Fulton Bank’s Corporate Social Responsibility Report discusses environment, volunteerism

Fulton Bank employees spent more than 13,500 hours volunteering in their communities in 2022, and the bank made more than $6.6 million in charitable contributions, according to Fulton’s Corporate Social Responsibility Report.

It also helped manage manure, proving that “Going green” is not just about LED lights and recycling.

The report for 2022 reflects on how the Lancaster-based bank pursues social goals and makes money. Fulton Financial, parent company of the bank, had record operating earnings of $1.76 per share in 2022.

“It is because of that solid performance that we were able to advance our environmental, social and governance (ESG) efforts,” Curtis J. Meyers, chairman, chief executive and president of Fulton, said in the report.

The bank’s environmental commitment includes recycling electronic waste and paper, and in 2022, it set up a group to review Fulton’s climate impact. Fulton also sells ESG investment products for customers who want to invest in a “green” way.

The environmental goals extend to working with farmers, an important customer base. That commitment extends beyond the boardroom, all the way to the barnyard. 

To the management not of money, but of manure.

Fulton Bank provided funding for a “methane digester” at AR Joy Farm in Chester County. The digester diverts food waste from landfills and reduces manure odor and runoff. That project generates carbon credits and renewable energy credits that can be sold, Fulton says.

On the social front, 24% of Fulton’s staff consists of people of color, according to the bank.

“Our commitment to promoting diversity, equity and inclusion is at the heart of Fulton’s values,” according to the 35-page 2022 report.

The G of ESG stands for governance, the rules and practices that guide how a company is run.

Fulton Bancorp combines the chairman of the board and CEO positions. Some organizations that study governance oppose having one person hold both jobs, but many companies have a dual CEO/chairman. 

A 2020 Harvard Business Review story said splitting the roles does not guarantee success, just as combining them does not lead to doom.

Fulton’s ESG statement says the company has checks and balances at the top, citing the role of its lead director.

“Fulton’s board leadership structure combines the positions of chairman and CEO,” according to the 2022 social responsibility report. “This structure permits the CEO to manage Fulton’s daily operations and provides a single voice for Fulton. Fulton believes that the separation of these roles it not necessary because the Lead Director acts to counterbalance the combined chairman and CEO positions.”

The full report is available on the Fulton website.

Shares in Fulton Bancorp trade under the ticker symbol FULT on the NASDAQ market. The closing price Friday was $11.45. 

In the last 52 weeks, shares have traded as high as $18.91 and as low as $9.64.

Fulton Bank operates in Pennsylvania, New Jersey, Maryland, Delaware and Virginia.

Article Credits: WFMZ