The June 10th Edition of City & State Reports by City & State

JUNE 2015

BANKING, FINANCE AND INSURANCE O P - E D S B Y:

BENJAMIN L AWSKY on Accountability THOMAS DINAPOLI on Board Diversity

H O N O R I N G : Patricia E. Harris, Leslie Godridge, Audrey Choi, Edward Skyler, Ellen Melchionni, Judi Kende Corey Fernandes, Keith Mestrich, Christina M. Alfonso, Thomas Workman, Peter Hong, Catherine J. Weatherford Alfred Griffin, Patsy Sciutto-Doerr, Stephanie Thomas

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THE CSR DIVIDEND HOW CORPORATE SOCIAL RESPONSIBLITY HELPS A COMPANY’S BOTTOM LINE by TOM ALLON, Co-Founder & President of City & State Reports

eter Drucker had it right. Twenty years ago, the legendary management guru wrote: “Economic performance is not the only responsibility of a business…Furthermore, without responsibility, power always degenerates into nonperformance and organizations must perform. So the demand for socially responsible organizations will not go away; rather, it will widen.” In the decades since Drucker’s sage prediction, “an entire generation of socially responsible consumers, Millennials, has been born and is coming of age demanding that companies wishing to earn their generation’s loyalty in the marketplace and in the workplace demonstrate support for causes Millennials believe in and prove it with deeds as well as words,” according to scholars Morley Winograd and Michael Hais. In their superb 2014 Brookings Institution essay –“How Millenials Could Upend Wall Street and Corporate America” – Winograd and Hais cite several profound trends involving Corporate Social Responsibility, including: Among Millennials, 84 percent consider a “a company’s involvement in social causes in deciding what to buy or where to shop.” 87.5 percent of Millenni “a

company’s involvement in social causes in deciding what to buy or where to shop.” 87.5 percent of Millennials disagree with the statement that “money is the best measure of success.” Among all American consumers, an overwhelming 89percent said “they would consider switching brands to one associated with a good cause if price and quality were equal.” It’s not just consumers who are demanding socially responsible behavior from Corporate American. Employees also want to know that the people they work for have embraced the philosophy of doing well by doing good. According to past CSR award winner and Pace Business School Dean Neil Braun, a company’s employees generally want to give back to the community in the course of their work. A strong commitment to CSR can be enormously helpful to a firm with recruitment, retention and morale – especially among Millennials. As Braun said, “Many of our students want to feel good about how they are spending their time … The key is to come up with economic mechanisms within the company to incentivize people to do the right thing.” Another past CSR award-winner, PricewaterhouseCoopers Partner Mitch Roshelle, told us that “When the purpose statement of the company includes giving back to the community, and the purpose statement of the individual includes giving back to the community, that alignment leads to a much more rewarding experience for both employee and employer. “Millennials, for example, are much more accustomed to volunteering their time than writing a check. If you Roschelle explains that it’s not merely a question of retaining good employees and improving morale. When a company creates opportunities for its employees to give back, it adds a dimension to their experience within the organization – one that is more important to more workers than ever before. In other words, along with being the right thing to do, CSR is the smart thing to do – especially when it comes to a company’s customers and employees.

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Leumi is a proud sponsor of City & State Reports and congratulates the 2015 Corporate Social Leumi Leumi Leumi Leumi is aisisproud aaisproud proud a proud sponsor sponsor sponsor sponsor of of ofCity of City &City State &&State State & State Reports Reports Reports Reports and and congratulates and congratulates congratulates congratulates thethe the 2015 the 2015 2015 2015 Corporate Corporate Corporate Corporate Social Social Social Social Responsibility honorees for their contribution toand the Banking, Finance &2015 Insurance industries. Leumi is a proud sponsor ofCity City & State Reports and congratulates the Corporate Social Responsibility Responsibility Responsibility Responsibility honorees honorees honorees honorees forfor for their for their their contribution their contribution contribution contribution to to the tothe to the Banking, the Banking, Banking, Banking, Finance Finance Finance Finance & Insurance &&Insurance Insurance & Insurance industries. industries. industries. industries. We admire yourhonorees dedication thecontribution city of New York and the contributions you make.industries. Responsibility forto their to the Banking, Finance & Insurance We We We admire We admire admire admire your your your dedication your dedication dedication dedication to to the tothe to the city the city city ofcity of New ofNew of New York New York York and York and and the and the the contributions the contributions contributions contributions you you you make. you make. make. make. We admire your dedication to the city of New York and the contributions you make.

Congratulations Congratulations Congratulations Congratulations Congratulations toto to all to all all the all the the the honorees: honorees: honorees: honorees: to the honorees: to all the honorees:

Christina Christina Christina Christina M. M. Alfonso Alfonso M. Alfonso Alfonso Ellen Ellen Ellen Ellen Melchionni Melchionni Melchionni Melchionni Ellen Melchionni Christina M.M. Alfonso Keith Keith Keith Mestrich Mestrich Mestrich Mestrich Corey Corey Corey Corey Fernandes Fernandes Fernandes Keith Mestrich Corey Fernandes Ellen Melchionni Christina M.Fernandes Alfonso Keith Patsy Patsy Patsy Sciutto-Doerr Sciutto-Doerr Sciutto-Doerr Sciutto-Doerr Leslie Leslie Leslie Leslie Godridge Godridge Godridge Godridge Patsy Leslie Godridge Patsy Mestrich Sciutto-Doerr Keith Corey Fernandes Alfred Alfred Alfred Alfred Griffin Griffin Griffin Griffin Edward Edward Edward Edward Skyler Skyler Skyler Skyler Edward Skyler AlfredGodridge Griffin Leslie Patsy Sciutto-Doerr Stephanie Stephanie Stephanie Stephanie Thomas Thomas Thomas Thomas Patti Patti Patti Harris Patti Harris Harris Harris Patti Harris Stephanie Thomas Edward Skyler Alfred Griffin Cathy Cathy Cathy Cathy Weatherford Weatherford Weatherford Weatherford Peter Peter Peter Peter Hong Hong Hong Hong Cathy Weatherford Peter Hong Patti Harris Stephanie Thomas Thomas Thomas Thomas Thomas Workman Workman Workman Workman Judi Judi Judi Kende Judi Kende Kende Kende Thomas Workman Judi Kende Cathy Weatherford Peter Hong Thomas Workman Judi Kende

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anelists discuss corporate social responsibility in the law, consulting and business service sector. From left to right: Marc Landis, Managing Partner of Phillips Nizer LLP ( receiving award for Distinguished Achievement in Legal & Community Service); David Birdsell, Dean of Baruch School of Public Affairs; Eric Mower, Chairman & CEO of Eric Mower + Associates; Angela Spencer-James, Tax Principal, Ernst & Young and William C. Silverman , Shareholder at Greenberg Traurig, LLP (receiving award for Special Leadership Award for All-Around Excellence in Corporate Social Responsibility & the Law)

DAVID BIRDSELL, Dean of the Baruch College School of Public Affairs makes welcoming remarks to attendees CHRISTOPHER Oâ&#x20AC;&#x2122;HARA Partner at Colleran Oâ&#x20AC;&#x2122;Hara & Mills receives award for Excellence in the Promotion of Workplace Equity & General Corporate Ethics

JACK RAINEY, Senior Vice President of TD Bank announces first series of award presentations JOHNY CAVALIERO, Managing Director for Accenture receives award for Excellence in the Promotion of Customer Service & Transparency for New York City Government

JUDITH GALLENT, Partner & Head of Land Use Team at Bryan Cave receives award for Distinguished Service in the Promotion of Educational & Non-Profit Institutions ARTHUR AIDALA, New York criminal defense lawyer and legal analyst on Fox News Channel was the emcee for the program

Congratulations to all of the honorees whose hard work, dedication and selfless efforts set an example for all New Yorkers. Kasirer Consulting salutes their well-deserved honor and recognition.

SURI KASIRER JULIE GREENBERG OMAR ALVARELLOS CYNTHIA DAMES ASHLEY DENNIS TRACY FLETCHER TYESA GALLOWAY JASON GOLDMAN SAMANTHA JONES MICHAEL KREVET PETER KROKONDELAS SHANE MYERS

Please visit our new home on the web: www.kasirerconsulting.nyc 321 Broadway, Ste 201, New York, NY 10007 Tel: (212) 285-1800 Email: info@kasirerconsulting.nyc

JERVONNE SINGLETARY

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JEFFREY PLAUT, JEFREY POLLOCK & JON SILVAN, Founding Partners of Global Strategy Group receive award for Distinguished Corporate Achievement in Education, Philanthropy & Community Service

PETER NEGER, Partner at Morgan Lewis receives award for Outstanding Leadership in the Promotion of Education & Public Service throughout the New York Region KENNETH BIALKIN, Partner at Skadden, Arps, Megher & Flom receives the Chairman’s Award

ERIC MOWER, Senior Vice President of TD Bank announces first series of award presentations STACY SLATER, Senior Vice President of TD Bank announces first series of award presentations

RICHARD N. FOSTER, Director Emeritus for McKinsey & Company receives the Lifetime Achievement Award NEIL S. BRAUN, Dean of Pace University’s Lubin School of Business receives award for Outstanding Achievement in Promoting Environmental Sustainability through Education & Applied Management

AlliedBarton AlliedBartonSecurity SecurityServices Servicesisisa aproud proudsponsor sponsorofofCity City& &State StateReports Reports Security Services is a proud sponsor of City & State Reports AlliedBarton Services is a proud sponsor of City & State Reports and andCongratulates Congratulates the theBanking, Banking, Asset Asset Management Management &&&Insurance Insurance AlliedBarton AlliedBarton Security Security Services Services is is a a proud proud sponsor sponsor of of City City & State State Reports Reports and Congratulates the Banking, Management &&Insurance Banking,Asset Asset Management Insurance Corporate Corporate Responsibility Responsibility Awards Awards Recipients Recipients and andCongratulates Congratulates the the Banking, Banking, Asset Asset Management Management & & Insurance Insurance Corporate Responsibility Responsibility Awards Awards Recipients Recipients Corporate CorporateResponsibility ResponsibilityAwards AwardsRecipients Recipients 212.328.0209 212.328.0209| www.AlliedBarton.com/NewYork | www.AlliedBarton.com/NewYork 212.328.0209 | www.AlliedBarton.com/NewYork www.AlliedBarton.com/NewYork 212.328.0209 212.328.0209| www.AlliedBarton.com/NewYork | www.AlliedBarton.com/NewYork

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WHY WE NEED DIVERSITY IN THE BOARDROOM by THOMAS DINAPOLI, New York State Comptroller

oo many boardrooms across corporate America are in a sad state of status quo, homogenized into the kind of groupthink that can stifle innovation and damage their reputations. The lack of gender and racial diversity in corporate boardrooms is why the New York State Common Retirement Fund joined with the Thirty Percent Coalition in 2012 to focus attention on more than 40 S&P 500 companies that did not have women on their boards of directors. We expanded that list to include companies in the Russell 1000. That list included some of the most recognizable brand names of American commerce. According to research by Equilar, just 18 percent of board seats at S&P 500 companies were filled by women in 2014. This falls to 14.9 percent when looking at the S&P Mid-Cap 400 and drops further to 11.7 percent when looking at the S&P Small-Cap 600. This disparity persists despite the growing body of research, by Credit Suisse and others, which demonstrates that companies with female board directors perform better than those with none. We need change in the boardroom. When we see a company that has few or no women on its board we have to ask questions. Weâ&#x20AC;&#x2122;re not only

concerned with the companyâ&#x20AC;&#x2122;s reputation, but with its ability to innovate and compete in an increasingly global marketplace. Fortunately, weâ&#x20AC;&#x2122;re building momentum as more corporations wake up to the value of diversity. As investors we believe this is part of good governance and a sign of a well-functioning board. Our Common Retirement Fund has led investor coalitions that have persuaded 12 major portfolio companies to diversify in the past few years, including eBay, Urban Outfitters and Monster Beverage in 2015. These companies have already added 11 diverse directors. When we reach out to portfolio companies we ask them to consider adopting formal language in their nominating committee charters and seek out diversity by gender and race when nominating board candidates. This year, we broke new ground by expanding that request to include sexual orientation and gender identity. Two companies, Monster Beverage and the homebuilder Standard Pacific Corp., agreed, and added sexual orientation and gender identity to the diversity considerations in their board director nominating charters. Standard Pacific Corp. is likely the first to ever formally adopt this diversity commitment. We expect to see more companies follow this new precedent and include sexual orientation and gender identity in their diversity considerations in the years ahead. It is difficult to understand why a corporation would risk alienating its customers or its shareholders by allowing its boardroom to be perceived as the exclusive domain of one gender and one race. It is frustrating that the boards that persist in resisting diversity are missing out on some of the greatest talent available to them. Companies across our portfolio have a lot of work to do. State legislation is being considered that would require companies seeking business with New York to disclose the number and percentage of their female directors and executives and their plans to increase gender diversity on their boards. If it becomes law, it will put corporations large and small on notice that New York is concerned about equity in business. Philadelphia has already adopted similar legislation. Additionally, nations including Germany, Australia and France are insisting on either increased diversity from

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publicly traded companies or disclosure of board compoManhattan Tower sition. Diversity in the boardroom can improve performance, and at the end of the day our top priority is to provide a good return on investment and a secure retirement for the 1.1 million members of the New York State and Local Retirement System. Corporations that put our returns at risk are going to hear from us. New York State Comptroller Thomas P. DiNapoli is trustee of the $183.5 billion New York State Common Retirement Fund.

HOLD INDIVIDUALS ACCOUNTABLE ON WALL STREET by BENJAMIN LAWSKY

here is still an accountability gap on Wall Street. It has been more than seven years since the 2008 financial crash. Yet, in the wake of the worst financial crisis since the Great Depression, we are still dealing with the same type of reckless and often illegal conduct that triggered a massive economic meltdown. We have continued to see a parade of wrongdoing—

from foreclosure fraud to foreign exchange manipulation to tax evasion to money laundering. Unfortunately, the list goes on. That raises a vital question: Why are some employees on Wall Street so prone to wrongdoing—especially after misconduct in the financial markets contributed to pushing the economy off the cliff? What exactly are we doing wrong as regulators and prosecutors? Some evidence may be found in a recent report released last month entitled “The Street, the Bull and the Crisis.” The report’s authors surveyed more than 1,200 financial services professionals in the United States and United Kingdom. The report’s findings are alarming. Despite the fines, regulatory reforms and legislative actions that followed the 2008 collapse, the report says “a culture of integrity has failed to take hold” in financial services. Nearly a quarter of those surveyed “believe it is likely that fellow employees have engaged in illegal or unethical activity in order to gain an edge.” Nearly 1 in 5 people questioned said they believe professionals must sometimes act illegally or unethically to be successful. More than a quarter disputed the notion that the client’s interests come first. In other words, there is a far too prevalent view that people on Wall Street need to cheat to get ahead. What’s worse, if bankers look at a number of the recent financial settlements with big financial institutions, they are likely to believe that even if they get caught cheating they will face little to no personal consequences. Indeed, we almost always see bank settlements where a There is still an accountability gap on Wall Street. It has been more than seven years since the 2008 financial crash. Yet, in the wake of the worst financial crisis since the Great Depression, we are still dealing with the same type of reckless and often illegal conduct that triggered a massive economic meltdown. We have continued to see a parade of wrongdoing— from foreclosure fraud to foreign exchange manipulation to tax evasion to money laundering. Unfortunately, the list goes on. That raises a vital question: Why are some employees on Wall Street so prone to wrongdoing—especially after misconduct in the financial markets contributed to pushing the economy off the cliff? What exactly are we doing

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wrong as regulators and prosecutors? Some evidence may be found in a recent report released last month entitled “The Street, the Bull and the Crisis.” The report’s authors surveyed more than 1,200 financial services professionals in the United States and United Kingdom. The report’s findings are alarming. Despite the fines, regulatory reforms and legislative actions that followed the 2008 collapse, the report says “a culture of integrity has failed to take hold” in financial services. Nearly a quarter of those surveyed “believe it is likely that fellow employees have engaged in illegal or unethical activity in order to gain an edge.” Nearly 1 in 5 people questioned said they believe professionals must sometimes act illegally or unethically to be successful. More than a quarter disputed the notion that the client’s interests come first. In other words, there is a far too prevalent view that people on Wall Street need to cheat to get ahead. What’s worse, if bankers look at a number of the recent financial settlements with big financial institutions, they are likely to believe that even if they get caught cheating they will face little to no personal consequences. Indeed, we almost always see bank settlements where a corporation writes a big check to the government without any individual Wall Street executives held to account. Real deterrence of future wrongdoing has to mean more than just “corporate” accountability. It is a little odd when we say that “a corporation has broken the law” or “a corporation engaged in misconduct.” A corporation is a legal fiction. Corporations are made up of people and when there is wrongdoing at an organization, that wrongdoing is caused by people. Penalties imposed at the corporate level are an important and necessary tool in a regulator’s enforcement tool belt, especially as it relates to organizationwide failures of oversight or compliance. But we need to go further. Regulators—and society as a whole—must insist on individual accountability, not just corporate accountability. We need to find and penalize the individuals within an organization who are responsible for purposefully skirting rules and breaking laws. Greater individual accountability means that culpable individuals should face real consequences. That may mean suspensions, firings, bonus clawbacks and other types of

sanctions. In the most serious cases, bankers should also face the possibility of criminal prosecution and prison. While DFS does not have authority to bring criminal prosecutions, it has taken a number of actions to expose and penalize misconduct by individual senior executives— including all the way up to the C-suite, when appropriate. For example, DFS required the chief operating officer of France’s largest bank, BNP Paribas, and the chairman of one of the United States’ largest mortgage companies, Ocwen Financial, to step down as part of enforcement actions brought against those companies. Ultimately, we believe that a greater focus on individual accountability is actually good for Wall Street over the long term.Despite that seemingly dark picture of corporate social responsibility on Wall Street, it is unfair to paint with an overly broad brush. Big financial settlements grab dramatic headlines, but most corporations play by the rules, and most of the people in the financial markets are ethical professionals who work hard to serve their customers. The question we need to address is how to protect consumers, investors and honest organizations by weeding out bad actors and incentivizing more ethical behavior throughout the world of financial services. It is important to remember that “Wall Street”—besides being a physical address in lower Manhattan—is a group of thousands and thousands of individual people going about their everyday lives and trying to support their families. And the work they do is vital to New York’s economy. When you focus more on deterring individuals, we stop sending the message to the world that an entire bank is bad or that the entire financial industry is bad. When bad things happen at banks, it is because some person or persons decided that it was worth it for them to commit a bad act. Of course, when you are talking about an employee’s reputation, career or even personal liberty, we have to have a very high degree of confidence that we have our facts right, and the action we are taking is just and fair. But we believe the only serious way to expose—and hopefully deter—bad conduct is for regulators, prosecutors, market actors and our society to insist on a culture where individuals are held accountable. Benjamin Lawsky is New York State’s superintendent of financial services.

The Insured Retirement Institute is proud to celebrate the leadership and vision of our President & CEO, Catherine Weatherford, as she receives City & State Reportsâ&#x20AC;&#x2122; 2015 Corporate Social Responsibility Award for Distinguished Service in Promoting Sustainable Finance & Consumer Education for Retirees.

IRI also salutes our members for their unwavering commitment to helping more Americans create a secure and dignified retirement. Â www.IRIonline.org www.RetireOnYourTerms.org

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CHRISTINA M. ALFONSO FOUNDER & CEO MEDEIRA GLOBAL

Pioneer Award for Distinguished Achievement in Impact Investing

paradigm shift may be taking place in the global investment landscape. More than ever before, private capital is being deployed to companies pursuing social or environmental objectives, while also seeking healthy financial returns. “Impact investment is about arming private investors with the power to inject their capital into businesses that are making the most difference,” said Christina Alfonso, Founder and CEO of Madeira Global, a strategic advisory and quantitative analytics firm serving alternative asset managers in the area of impact investing. As the 21st century progresses, Alfonso believes, high-net-worth

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individuals will increasingly look to support market-based solutions to global problems that philanthropy and government have been unable to address. Market polling suggests that, more than previous generations, Millennials have a significant appetite for this brand of values-based investing. “Older generations felt there was no substitute for hard work,” said Alfonso, explaining the traditional wealth model. “They earned their wealth and gave it away, in the end, through philanthropic endeavors.” The digital revolution, meanwhile, has given a new generation of investors access to unprecedented quantities of information. From climate change to widening income inequality, Millennials will inherit many social and environmental challenges. It will also inherit the largest wealth transfer in history—upwards of $40 trillion, according to estimates. Many of these individuals not only want to make money on their investments. They want to make a difference. Which explains the growing interest in impact investing. According to Alfonso, if the financial returns are similar, these investors will gravitate toward companies that deliver a proven social value. “Since the beginning of time, investment decisions have been entirely driven by financial return expectations,” she said. “We’re trying to add a second dimension: ESG analytics.” The three letters stand for Environmental, Social and Governance. By quantifying those qualitative elements, Alfonso believes her data sets can drive investment dollars toward

the most socially impactful enterprises. Madeira works with alternative asset managers to filter their portfolios for the investments that produce the most profound results, socially and financially. In recent years, several high-profile investors, including Prudential, the Rockefeller Foundation, have committed to bringing their investment portfolios in closer alignment with the stated values of their organizations.

“It’s about the left hand talking to the right to create a values-based approach to investing,” Alfonso said. “Impact investors are not looking to replace philanthropy, but they can certainly compliment it. In areas where philanthropy has proven to be ineffective, impact investing can come forward as an effective, for-profit, socially oriented alternative.”

1 8 0 0 AT TO R N E YS | 37 LO CATI O N S WO R L DW I D E˚

We join in recognizing the 2015 Corporate Social Responsibility honorees for their outstanding work in New York’s Banking, Finance and Insurance Sectors. At Greenberg Traurig we share your dedication to the citizens of New York City and the commitment to uphold the principles that make New York a beautiful city to live and work.

CONG R ATU LAT IO N S ! Christina M. Alfonso Corey Fernandes Patti Harris

Peter Hong Judi Kende Ellen Melchionni

Keith Mestrich Patsy Sciutto-Doerr Ed Skyler

Stephanie Thomas Cathy Weatherford Thomas Workman

The breadth and depth of our experience in the banking, finance and insurance industries positions us to collaborate across practices to deliver the quality legal services that clients require in today’s world. Our team of attorneys, including former in-house counsels, bankers and government attorneys, focus on a variety of complimentary disciplines composed of insurance regulatory, tax, corporate finance and securities, securitization and structured finance, litigation, real estate, health care and governmental affairs. Corporate Finance: Alan Annex | Nancy Mitchell Financial Services Litigation: Michael Berlin | Richard Edlin Financial Regulatory and Compliance: Carl Fornaris | Will Mack Insurance Regulatory and Compliance: Harold Iselin | Michael Murphy Government Law & Policy: John Mascialino | Ed Wallace | Robert Harding GREENBERG TRAURIG, LLP | METLIFE BUILDING | 200 PARK AVENUE | NEW YORK, NY 10166 | 212.801.9200

GREENBERG TRAURIG, LLP | ATTORNEYS AT LAW | WWW.GTLAW.COM Greenberg Traurig is a service mark and trade name of Greenberg Traurig, LLP and Greenberg Traurig, P.A. ©2015 Greenberg Traurig, LLP. Attorneys at Law. All rights reserved. Contact: Ed Wallace, John Mascialino in New York at 212.801.9200. °These numbers are subject to fluctuation. 25664

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AUDREY CHOI CEO

MORGAN STANLEY’S INSTITUTE FOR SUSTAINABLE INVESTING

Outstanding Achievement in Sustainable Investing & Community Development

udrey Choi is CEO of Morgan Stanley’s Institute for Sustainable Investing. She is also Managing Director and Head of Morgan Stanley’s Global Sustainable Finance Group. In these roles, she oversees the firm’s efforts to support resilient communities and promote economic opportunity and global sustainability through the capital markets. In a career spanning the public, private and nonprofit sectors, Audrey has become a thought leader on how finance can be harnessed to address public policy challenges. Prior to joining Morgan Stanley, Audrey held senior policy positions in the Clinton Administration, the Commerce Department and the Federal

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Communications Commission. While at the White House, she served as Chief of Staff of the Council of Economic Advisers and Domestic Policy Advisor to the Vice President. Previously, Audrey was a foreign correspondent and bureau chief at The Wall Street Journal. She is currently a member of President Obama’s US Community Development Advisory Board and on the boards of several national nonprofits focused on education, conservation and impact investing. Audrey is a graduate of Harvard College and Harvard Business School.

About Morgan Stanley Institute for Sustainable Investing: The Institute builds on Morgan Stanley’s ongoing work to advance market-based solutions to economic, social and environmental challenges, operating from the foundational principle that sustainable investment can only achieve significant scale by attracting a broad range of private sector capital. Through product innovation, thought leadership and scholarship aimed at expanding opportunities for sustainable investing, the Institute seeks to drive capital toward investments promoting sustainable economic growth. The Institute for Sustainable Investing pursues three focus areas: financial products and solutions that enable clients to invest in sustainability-focused strategies seeking risk-adjusted financial returns; groundbreaking thought leadership that will help mobilize capital toward sustainable investing opportunities; and strategic partnerships with the public, private and nonprofit sectors designed to build capacity and best practices within the field of scalable sustainable investing.

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and many other thought leaders, industry and many other thought leaders, industry experts, philanthropists and entrepreneurs. experts, philanthropists and entrepreneurs. andand many many other other thought thought leaders, leaders, industry industry experts, experts, philanthropists philanthropists andand entrepreneurs. entrepreneurs.

ForFor more information on on the the Ducere Global Faculty contact jordani@ducere.co more information Ducere Global Faculty contact jordani@ducere.co For For more more information information on the on the Ducere Ducere Global Global Faculty Faculty contact contact jordani@ducere.co jordani@ducere.co

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C I T Y & S TAT E R E P O R T

COREY FERNANDES VICE PRESIDENT – BUSINESS DEVELOPMENT & MEMBER RELATIONS MUNICIPAL CREDIT UNION

Excellence in Promoting Community Engagement & Philanthropy Distinguished Achievement in Impact Investing

orey Fernandes began his career at the Municipal Credit Union (MCU) as a Loan Originator in the Mortgage Department. Helping prospective homeowners address issues like credit repair on their way to realizing, as he put it, the “American Dream,” was a gratifying way to spend his time. As Vice President of Business Development & Member Relations, Fernandes now spearheads the credit union’s community outreach campaign, where he continues to develop new ways to help lift communities up. “We’re a not-for-profit institution.

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We don’t have customers,” Fernandes said, “We have members. That’s our philosophy—and it impacts everything we do.” Fernandes has played a central role in the success of “Financially Fit,” a flagship MCU program designed to offset the dearth of financial education in the school system. The programs offer individualized and group workshops on personal finance, the ways credit can impact life decisions, the basics of sound budgeting, and the perils of identify theft. “A financial institution has to be a place of learning,” Fernandes said. “If we’re going to handle their money, we have a responsibility to ensure that our members—and prospective members—are in the best position to make the right decisions.” As part of their community outreach efforts, Fernandes and MCU have displayed a strong commitment to the youth of New York. In partnership with the Department of Education, the City University of New York, and the Daily News, MCU sponsored the “Build a Better School Contest,” where students created three-minute videos highlighting a particular need in their school. From a pool of 61 schools, MCU awarded four finalists $5,000 each. The grand-prize winner, School by the Sea in Far Rockaway, Queens, was awarded $10,000 – which was matched by the United Federation of Teachers – to rebuild classrooms destroyed by Superstorm Sandy. Plans are currently underway to make the contest an annual event. Fernandes has also collaborated with the New York Police Department to distribute 1,400 turkeys

on Thanksgiving to families in need. MCU also paid a visit to the American Cancer Society’s Hope Lodge, where Fernandes and his team prepared dinner for it patients.

“It’s a tremendously rewarding experience to visit folks who are away from their families and make it feel a little bit like home for them.” In collaboration with government, labor and media partners, Fernandes has also helped organize “Youth Empowerment Day”—a full slate of activities for hundreds of students from all five boroughs featuring panel discussions and radio and television personalities as guest speakers. The event also includes a dance contest for students—and teachers. Said Fernandez, “It was a lot of fun. More importantly, it was about lifting up people and their communities. That’s what we do.”

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from a young age. Godridge’s passion for philanthropy started early. As a student at NYU’s Stern School of Business, she was struck by the city’s stark social inequalities.

“I had never seen so many people in need,” she said. “I felt an immediate sense that, if I was going to live and work here, I had to get involved.”

LESLIE V. GODRIDGE EXECUTIVE VICE PRESIDENT & HEAD OF NATIONAL CORPORATE SPECIALIZED INDUSTRIES & GLOBAL TREASURY MANAGEMENT U.S. BANK

Special Award for Excellence in Promoting Financial & Entrepreneurial Skills or New York’s School children

rowing up in the tight-knit community of Plymouth, Massachusetts, Leslie Godridge didn’t have much exposure to the world of big business. The largest company she worked for was her grandfather’s grocery store. Today, U.S. Bank’s Executive VP is considered one of the 15 most powerful women in banking, according to American Banker. Not forgetting her own past, Godridge has used her commanding position to give children an opportunity she never had by exposing them to the world of business

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As Godridge’s career in banking took off, she joined numerous philanthropic boards, contributing her financial expertise to such groups as the Museum of the City of New York and Junior Achievement of New York (JANY). For Godridge, JANY – a group that promotes entrepreneurism – is a particularly good fit, providing her an opportunity to combine her business savvy with her social concern. “With both the dropout rate and the poverty rate in New York City being what they are, the work that JANY is doing is crucial,” she said.

“They help students stay engaged in school & open them up to a world they may not have access to in their immediate surroundings. I’m trying to help grow the organization and help increase its reach in order to touch the lives of as many New York City children as possible.”

At U.S. Bank, where Godridge runs its National Corporate Specialized Industries & Global Treasury Management Division, she found an institution that echoed her own social values and belief in the importance of childhood education. “U.S. Bank is a special organization,” she said. “We consider ourselves a very philanthropic bank. Community engagement is something we want all of our employees, regardless of seniority, to be involved in.” To back that pledge, the bank gives employees up to sixteen hours per year for volunteer opportunities. Godridge is especially proud of a JANY program at U.S. Bank she helped start that brings students directly into the bank’s midtown offices. Under the traditional model, JANY volunteers typically teach children financial skills in a classroom. Godridge’s program brings students into the bank, where they can see first-hand the company’s true inner workings. “Students come into the bank,” she said. “Often they’ve never been in a professional environment before. We offer them exposure. And that’s very gratifying because it introduces these young people to a whole new world of opportunities.”

CONGRATULATIONS TO KEITH MESTRICH! For nearly a century, Amalgamated Bank has held fast to the values on which it was founded: aďŹ&#x20AC;ordable and accessible banking for all. We are proud to stand today with a champion of banking integrity, workersâ&#x20AC;&#x2122; rights, and progressive causes. SKDKnickerbocker salutes Keith and the bank he leads by example.

C I T Y & S TAT E R E P O R T

ALFRED GRIFFIN PRESIDENT NY GREEN BANK

Outstanding Achievement for Innovative Financing of Clean Energy in New York State

ew York is not Washington. While the nation’s political capital continues to debate climate change, the Empire State – in the aftermath of Superstorm Sandy – is taking action. One of those action steps is the Cuomo Administration’s $1 billion New York Green Bank initiative, designed to leverage many billions more in clean energy investments from the financial marketplace. Consider it a state-of-the-art mechanism aimed at getting the best from both the public and private sectors. Alfred Griffin, President of New York Green Bank, will be the first to admit: “We’re not going to get done what we need to with public-sector capital alone.”

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Griffin’s message to his private-sector counterparts is that clean energy isn’t just good for the environment. It’s good for the bottom line. Very good. In New York alone, the market for clean energy will swell to an estimated $85 billion over the coming decade. Griffin’s mission is to deploy his $1 billion with surgical skill so that it spurs smart private energy investments across the state. NY Green Bank is a critical component of Gov. Cuomo’s overhaul of the state’s energy system, known as Reforming the Energy Vision (REV). “Whatever we undertake must have the potential for transforming the marketplace,” Griffin explained. “That means if our resources are needed in order to attract private capital in a particular transaction, we’ll have a plan in mind so NY Green Bank won’t be needed the next time that kind of transaction turns up.” In evaluating energy financing proposals, Griffin must take into account their viability from a credit standpoint in addition to their carbon impact within the state. Each transaction should lead to greater scale in the marketplace, and draw in third-party capital so bank resources can be redeployed to fill other market gaps. The bank may provide some form of guarantee in support of third-party funding, or serve as a portfolio lender, allowing proven business models to grow to scale while enticing private investors eventually to take over the portfolio. “What we seek to do is accelerate. I think the markets will ultimately get there,” Griffin said, “but the ability to accelerate can be highly impactful.”

Prior to joining NY Green Bank, Griffin spent 17 years at Citigroup, where he specialized in structured finance, and worked with transaction types where the bank had no offthe-shelf solutions. In the process, he also became familiar with barriers to the green energy market. As a result, his presence at the helm of NY Green Bank has reassured investors.

“Clean energy is an enormous opportunity, and there is going to be a tremendous need for capital. NY Green Bank wants to show it’s worthwhile for the banking community to come up to speed in these asset classes.”

Municipal Credit Union

Congratulates

Corporate Social Responsibility Honorees

SPECIAL CONGRATULATIONS TO OUR OWN COREY FERNANDES, VICE PRESIDENT BUSINESS DEVELOPMENT & MEMBER RELATIONS

Board of Directors Hon. Sylvia G. Ash, Chairman James Durrah, 1st Vice Chair C. Richard Wagner, 2nd Vice Chair Loretta Y. Jones, 3rd Vice Chair S. Nana Osei-Bonsu, Treasurer Shirley G. Jenkins, Secretary

Mario Matos, Jr., Asst. Treasurer Caroll Duncanson, Asst. Secretary Mark S. Brantley, Esq., Director Tessa I. Hackett-Vieira, Director Beryl Major, Director Joy S. Schwartz, Esq., Director Thomas E. Diana, Director Emeritus

Kam Wong, President/CEO

Supervisory Committee Giovanni Porcelli, Chairman Karen Lucas, Secretary Almeta Coaxum, Member

Joseph Guagliardo, Member Cheryl Wright, Member

Municipal Credit Union offers a full range of financial services to Government, Health Care and Education employees. For more information contact Business

Development at 212-238-3420 or visit us at nymcu.org.

Federally Insured by NCUA

C I T Y & S TAT E R E P O R T

PATRICIA E. HARRIS CEO BLOOMBERG PHILANTHROPIES

Lifetime Achievement Award

ollowing a dazzling career in public service, Patricia Harris has seamlessly transitioned from her position as New York City’s First Deputy Mayor to CEO of Bloomberg Philanthropies, turning the organization into a potent force in the world of charity. Founded in 2006, the $5 billion-plus institution distributed a staggering $462 million in 2014 alone. One could say Harris herself is an institution, ranked by Forbes as one of the world’s one hundred most powerful women. Starting as a congressional intern, Harris soon found herself working in city hall after her boss, Ed Koch, won the 1977 mayoral race. “It was there where I learned the power philanthropy could have–especially when it linked up with government,”

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she said. Years later, another future mayor, Michael Bloomberg, hired her at Bloomberg LP, where she quickly expanded the company’s philanthropic program into a major force in New York City. Harris then joined Bloomberg as his Deputy Mayor in 2002. As Bloomberg’s closest aid and touchstone, Harris made sure the wheels of government turned with precision as the administration achieved game-changing reforms in education, public health and urban planning. Harris also served as Chair of the Mayor’s Fund to Advance New York City, raising nearly $400 million for public-private partnerships, including more than $60 million for Hurricane Sandy relief.

“Government works to improve quality of life through public policies and services, while philanthropy provides seed support for promising ideas that have the potential to make a real and measurable difference.” Harris is especially proud of the Bloomberg Administration’s success in reducing tobacco use, a massive health initiative she helped start at city hall and has continued to promote while at Bloomberg Philanthropies. The work has paid off: The life expectancy of New Yorkers increased by more than three years between 2002 and 2012. Bloomberg Philanthropies now helps cities around the world embrace the best practices that Harris and others pioneered in

New York. Another Harris-led initiative is the Bloomberg Philanthropies Public Art Challenge. Under the program, cities compete for up to $1 million to fund temporary public art projects that hold the promise of boosting the local economy and enhancing the life of the city. “As we’ve seen in New York City, public art in urban areas not only transforms urban landscapes, it can stimulate a range of powerful civic benefits,” said Harris, noting that the winners will be announced in the coming weeks. She hopes cities will use New York as a model for their own projects and “begin to see art as a powerful tool to take on critical quality-of-life issues.” Harris sees the worlds of public service and philanthropy as two sides of the same coin. “Government works to improve quality of life through public policies and services, while philanthropy provides seed support for promising ideas that have the potential to make a real and measurable difference.” With Harris at the helm, Bloomberg Philanthropies is doing just that – fostering cutting-edge public-private partnerships, and, in the process, spurring governments around the world to innovate for the benefit of their citizens.

Congratulations Our Congratulations to Leslie V. Godridge

EVP & Head of National Corporate Specialized Industries & Global Treasury Management On being named City & State Reports’ 2015 Corporate Social Responsibility Award honoree for Excellence in Promoting Financial & Entrepreneurial Skills for New York’s Schoolchildren. Your corporate and social leadership are an inspiration to us all. We’re proud to be associated with you. Your friends and colleagues at U.S. Bank Our best wishes are extended to all of this year’s honorees.

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PETER HONG VICE PRESIDENT & TREASURER ALCOE

Outstanding Leadership Award for Contributions to Education & Community Service

eter Hong was first introduced to City Year through the Alcoa Foundation, which, over the past decade, has sponsored that organization’s work in two South Bronx public schools. Hong, Vice President and Treasurer of Alcoa, was instantly inspired. Over time, his involvement with the New York branch of the nonprofit deepened. Eventually, he joined its Board of Directors. A sad fact: 12.5 percent of U.S. high schools account for half the nation’s dropouts. It’s another indicator of how socioeconomic adversity and geography overlap. To assist communities in need, City Year enlists a corps of young volunteers, most of whom are recent graduates, to

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work with children in elementary and middle schools. “By helping youngsters develop good study habits, and providing them with healthy after-school environments, we find we can lift high-school graduation rates,” Hong explained. As a board member, Hong provides guidance to the group’s executive staff and, in the past year, chaired the fundraising committee for City Year’s annual gala. “It was a lot of fun,” Hong recalled. “When you learn what the program is about—bringing in young adults to do a year of service—it’s a very compelling message. It’s an easy sell to potential sponsors.”

“I try to give a little back because I have been the fortunate recipient of what others have done for me.” Since its creation 63 years ago, the Alcoa Foundation has dispersed more than $600 million to charitable endeavors around the globe. Last year alone it contributed more than $22 million to nonprofits. The Foundation—one of the largest of its kind in the world—is particularly generous when it comes to promoting sustainability and STEM programs. “It’s consistent with the culture of Alcoa, where environmental awareness and recycling are so important,” said Hong. A global leader in lightweight metals technology, engineering and manufacturing, Alcoa has been included in the Dow Jones Sustainability Index

13 consecutive years. Last year, its employees took part in more than a thousand volunteer events in 24 different countries. In addition to City Year New York, Hong sits on the Board of Green City Force, a nonprofit that engages youth from low-income communities in activities aimed at protecting the environment. He also gives back to his alma mater, Northwestern University, by serving on its New Jersey Admissions Council. For Hong, it’s another opportunity to mentor young people and help them achieve their life goals. “I came from a humble background, and through hard work and the encouragement of others, I’ve been able to do very well in business,” Hong said. “I try to give a little back because I have been the fortunate recipient of what others have done for me.”

Congratulates City & State Corporate Social Responsibility Award Recipient

CBC Chairman Ed Skyler Addresses CBCâ&#x20AC;&#x2122;s 83rd Annual Dinner

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JUDI KENDE VICE PRESIDENT & NEW YORK MARKET LEADER ENTERPRISE COMMUNITY PARTNERS

Excellence in Promoting & Financing Sustainable & Affordable Housing in New York

o one would dispute that housing ranks among the most basic of human needs. Those who lack a stable roof over their heads are more likely to struggle with work, school, health, and virtually every other facet of life. And yet, more than 50,000 New Yorkers—and 22,000 children— sleep in city shelters on any given night. Hundreds of thousands more carry unsustainable rent burdens. “Housing is that first rung on the ladder of opportunity,” said Judi Kende, Vice President and New York Market Leader of Enterprise Community Partners, one of the nation’s preeminent affordable housing organizations.

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To help achieve its goal of ending housing insecurity within a generation, Enterprise has invested in 49,000 units of affordable housing in New York City. In addition to funding practical, on-the-ground expertise needed to deliver capital to affordable housing, revenues from those investments help support the organization’s wide range of programmatic work, from placing homeless families in affordable apartments to providing technical assistance retrofitting old buildings. “We think of sustainability as an equity issue,’ said Kende. “And affordable housing should also get the economic savings and health benefits that come with green.”

“If you want to transform the system, you need to be able to advocate for solutions thatwork, and more resources for the sector.” Enterprise’s PartnerPREP program, for instance, offers low and zero-cost green upgrades to aging housing stock whose efficiency has diminished over time. It can save owners up to 25 percent in energy and water utility costs, while bringing added health benefits to residents. Services include inspections, benchmarking, planning and superintendent training. Since joining Enterprise, Kende has significantly bolstered the organization’s policy arm. She has helped restore New York State resources for rental assistance for the homeless and provided city hall with key input

on housing and sustainability policies. “If you want to transform the system,” said Kende, “you need to be able to advocate for solutions that work, and more resources for the sector.” Likewise, for an organization to bring about transformative change beyond its walls, an active commitment to those same guiding principles must be embraced from within as well. Under Kende’s leadership, that moral consistency takes many forms, from encouraging volunteerism to organizing internal discussions on the issues of poverty and housing in the communities Enterprise serves. “We have people from top schools who wouldn’t be working here if they only cared about maximizing their income potential,” Kende explained. “They’re here because they believe in the mission of the organization. That’s why Enterprise has to be emblematic of the work we do, and run the business in a way that’s consistent with the mission.”

Life Insurance Council of New York, Inc.

The Voice Speaking on Behalf of the Life Insurance Industry in New York

The membership, officers, and staff congratulate our own

Thomas E. Workman Recipient of the City & State Corporate Social Responsibility Award for Distinguished Service in Promoting Community Investment & Corporate Volunteerism across New York State

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ELLEN MELCHIONNI PRESIDENT NEW YORK INSURANCE ASSOCIATION

Outstanding Achievement in Promoting Community Engagement throughout New York’s Insurance Industry

nsurers tend to be the modest sort. As Ellen Melchionni sees it, most go about their business, providing safety nets for people in times of need, rarely calling attention to their good deeds. Sometimes, as President of the New York Insurance Association, Melchionne has to take it upon herself to make certain insurers receive their due. “The insurance industry doesn’t get the recognition it deserves,” Melchionni said. “Our members do more than just pay claims. They are there for their policyholders to provide financial security in times of need, but go well beyond in a variety of ways that aren’t always publicized.” Melchionni’s own contributions to

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the insurance industry—and to New York State—go well beyond shining a light on the numerous ways in which insurers strengthen the communities they serve. She’s obsessed with setting high standards for corporate citizenship throughout her industry. Over the years, Melchionni has taken on leadership roles in various trade associations, positions she has used to guide efforts to give back, while at the same time encouraging accountability within the industry. Melchionni currently serves on the Board of Directors of the Insurance Industry Charitable Foundation’s Northeast Division, which supports social causes through volunteer work and grants. Since 2007, the Northeast Division has donated more than $5 million to a wide range of charities. To promote volunteerism on a national scale, the Foundation organizes a “Week of Giving,” in which insurance industry volunteers dedicate time to worthy causes in more than 30 states. One of the state’s most publicly spirited industry leaders, Melchionni also serves as President of the New York Insurance Scholarship Foundation, which helps develop future leaders by providing scholarships for students, in particular those pursuing coursework in insurance or risk management. She has also been Chair of the Empire State Society of Association Executives, which aims to promote high standards in the management of trade, business and nonprofit associations, as well as on the Board of Directors of the New York Alliance Against Insurance Fraud. A former aide in the State Legislature, Melchionni has been a fixture

in the Capital Region of the last two decades, serving as a mentor to many and an example to all. “Young professionals can get consumed in the day-to-day responsibilities of a new job, but as we mature and get comfortable in our roles,” she said, “we become more reflective and seek opportunities to make a difference.”

The City University of New York Congratulates CSR Banking, Finance & Insurance Services and distinguished honorees Edward Skyler, Executive Vice President for Global Public Affairs Citi Patti Harris, CEO Bloomberg Philanthropies Ellen Melchionni, President New York Insurance Association Judi Kende, Vice President & New York Market Leader Enterprise Community Partners Corey Fernandes, Vice President Business Development & Member Relations Municipal Credit Union Keith Mestrich, President and Chief Executive Officer Amalgamated Bank Christina M. Alfonso, Founder & CEO Medeira Global Thomas Workman, President & CEO Life Insurance Council of New York Peter Hong, Vice President & Treasurer Alcoa Cathy Weatherford, President & CEO Insured Retirement Institute Patsy Sciutto-Doerr, Global Head of Diversity & Inclusion and Corporate Responsibility Thomson Reuters Stephanie Thomas Vice President, Community Reinvestment Act & Fair Lending Officer Carver Federal Savings Bank

on the occasion of CSR Banking, Finance & Insurance Services JUNE 11, 2015 BENNO S CHMIDT

CHAIRPERSON, BOARD OF TRUSTEES

1-800-CUNY-YES

JAMES B. MILLIKEN CHANCELLOR

WWW.CUNY.EDU CUNY TV-Channel 75

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KEITH MESTRICH PRESIDENT AND CEO AMALGAMATED BANK

Outstanding Leadership in Corporate Giving, Volunteerism & Consumer Education

e’s no ordinary bank CEO. For starters, Keith Mestrich never got an MBA. For that matter, he never even worked in the financial sector – until just a few years ago. “I may be the only person who’s gotten to this level in a bank after doing their apprenticeship in the labor movement,” said Mestrich, who spent 25 years with Workers United, SEIU and the AFL-CIO before joining Amalgamated Bank in 2012. That atypical trajectory, Mestrich believes, has afforded him a deeper appreciation of the financial needs of the bank’s individual clients, not to mention the organizations that form a large segment of its commer-

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cial customer base – namely major unions, their affiliated pension funds, nonprofit advocacy organizations, and political parties. “We take progressive stands on social policy issues of the day, and are not afraid to stand up and say there is a crisis of income inequality in this country,” said Mestrich said. “And Corporate America should be part of the solution.” Amalgamated has advocated for a host of progressive policies in recent years, from minimum wage increases to paid sick and family leave. The bank also provides philanthropic support to organizations working on issues such as income inequality and expanding democracy. Its “Donate the Change” program contributes ten cents from every transaction made with an Amalgamated debit card to social causes or charitable organizations. Rock the Vote and Habitat for Humanity have benefited from the program, but down the road, Mestrich plans to include customer input in choosing which causes to support. In 1923, when the Amalgamated Clothing Workers of America founded the bank, its clientele was largely immigrant workers. Keeping with that tradition, Amalgamated was one of the first banks to accept New York’s new municipal ID cards as a primary form of documentation to open an account. “If you don’t have a bank account, you almost become a second-class citizen,” Mestrich said. “Accepting the new ID cards puts people in the financial mainstream.” The bank has also launched a low-interest lending program for

foreigners who live legally in the country but are unable to afford the $680 application fee for U.S. citizenship. In addition to commercial banking services, Amalgamated oversees a $40 billion trust business and operates a family of mutual funds. “We’re an owner of almost every publicly traded company in the country. For over 30 years we’ve been active shareholders calling for a high degree of corporate accountability and good corporate governance,” said Mestrich, a proponent of strong regulation of the banking sector. “Companies should be run,” he added. “That benefits not only shareholders, but society at large.”

AWARDS AWARDS Pollie Awards for Creative Ad Design Pollie Awards for Creative Ad Design

WINNING WINNING

2004-2014 Top2004-2014 10 New York Public Top 10Affairs New Firms York Public Affairs Firms

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where she has guided the media giant’s diversity and inclusion programs for the last three years. A year ago she added corporate responsibility and sustainability to her global portfolio. “Our diversity effort has focused on driving a culture that supports diversity of thought, style, experience and approach, as well as race, gender, ethnicity and sexual orientation,” Sciutto-Doerr explained.

PATSY SCIUTTO-DOERR GLOBAL HEAD OF DIVERSITY & INCUSION AND CORPORATE RESPONSIBILITY THOMSON REUTERS

Excellence in Promoting Workforce Diversity & Gender Equity

n a span of a few months as a teenager, Patsy Sciutto-Doerr went from attending an all-girl’s school on the East Side of Manhattan to a university in Virginia – Washington & Lee – that, until a year earlier, had never enrolled a single woman. Living in mostly male dorms and socializing with mostly male friends boosted her confidence around the opposite sex. That experience proved useful during her stint in the male-dominated world of investment banking, when Sciutto-Doerr worked in human resources for JP Morgan, Deutsche Bank and Credit Suisse. She then joined Thomson Reuters,

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“In order to get the best talent and ideas driving productivity and business results, you need as many diverse minds around the table as possible.” To build a culture where all employees feel comfortable bringing their “full self” to work, Sciutto-Doerr said, Thomson Reuters not only “educates and holds managers accountable for identifying and developing diverse talent, but for accepting diversity as a core part of their role as leaders within the organization”. Given its scale and capabilities as a news and information organization, Thomson Reuters can promote thought leadership through a host of external channels. “We’ll be launching a diversity and inclusion index that leverages the data and analytics we already collect on a variety of organizations around the globe to create a product that will help organizations assess where they are in terms of their own diversity and inclusion efforts,” Sciutto-Doerr said. On the sustainability front, Sciut-

to-Doerr now leads her company’s efforts to drive energy efficiency and lower its carbon emissions, which largely depend on changing employee behavior. “Turning off your lights and printing less paper may sound basic, but until people realize the impact that has on energy savings, they won’t take it seriously,” she explained. For a business to be successful, she argues, it is no longer enough to commit to one or two facets of corporate responsibility. Employees, customers and investors want to do business with a company that acts responsibly on multiple levels. Said Sciutto-Doerr, “We’re doing all this not only because it’s the right thing to do—and we do believe that in our hearts and minds—but it’s also a business imperative.”

financial stability

COMMUNITY

The members of the New york insurance Association are proud to provide financial security to New Yorkers and are dedicated to serving our communities.

Congratulations to all of the 2015 Corporate Social Responsibility Award honorees including our own ellen Melchionni, for her Outstanding Achievement in Promoting Community Engagement throughout New Yorkâ&#x20AC;&#x2122;s Insurance Industry.

KNOw beTTer New yOrK cONNecTiONs

www.nyia.org

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EDWARD SKYLER EXECUTIVE VICE PRESIDENT FOR GLOBAL PUBLIC AFFAIRS CITI

Chairman’s Award

d Skyler knows a thing or two about how cities work. A born and bred New Yorker, in his early career Skyler served in the Giuliani and Bloomberg administrations in various capacities, including City Hall Press Secretary. He would go on to become the youngest Deputy Mayor in New York City history. During his tenure as Deputy Mayor for Operations, the city’s department of transportation began examining bike-sharing programs in other cities. However, it wasn’t until a year and a half after joining Citigroup that he received the phone call from Janette Sadik-Khan, Mayor Bloomberg’s transportation commissioner. The city was ready to move forward with its own bike initiative,

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but private funding was needed. After a few months of negotiations, Citigroup signed on to sponsor what would be New York’s first new transportation system in over a century. Citi Bike soon became a central element in Bloomberg’s acclaimed sustainability campaign. “One of our goals as a bank is to try to solve challenges in an urban environment in a sustainable way,” Skyler said. The success of Citi Bike, according to Skyler, highlights a key advantage of public-private partnerships. “You might have a mayor who wants to try a new program, but is reluctant to invest public money in something unproven,” he said. “By allowing private money to fill the gap, you enable municipal leaders to experiment in ways they might feel uncomfortable doing with taxpayer dollars.” To support other pilot programs, Skyler helped launch the City Accelerator, a $3 million initiative that provides seed money to promote the flow of innovative ideas within municipal governments. “We believe cities are part of a network. They can share best practices and best ideas and, frankly, steal great ideas from each other,” said Skyler, who serves as Chairman of the Citizens Budget Commission and as Executive Committee Member of the New York Police & Fire Widows’ & Children’s Benefit Fund. Skyler is also Chairman of the Citi Foundation, where he guided the launch of Pathways to Progress, a three-year, $50 million initiative designed to jumpstart the career readiness of 100,000 young people in ten U.S. cities, including New York.

By pairing training and job programs with financial education, the initiative aims to provide urban youth with the tools to succeed in the 21st century marketplace. “The challenge for young people is not necessarily a lack of jobs, but rather a job-skills mismatch,” Skyler said. When it comes to strengthening communities, Skyler’s work demonstrates that, beyond just donating to causes, financial institutions can have a major impact by engaging people in need in activities – training, education and mentoring – that are part of the institution’s core business.

“It’s really about where you’re giving and what you’re giving,” he said. “What is the purpose of the giving, how is it being measured, and is there a strategy behind it?”

RESPONSIBILITY THAT’S GOOD FOR BUSINESS Thomson Reuters, a global company with a long-standing commitment to sustainability and opportunity, is proud to honor Patsy Doerr, Global Head of Corporate Responsibility and Inclusion, as a recipient of City & State Reports’ Corporate Social Responsibility Award. We salute all of the 2015 award winners for their dedication to the highest standards in business practice.

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STEPHANIE THOMAS VICE PRESIDENT CARVER FEDERAL SAVINGS BANK

Distinguished Service in Promoting Financial Literacy & Inclusion

he population of adult New Yorkers who navigate their financial lives outside the banking system exceeds the populations of Miami and Pittsburgh combined. That equates to 825,000 people who depend on alternative financial services, like check cashing operations, instead of depending on a regulated bank that understands their goals and can provide the basic financial products they need. “This is a group at risk of being preyed upon. And to the extent that we’re able to understand the socioeconomic and historical context that may have caused or influenced the position they find themselves in, we try to facilitate their transition into the financial mainstream,” said Carver Bank Vice President Stepha-

JUNE 2015

nie Thomas. The nation’s largest minority depository institution, Carver Federal Savings Bank was founded in 1948 by disenfranchised African- and Caribbean-Americans. Over the past year, Thomas has helped drive the bank’s efforts to connect the communities it serves with the financial vehicles that helped previous generations of New Yorkers build and sustain wealth. A portion of Carver’s customer base is foreign born and often unfamiliar with the American banking system and the costs associated with remaining outside the system. “We, of course, operate 100 percent in accordance with the law and do everything that other banks do. But it’s all about the way we do it— the feel, the approach, the sensitivities that we bring to the equation,” Thomas said. Carver is one of a handful of institutions to partner with the NYC Office of Financial Empowerment to help people who may face barriers to entry—or reentry—to the banking system through the city’s SafeStart Accounts program “There are members of our community who have never been exposed to good financial habits,” Thomas said. “There are others who may have lost their job during the recession and maybe bounced a check or two.” Under Thomas’s leadership, Carver was one of a dozen or so early adopters of New York City’s new Municipal ID program, which the bank now accepts as a primary form of identification to open an account. “We felt the initiative was important,

and we had to figure out how to work through what it meant, and educate our team about why it mattered,” she recalled. Thomas, who oversees Carver’s financial literacy program, focuses on creating partnerships with community agencies to empower marginalized New Yorkers.

“I’m a big believer in the notion that if you improve the person, you improve the community.” Thomas said. “I want young people to see that banking isn’t something only the rich or people who don’t look like them do. It may take a little extra work, but that’s something they’ll carry with them for a lifetime.”

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C I T Y & S TAT E R E P O R T

CATHERINE J. WEATHERFORD PRESIDENT & CEO INSURED RETIREMENT INSTITUTE

Distinguished Service in Promoting Sustainable Finance & Consumer Education for Retirees

or Cathy Weatherford, the boundary between public service and social service has always been a blurry one. As a government regulator who spent her early career as the elected State Insurance Commissioner of Oklahoma, Weatherford was responsible for ensuring that her constituents had the tools to make the best-informed decisions when purchasing their insurance policies. An educated citizen, she believes, makes for an intelligent consumer. In Oklahoma, Weatherford wrote a weekly syndicated column, “Ask the Commissioner,” that reached cities and towns across the state. After writing on the rights of Oklahoma

JUNE 2015

women to receive mammograms, she received a thank-you note from a constituent. The women was unaware that mammograms were covered. Because of the column, she got a mammogram that detected her breast cancer in time to be successful treated. The life-saving experience affected Weatherford deeply. “You tend to do these regular things like writing a weekly column, and it becomes routine, just a part of your job. But this was a wake-up call,” she said. “The experience stayed with me and reminds me of the importance of consumer education. This realization has made me passionate about consumer education for the past 25 years.” That passion took Weatherford to the nonprofit sector, where, as CEO of the National Association of Insurance Commissioners, she focused on educating the public about their rights as consumers of insurance. Weatherford is now President and CEO at the Insured Retirement Institute (IRI), a leading association for the retirement income industry. Under Weatherford’s guidance, the organization has developed a successful consumer advocacy and education agenda, supplementing industry initiatives that continue to be a hallmark for the association. Since joining IRI seven years ago, Weatherford has zeroed in on educating a new generation of Americans to be better prepared for retirement. She recalled her job interview vividly: “I remember sharing with the board that self-responsibility in planning for a financially secure

retirement will only become more important as Boomers age. And that translates into a major opportunity to help millions of Americans.” Weatherford and IRI have also assembled a new consumerist group, the National Retirement Planning Coalition, comprised of 35 leading financial industry and advocacy organizations dedicated to raising public awareness of the need for comprehensive retirement planning at all stages of life. The program now reaches millions of consumers.

“I take great pride in this effort because it’s not just us. It shows that the entire industry is in this together with the consumers.” Whether writing a weekly newspaper column for Oklahomans or launching one of the largest consumer advocacy efforts in the nation, Weatherford likens consumer education to moving a boulder forward inch-by-inch. “Everything you do,” she said, “no matter how small it may seem, can make a difference.”

Amalgamated Bank is proud to support City & State Reports’

Corporate Social Responsibility Awards Congratulations to all of this year’s distinguished honorees in Banking, Finance and Insurance, including our own President & CEO, Keith Mestrich.

Established in 1923, Amalgamated Bank remains dedicated to the causes of progressive organizations and is proud to be a majority union-owned bank. amalgamatedbank.com © 2015. Amalgamated Bank. All rights reserved. Member FDIC

C I T Y & S TAT E R E P O R T

THOMAS E. WORKMAN PRESIDENT & CEO LIFE INSURANCE COUNCIL OF NEW YORK

Distinguished Service in Promoting Community Investment & Corporate Volunteerism across New York State

hen Thomas Workman joined the Ohio law firm of Bricker & Eckler, the former captain in the Judge Advocate General’s Corps was asked, “How would you like to do some insurance work?” “I said, ‘I’d like to do whatever it takes to earn a paycheck,” Workman recalled with a smile. In short order, Workman became a leading figure in the life insurance industry, serving as Chair of the Life Insurance Law Committee of the American Bar Association, Chair of the Board of Directors of the Federation of Regulatory Counsel, and Member of the Board of the Association of Life Insurance Counsel.

JUNE 2015

Today, as President of the Life Insurance Council of New York (LICONY), Workman has placed corporate social responsibility at the core of his organization’s mission. He initiated a community investing program to encourage life insurers to make socially impactful investments. At the organization’s annual legislative and regulatory conference, he routinely brings in charitable organizations to make presentations to the well-heeled audience. But he doesn’t stop there. His conferences also include a regular workshop conducted by Habitat for Humanity. Workman’s message to his members is clear: Our industry isn’t only about selling policies; it’s about contributing to the greater good, helping the community, and reducing the risk – and stress – people deal with in their lives. A longtime Member of the Insurance Law Committee of the Association of the Bar of the City of New York, Workman serves on the Leadership Council of the Griffith Foundation for Insurance Education, which collaborates with higher-learning institutions across the country to sponsor free insurance education programs for K-12 teachers. “We like to inform young people not only about how insurance works, but that it can be a rewarding career path as well,” Workman said. As Workman sees it, when it comes to life insurance, education is fundamental. While property casualty insurance is generally mandated through purchase agreements, mortgages and leases, life, long-term care and disability insurance are choices people must make for themselves.

“My belief is that the most important thing we can do is provide financial literacy to folks, and make sure they understand the importance of our products,” Workman said.

“The ultimate social benefit is for people to protect themselves from many of the uncertainties of life.”

Thanks Thanks for for making making a a difference. difference. Congratulations to Congratulations to the Corporate Social the Corporate Social Responsibility Awards Responsibility Awards recipients for Banking, recipients for Banking, Asset Management Asset Management and Insurance. and Insurance.