Silicon Valley Bank (SVB)

Boston Private Financial Holdings
California
Banks, Diversified Financials

Corporate Bias Rating

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Risk Level:

Rating - Danger
High Risk

Summary:

Silicon Valley Bank (SVB), does not provide viewpoint protections for its employees but has not publicly canceled business relationships based on views or beliefs. The company discriminates against some religious organizations in its charitable giving. SVB has mandatory unconscious bias training for all its employees. Greg Becker, then CEO of SVB, signed a letter regarding racial injustice in support for BLM and NAACP. Prior to its downfall, SVB supported ESG principles and reporting standards. As part of its ESG strategy, SVB supported DEI initiatives within the firm (100% of employees underwent DEI education) and the clients and suppliers it supported. SVB supported multiple initiatives for LGBTQ+, Black, and Latinx entrepreneurs and investors. The company disclosed 4 different ESG frameworks. SVB had a goal of being carbon neutral by 2025, including 100% renewable energy. The company's CEO, Greg Becker, denounced various states’ legislative efforts to protect election integrity and security. SVB’s CEO, Gregory Becker, signed the CEO Action for Diversity & Inclusion pledge, which includes a commitment to promote DEI through bias education training in the workplace. The company donated over $73 million to Black Lives Matter and related causes. SVB, prior to its collapse in 2023, pledged $5 billion to ESG priorities. In 2021, SVB pledged $11.2 billion to a Community Benefits Plan as part of its ESG goals. Through a specific gift-matching program, SVB Financial Group has donated to the ACLU and the National Urban League. SVB's health benefits packaged covered transgender reassignment surgery. For these reasons, SVB Financial Group receives a High Risk rating.

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Shareholder Proposals

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Date
ESG Category
Proponent
Summary of ResolutionMgmt RecTotal Vote % in Favor
4/21/22SocialTrillium Asset ManagementReport on Third-Party Racial Justice AuditAgainst34.00%
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