Truist Financial
Corprate Bias Ratings
Risk Level:
Summary:
Truist Financial Corporation demonstrates a consistent practice of firing conservative customers and reserves the right to quit doing business with anyone who violates its code of conduct policy. The company vets vendors according to LGBTQ policies and does not provide its employees with protections against viewpoint discrimination. Truist has donated to groups like Planned Parenthood, the Urban League, and the National LGBT Chamber of Commerce. The company supports the Equality Act and remained silent when the MLB All-Star game was moved out of their Atlanta area stadium for political reasons. Truist discriminates against religious charities in its charitable giving and is committed to carbon neutrality by 2040. For these reasons, Truist receives a High Risk rating.
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.
SunTrust (later merged with BB&T to form Truist) quit doing business with private prisons in response to social pressure groups who opposed then-President Trump’s immigration policies (1). Several conservative and far-right activists had their accounts canceled as well, including ALIPAC, who had been in good standing with the bank for years (2)(3). BB&T also has a vague Code of Conduct policy that enables the bank to close accounts at its sole discretion (4). Truist received a score of 100 on the Corporate Equality Index from the Human Rights Campaign (HRC). Among other requirements, this means that Truist has pledged to vet vendors for pro-LGBTQ policies (5)(6).
Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.
Truist has a policy discriminating against churches and those who “have a written policy discriminating against sexual orientation and/or gender identity” (1). Truist has a special carve-out for eligibility to give to United Way.
Employment policies fail to protect against discrimination based on political affiliation/views and/or religion.
Truist does not protect employees from viewpoint discrimination (1).
Uses corporate reputation to support ideological causes and/or organizations hostile to freedom of expression.
Truist was the first bank to issue “Social Bonds,” where the capital funds equity-oriented systems, after the bank specifically acknowledged its role in slavery and “systemic racism” (1)(2). It also advocated for the Equality Act (3). CEO William Rogers is a member of the Business Roundtable, but has not supported ideological initiatives (4). Truist is a Ceres Network Member and a PCAF member, committed to net zero carbon emissions by 2040 (5)(6)(7).
Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.
Truist Financial Corporation funded a critical race theory, “Racial Equity 21-Day Challenge,” that encouraged whites to “cede power to Blacks” and other discriminatory measures (1). The bank has also donated to Planned Parenthood (2). Truist has also pledged $7 million to the Black Lives Matter movement and related causes, including its local Urban League affiliate (3)(4)(5). The company is a corporate partner of the National LGBT Chamber of Commerce (6).
All links were last accessed and all information was updated on:
December 1, 2023
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Voting History
| Date | ESG Category | Proponent | Summary of Resolution | Mgmt Rec | Total Vote % in Favor |
|---|---|---|---|---|---|
| 4/25/23 | Governance | Kenneth Steiner | Shareholder Proposal Relating to an Independent Chairman of the Board of Directors | For | 25.80% |
| 4/26/22 | Governance | Kenneth Steiner | Require Independent Board Chair | Against | 33.47% |