Ponce Financial Group in Bronx, N.Y., has formed an environmental, social and governance (ESG) committee.
The $1.7 billion-asset company said the committee is comprised of the executive management team that reports directly to the board. Frank Perez, who was recently named chief investor relations officer, will lead the initiative.
The committee has adopted an ESG charter and policy to oversee and manage Ponce’s ESG initiatives. Ponce plans to conduct a company-wide assessment of its energy infrastructure to develop “greener and greater results” while optimizing cost-saving measures.
The process will include an ongoing full-facility energy audit to assess and address material gaps.
The company is in the early stages of conducting an ESG materiality assessment to better understand how to align its strategy with ESG priorities. The assessment should be completed during the fourth quarter.
“We are looking forward to taking this ESG journey and expect to benefit in several ways in areas such as strategy, risk management and stakeholder loyalty,” Carlos Naudon, Ponce’s president and CEO, said in the release.
“We firmly believe that the ESG initiative will enhance our ability to evaluate opportunities and risks over the short and long term,” Naudon added. “As an MDI and CDFI, we are keenly aware that the populations we serve – underbanked and underserved – are increasingly adversely impacted by climate change and social economic developments.”