Prudential exemplifies corporate citizenship reflecting its core values. The company’s efforts to revitalize its home city of Newark, N.J., as well as its philanthropic, employee-volunteer and educational initiatives, are changing lives throughout the country.
- Sixty-eight percent of its donations are allocated to multicultural nonprofits, including Boys and Girls Clubs of Newark, Children Defense Fund, and YouthBuild Newark. This compares with 37 percent for the DiversityInc Top 50.
- Two-thirds (67 percent) of its senior executives (CEO and direct reports and one level down) sit on the boards of multicultural nonprofits. The average for the DiversityInc Top 50 is 23 percent.
- The Prudential Foundation spends more than $25 million annually on public education, workforce development, business development, community revitalization, arts and civic infrastructure, and helping neighborhood organizations rebuild.
- The company has invested more than $1 billion in local redevelopment since 1976. Social Investments, an asset-management group for Prudential and The Prudential Foundation, manages portfolios of private placement debt, equity and tax credits, including low-income housing and new-markets tax credits. Current social investments include Newark, N.J.; Los Angeles; San Francisco; New York City; Hartford, Conn.; Philadelphia; Chicago; Boston; New Orleans; Dallas; Houston; Phoenix; and Jacksonville, Fla.
Award accepted by John Strangfeld, chairman and CEO:
“We at Prudential are very proud of what we do in the area of community service. As corporate citizens, we’ve come to realize that this is not always easy. Therefore what we’ve been doing through our foundation has been to build community capacity, strength for initiatives that help nonprofits function better and enhance their ability to be continually effective in the community. It’s not just about having programs: it’s about enabling these nonprofits in making decisions and to use their resources to achieve levels of success that have not historically been achieved. We are all called to be leaders in different ways, to create a hybrid of sustainability.”