Exelon Recognizes Top Banks, Insurance and Professional Services Organizations for Diversity and Inclusiveness
Unique program improves quality of service Exelon receives by encouraging contributions by minorities and women
CHICAGO — In an effort to promote diversity and inclusion at the firms that support its finance organization, Exelon has recognized 11 banks, insurance companies and professional services organizations for demonstrating an exceptional commitment to these values in 2012.
This is the third consecutive year Exelon has named its diversity and inclusion “honor roll” as part of its innovative program, and the first year insurance companies have been included. The honorees are:
• Banks: Citi, The Goldman Sachs Group, Inc., J.P. Morgan, Morgan Stanley and Northern Trust
• Insurance firms: AEGIS Insurance Services, Inc. and Beecher Carlson
• Professional services organizations: Deloitte LLP, Ernst & Young LLP, Pricewaterhouse Coopers LLP and Towers Watson
“Our employees strive to live Exelon’s values of diversity and inclusion in how they do their work day in, day out – but just as important, we believe we must hold the companies we work with accountable for sharing that commitment,” said Jonathan W. (Jack) Thayer, executive vice president and chief financial officer of Exelon. “By bringing us diverse perspectives and experiences, they help us make smarter business decisions and perform better.”
The honor roll program has helped drive improvements at the companies with which Exelon’s finance group does substantial business based on a number of diversity measures. For instance, among participating banks, the number of minorities in leadership roles on the teams servicing Exelon increased 50 percent, and overall minority representation on those teams increased 16 percent from 2011 to 2012.
“We are very appreciative to be recognized by Exelon Corporation for our commitment to diversity and inclusion,” said Marybeth Mandanas, managing director at 2012 honoree Citi. “At Citi, we view diversity as a critical element in the approach to our client-based coverage model. This dimension provides a competitive advantage and drives innovation for client-focused solutions. The attention and focus that Exelon brings to diversity is admirable and raises the bar for all of us.”
Exelon named two participating banks, Barclays and UBS, as “most improved” for making the greatest strides in their diversity and inclusion performance from 2011 to 2012.
Under the program, Exelon urges participating service providers to complete detailed surveys about the diversity of the teams that do work for Exelon, the level of contribution by minorities and women on the teams, and the companies’ overall diversity. The surveys also evaluate the companies’ own diversity and inclusion initiatives and their improvement year-to-year. All 41 eligible companies participated this year.
“These service providers play an important role in our success,” Thayer said. “When they respond to our call for more inclusive teams to perform Exelon work, we benefit from the innovation and improved service that comes with having access to more diverse perspectives. At the same time, the top-performing companies benefit from the recognition and preferred consideration when Exelon is looking to award more work.”
Exelon has several initiatives that help ensure it works with financial institutions that share its commitment to diversity and inclusion. For instance, the company established a $123 million credit facility with 32 minority and community banks in its key territories in Illinois, Pennsylvania, Maryland and New Jersey in 2012 – the tenth year Exelon has made such an arrangement. Engaging diverse suppliers is an important part of Exelon’s supply chain strategy, as the company spent more than $750 million with certified minority- and women-owned businesses in 2012.
Exelon Corporation (NYSE: EXC) is the nation’s leading competitive energy provider, with 2012 revenues of approximately $23.5 billion. Headquartered in Chicago, Exelon has operations and business activities in 47 states, the District of Columbia and Canada. Exelon is one of the largest competitive U.S. power generators, with approximately 35,000 megawatts of owned capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 100,000 business and public sector customers and approximately 1 million residential customers. Exelon’s utilities deliver electricity and natural gas to more than 6.6 million customers in central Maryland (BGE), northern Illinois (ComEd) and southeastern Pennsylvania (PECO).