From the Fifth Third Bancorp 2021 ESG Report: A Conversation With Fifth Third Director Thomas H. Harvey
Hal Harvey is chairman of the Nominating and Corporate Governance Committee of the Fifth Third Bancorp Board of Directors. He recently sat for a conversation about environmental, social and governance matters.
Q. Why do you feel it is important for businesses, and banks in particular, to have a robust ESG strategy?
A. Banks are deeply enmeshed in the communities they serve and it is essential that they be exemplary members of those communities. Fifth Third takes this responsibility seriously. We need to demonstrate, through all our operations, our dedication to sustainability and inclusivity in all the towns and cities we serve. It is both a responsibility and a privilege to do so.
Q. What do you think is Fifth Third’s greatest strength in the area of ESG?
A. I am proud that we have 99 percent pay equity, combined with many opportunities for employees to advance their careers; that we are making serious investments in diverse communities; and that we have raised the minimum wage to $20 per hour. But, today, I have to say that our $8 billion in solar loans really sets us apart. This deployment helps with grid stability, lower prices and great jobs—along with a cleaner environment. We are a leader in this field, and will be doing much more in the years ahead.
Q. How does your experience in both financial services and sustainability inform and guide your leadership of the NCG Committee?
A. I have always felt that doing the right thing will be rewarded in the marketplace. Our NCG Committee is driven by that concept. We need to be a successful bank in order to build stronger communities, and the reverse is also true. My own experience in both realms has taught me that ESG is not about sacrifice but rather about opportunity.
Click here to read Fifth Third Bancorp’s 2021 ESG Report.
