Northern Trust Expands Supplier Diversity
Supplier Diversity360 Broadens Focus Beyond Ownership
CHICAGO – Northern Trust announced today a groundbreaking approach to supplier diversity that draws on the firm’s commitment to diversity and engagement while leveraging a methodology pioneered by Northern Trust Asset Management.
Many companies, including Northern Trust, support diversity with procurement programs that encourage doing business with firms owned by women and minorities.
“It is important to encourage doing business with women and minority-owned firms, but ownership is just one way to measure diversity,” Northern Trust Chief Financial Officer Jason Tyler said. “It says nothing about other factors that can have equal or even larger impact -- including the diversity of a company’s board, senior leadership and workforce, along with a firm’s community engagement. We focus on small, emerging firms as well as bigger, established firms that foster diversity within their workforces and the communities in which they operate.”
Northern Trust annually purchases more than $1 billion in goods and services. The Supplier Diversity360 program contributes to how firms are selected with the following goals:
- Engage with certified and qualified diverse businesses
- Stimulate and promote economic development in the communities where we work
- Help break down barriers to growth that still exist for minority- and women-owned business owners
- Recognize and support firms that exhibit a commitment to diversity, irrespective of company size, longevity, and ownership
- Use a quantitative approach to how we measure our engagement.
The Supplier Diversity360 program adapts a multi-dimensional approach developed by Northern Trust Asset Management for Northern Engage360™ (NENGX), a multi-manager fund with sub-advisors selected for their investment expertise and demonstrated commitment to advancing diversity.
The Supplier Diversity360 approach looks beyond ownership to consider:
- Employee Diversity
- How diverse is the firm’s board and senior leadership?
- How diverse is its employee base, and team working with Northern Trust?
- Community Engagement
- What is the demonstrated commitment to promoting values in their communities?
- Supplier Diversity
- How does the firm select its own suppliers and business partners?
“Northern Trust embraces all forms of diversity and the strength it brings to serving our shareholders, clients, communities and each other,” said Connie Lindsey, Head of Corporate Social Responsibility and Global Diversity, Equity and Inclusion. “Our core values of service, expertise and integrity are foundational to our commitment to an inclusive culture – and Supplier Diversity 360 is one of the many ways we demonstrate that commitment.”
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About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 22 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of March 31, 2021, Northern Trust had assets under custody/administration of US$14.8 trillion, and assets under management of US$1.4 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Please visit our website or follow us on Twitter.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Please read our global and regulatory information.