American Express has released its first Environmental, Social and Governance (ESG) report, which outlines the company’s approach to responsibly back its colleagues, customers, and communities.

Report includes enhanced information on diversity and inclusion initiatives, actions to help stakeholders navigate the Covid-19 pandemic and updates on philanthropic and community development initiatives globally.

The report is an evolution of American Express’ Corporate Social Responsibility report and includes updated and enhanced disclosures on a number of key topics.

These include the diversity of the company’s workforce, its efforts to support its various stakeholders through the COVID-19 pandemic, continued progress toward its environmental sustainability goals and philanthropic initiatives.

Company’s goal is “to serve the needs of society”

Stephen J. Squeri, Chairman and Chief Executive Officer, said:

“At American Express, we believe the fundamental purpose of a corporation is to serve the needs of society and that backing our colleagues, customers and communities so they can thrive is critical to our success.

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“These beliefs have been our North Star for 170 years and through many challenging times, and they continue to guide us today in the face of the current global health crisis. Moving forward, we remain committed to implementing strong ESG policies and practices and delivering on our refreshed priorities detailed in our ESG report.”

The report’s publication follows an analysis of opportunities and risks as it relates to American Express’ ESG strategy.

Seeking to better understand the expectations of stakeholders

The company’s ESG scheme seeks to better understand the expectations of internal and external stakeholders, including shareholders, customers, colleagues, business partners, regulators, suppliers, community organizations and others.

Based on these valuable insights, American Express developed a refreshed ESG framework and set of priorities that will drive its strategy moving forward.

To further facilitate the execution of its ESG priorities, the company established a new ESG Steering Committee, comprised of senior leaders from across the business, which will be responsible for driving the development of new ESG goals and metrics.