Western Union Publishes 2022 ESG Report
The Western Union Company
The 2022 Environmental, Social, and Governance (ESG) Report has been unveiled by The Western Union Company, showcasing the organisation's unwavering dedication to advancing its 'Evolve 2025' strategy while aligning actions with its crucial ESG priorities.
The CEO, Devin McGranahan, emphasised that a potent sense of purpose drives the most successful businesses. He pointed out that Western Union's progress in ESG stands as a pivotal measure of their positive impact on the lives of the individuals and communities they serve. The company is continually striving to build a corporate entity that resonates with its mission of supporting aspiring individuals worldwide.
Key Highlights from 2022
Western Union's ESG strategy is concentrated on areas where substantial influence can be exerted, including:
Global Support for Aspiring Populations
The extensive network of Western Union encompasses various channels that traverse more than 200 countries and territories. This expansive retail and digital presence reaches millions of customers through over 20,000 corridors.
This approach ensures inclusivity, extending services to rural areas, those with limited digital access, cash preference, and the estimated 1.4 billion adults worldwide who remain unbanked, either by choice or circumstance.
The objective is to offer straightforward and reliable solutions via both digital and retail platforms, creating avenues for enduring economic advancement.
Upholding Global Money Movement Integrity
Western Union is steadfast in its commitment to fostering a global financial ecosystem rooted in trust. Despite the escalating rates of fraudulent activities across the financial sector, the company's reported consumer fraud globally decreased by 12% in 2022.
This reduction prevented approximately $1.3 billion in fraudulent transactions. Complementing these efforts is an initiative focused on educating consumers about fraud prevention. Throughout the year, educational materials and alerts were disseminated, covering various forms of fraud. Western Union surpassed its goal of engaging 300 million consumers in anti-fraud education with a remarkable achievement of 336 million interactions.
Nurturing Diversity, Equity, and Inclusion
A pivotal focus for the company in 2022 was the advancement of diversity, equity, and inclusion (DEI), aiming to mirror the diverse clientele it serves. An impressive 92% of candidate slates and 84% of interview panels worldwide exhibited diversity.
Strategic partnerships and campaigns with Historically Black Colleges and Universities in the U.S., along with collaborations with online platforms like DiversityInc and the Minority Corporate Counsel Association, were pivotal in promoting job opportunities.
A sponsorship programme designed to pair high-achieving women with mentors for enhanced growth and potential was also launched. The company sustained global gender pay equity and U.S. racial/ethnicity pay equity for the third consecutive year.
The Western Union Foundation
In 2022, the Western Union Foundation, committed to empowering youth and migrant individuals by equipping them with education and resources for success in the global economy, successfully concluded its three-year Opportunity Beyond Borders (OBB) initiative. Surpassing its objective, OBB invested $20 million, benefiting two million individuals and linking 50,000 people to new prospects. Details of the foundation's forthcoming commitment will be disclosed later this year.
Throughout 2022, the company earned both national and global accolades for its ESG endeavours, including:
Recognition as One of the World's Most Ethical Companies® (second consecutive year)
Inclusion in Bloomberg's Gender Equality Index (fourth consecutive year)
Presence in JUST Capital's Top 100 Companies Supporting Healthy Families and Communities (second consecutive year)
Acknowledgement as Human Rights Campaign's Best Place to Work for LGBTQ+ Equality (third consecutive year)
Receipt of Bandera Azul Ecologica for Costa Rica's environmental conservation efforts
Attainment of Great Place to Work Certification in Costa Rica and India
For further insights and comprehensive information regarding the progress in 2022, along with the opportunity to access Western Union's 2022 Environmental, Social, and Governance (ESG) Report, kindly click here.
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Source: Business Wire