March 06, 2012
Exelon Names Nine Banks and Professional Services Firms Top Performers for Diversity and Inclusion
Program drives year-over-year improvement in minority and female representation and leadership
CHICAGO – Exelon has named five banks and four professional services firms to its second annual honor roll for best exemplifying the corporation’s commitment to diversity and inclusion. The bank honorees are Citi, The Goldman Sachs Group, Inc., J.P. Morgan, Northern Trust and The Royal Bank of Scotland; the services firm honorees are Accenture, Deloitte LLP, PwC and Towers Watson.
“An inclusive culture and a diverse workforce make us more intelligent, more agile and more innovative – and as a result, our business is stronger,” said William A. Von Hoene, Jr., executive vice president of finance and legal for Exelon. “We know that diversity and inclusion is a value that must be top of mind and integrated into everything we do, and we expect our partner organizations to approach business the same way. This extends to our outside financial partners, as they provide services critical to our success.”
Exelon’s honor roll program challenges participating banks and professional services firms to report the contributions of female and minority employees on the teams serving Exelon. By encouraging those companies to improve their diversity and inclusion performance, Exelon has experienced a higher quality of service. At the same time, those firms that demonstrate a shared commitment to diversity and inclusion gain recognition and more opportunities to work with Exelon.
“Exelon’s program has had, and will continue to have, a big impact on financial firms like J.P. Morgan,” said Jeffrey Yingling, managing director, investment banking at J.P. Morgan. “We believe that having a diverse team covering Exelon allows us to bring a broad range of experiences, skill sets and perspectives to our goal of providing first class business in a first class way.”
To develop the 2012 honor roll, Exelon surveyed the banks and professional services firms with which it did substantial business in 2011 to measure and score their demonstrated commitment to diversity and inclusion. All 32 eligible firms participated in the assessment.
The survey results reveal overall improvement for minority and women representation at these firms — especially in leadership positions — from the previous year. At the banks, for instance, minorities on the teams serving Exelon and in leadership roles on those teams increased by 28 percent and 25 percent respectively, while women on the teams serving Exelon and in leadership roles on those teams increased by 30 percent and 32 percent, respectively. At the professional services firms, minorities in leadership roles on the teams serving Exelon increased by 15 percent, and women in leadership positions increased by 8 percent from the previous year.
In recognition of those firms that demonstrated the greatest improvement from 2010 to 2011, Exelon named three banks as most improved: BNP Paribas, KeyBank and The Bank of Tokyo-Mitsubishi UFJ, Ltd. These banks made significant changes to enhance the representation and contribution of diverse individuals on the teams serving Exelon, as well as the quality of services provided.
“Like our own employees, the firms with which we work are held accountable for sustaining diverse teams and inclusive workplaces,” Von Hoene said. “This program has proven a great success for Exelon and for our financial partners, providing an incentive for them to make diversity and inclusion a top business priority. The year-over-year improvement we’ve seen speaks for itself.”
Exelon has several programs that help ensure it works with financial institutions that share its commitment to diversity and inclusion. Under one such initiative, Exelon in 2011 entered into credit agreements totaling $118 million with 30 minority and community banks in its Midwest and Mid-Atlantic service regions. In addition, Exelon has approximately $700 million of pension and healthcare assets invested with minority- and woman-owned investment firms.
Engaging diverse suppliers is a key part of Exelon’s supply chain strategy, and the company spent $444 million with certified minority- and women-owned businesses in 2011.
Exelon Corporation is one of the nation’s largest electric utilities with approximately $19 billion in annual revenues. The company has one of the industry’s largest portfolios of electricity generation capacity, with a nationwide reach and strong positions in the Midwest and Mid-Atlantic. Exelon distributes electricity to approximately 5.4 million customers in northern Illinois and southeastern Pennsylvania and natural gas to approximately 494,000 customers in the Philadelphia area. Exelon is headquartered in Chicago and trades on the NYSE under the ticker EXC.