business resource groups, including a new sustainability BRG.
13 million customer outreach calls will be made in 2021, one million homes will receive the cutting-edge Fifth Third Momentum® Banking product, and customers will have access to features like Early Pay and Extra Time® to help them avoid overdraft penalties.
providing our communities with $40.6 million in charitable donations in 2021 and carrying out the Bank’s $180 million Empowering Black Futures Neighborhood Investment Program After Hurricane Ian made landfall in the US in October 2022, the Fifth Third Foundation gave a donation of $500,000 to help with rescue and recovery operations.
In the most recent S&P Global Corporate Sustainability Assessment, Fifth Third Bank, a well-known sustainability leader in the market, achieved the top rating among its competitors. In 2022, 2021, and 2019, the Ethisphere Institute named the Bank as one of the World’s Most Ethical Companies. It was also included in Newsweek’s ranking of the three most responsible American businesses. In 2022, 2021, and 2019, Forbes added the Bank to its list of the Best Employers for Diversity. The Fifth Third 2021 Environmental, Social and Governance Report contains more information on the company’s dedication to sustainability.