KeyCorp (KeyBank)

Banks

Risk Level:

Rating - Caution
Medium Risk

Summary:

KeyCorp has not publicly terminated business relationships due to religious or political beliefs, though it does vet suppliers according to its LGBTQ policies. The company also includes DEI and ESG criteria in its decision-making. KeyCorp does not have viewpoint protection for its employees. KeyCorp also hosts unconscious racial bias trainings and supports the Equality Act. For these reasons, KeyCorp receives a "Medium Risk" rating.

Criteria
Risk Level
Rationale
Corporate Weaponization
Criteria

Has denied service to customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.

Risk Level
Rationale

KeyCorp received a score of 100 on the Corporate Equality Index from the Human Rights Campaign. Among other requirements, this means the company has pledged to vet vendors based on LGBTQ policies (1). KeyCorp also vets suppliers through the Supplier Code of Conduct based on the supplier’s diversity, equity, and inclusion policies (2). KeyCorp also utilizes ESG criteria in its banking practices, including incorporating climate risk into its “risk management” analysis (3). There are no known instances of KeyCorp publicly terminating business relationships because of political or religious beliefs.

Criteria

Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.

Risk Level
Rationale

KeyBank’s charitable giving policy requires that charities do not discriminate against individuals based on gender identity or sexual orientation, potentially discriminating against faith-based charities (1). Additionally, KeyBank prioritizes “diversity, equity, and inclusion” in its charitable giving, though the bank does not define what type of diversity or equity it is looking for (2).

Criteria

Employment policies fail to protect against discrimination based on political affiliation/views and/or religion.

Risk Level
Rationale

KeyCorp does not protect against viewpoint discrimination in its nondiscrimination policy (1).

Corporate Governance and Public Policy
Criteria

Uses corporate reputation to support ideological causes and/or organizations hostile to freedom of expression.

Risk Level
Rationale

KeyCorp signed an open letter in support of the Equality Act (1). The company also hosts unconscious bias training and other similar programs on “tackling racism at work, understanding privilege, and addressing racial and affinity biases” (2). KeyCorp also utilizes ESG criteria in its banking practices, including incorporating climate risk into its decisions (3).

Criteria

Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.

Risk Level
Rationale

In 2021, KeyCorp provided $18.6 million in grants to organizations and programs focused on social justice and racial equity but did not disclose to which groups the funds were given (1). KeyCorp also invested in DEI speakers, programs, and projects, including countering “systemic racism” (2).

Criteria

Uses corporate political contributions for ideological, non-business purposes.

Risk Level
Rationale

KeyCorp has not used its PAC or other political contributions for ideological purposes (1).

All links were last accessed and all information was updated on:
December 26, 2022

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