OUR APPROACH TO SUSTAINABILITY
Corporate sustainability, inclusion and social impact are essential elements of our culture and are underpinned by our enduring principles of service, expertise and integrity.
Report for ContentThis report has been created in response to interactions with key stakeholder groups. Each stakeholder group is expected to use this report to gauge Northern Trust’s progress pertaining to Environmental, Social and Governance (ESG) matters. This report has been prepared in accordance with the Global Reporting Initiative (GRI) Standards: Core option.
Period, Scope and BoundaryThis report is based on information obtained, created and compiled for the fiscal year ended Dec. 31, 2022, unless otherwise stated. Our previous report was for the fiscal year ended Dec. 31, 2021. The boundary of this report includes 100 percent of our leased and owned offices and 100 percent of our workforce in all global regions in which we operate unless otherwise stated. No joint ventures or other entities are included unless otherwise noted. There are no restatements from prior years and no significant changes in size, structure, supply chain or ownership from previous reporting periods.
Stakeholder EngagementNorthern Trust actively engages in dialogue with our stakeholders, including employees, clients, shareholders, communities, regulators and suppliers.
These stakeholder groups are determined based on our business strategy of serving corporations, institutions and individuals worldwide. Each stakeholder group informs our reputation, policies and best practices. We believe it is imperative to consult regularly with these groups through periodic meetings, electronic communication, conferences and other platforms. Through these interactions, we receive feedback and concerns related to our business practices and sustainability efforts.
Material Aspects
This report provides details on the material aspects and topics that reflect economic, environmental, social and governance impacts relevant to our business. Our most recent materiality assessment was conducted in 2022. This helped us understand and prioritize1 actions on the most significant sustainability topics for our business and our stakeholders2. Through a robust process of engagement and working sessions with key stakeholders and our leadership team, we have reviewed, validated and socialized the results of the materiality assessment.
The results of the assessment can be found to the left, and show the material issues identified as priority categories for Northern Trust. These results will be used to establish our key performance indicators and track progress against growth and impact aspirations over the next two to three years.
1 The material topics that will be prioritized are chosen based on their strategic importance to our business, relevance to our stakeholders and the social, economic and environmental impact of each matter in our value chain.2 Leveraging insights from key internal and external stakeholders, environment, social and governance issues material to Northern Trust were identified.
