TOP COMPANY FOR COMMUNIT Y DEVELOPMENT Prudential Financial No. 16 on the DiversityInc Top 50 list
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 philanthrop- ic, employee-volunteer and educational initiatives, are
changing lives throughout the country. Specifically:
; 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
; 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.”