Global reference index gauges performance of public companies dedicated to reporting gender-related data
AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, today announced that it is a member of the 2023 Bloomberg Gender-Equality Index (GEI), a modified market capitalization-weighted index developed to gauge the performance of public companies dedicated to reporting aggregate gender-related data. This reference index measures gender equality across five pillars: leadership & talent pipeline, equal pay & gender pay parity, inclusive culture, anti-sexual harassment policies, and external brand.
The 2023 GEI reaches globally to represent 45 countries and regions, including firms headquartered in Luxembourg, Ecuador, and Kuwait for the first time. The 484 member companies represent a variety of sectors, including financials, technology, and utilities, which continue to have the highest company representation in the index from 2022.
“We’re extremely proud to join Iberdrola as members of the 2023 Bloomberg GEI,” said AVANGRID CEO Pedro Azagra. “The Bloomberg GEI includes over 70 metrics and our strong score on those related to ‘inclusive culture’ affirms the work we’ve done to build a diverse and inclusive workplace community, which we are proud of. As a member of the global Iberdrola Group, we know that diverse perspectives make us better. With a variety of voices in the room, we make sounder decisions, serve our customers more effectively, and foster an environment where people feel valued.”
AVANGRID submitted a social survey created by Bloomberg, in collaboration with subject matter experts globally. Those included on this year’s index scored at or above a global threshold established by Bloomberg to reflect disclosure and the achievement or adoption of best-in-class statistics and policies.
Contributing to AVANGRID’s strong score on “inclusive culture” are its numerous gender inclusive programs such as:
- Paid Parental Leave, for parents welcoming a new child through birth, surrogacy, adoption, or foster care placement.
- Fertility and family-forming care and coverage, including surrogacy and adoption.
- Coverage for gender-affirming surgery.
- Access to subsidized back-up care for children, elder family members and those with special needs.
- Tools for financial well-being, from planning toolkits to a retirement webinar series, many of which are offered in partnerships with the company’s Business Resource Groups, like WomENergy and Avangrid African American Council for Excellence, to ensure the needs of specific communities are met.
- Education and tuition reimbursement programs, including AVANGRID’s new student loan debt repayment program for non-union employees.
“We’re very proud of what we have achieved, and we know there is more work to do,” said Liberna Charles, vice president of talent management and diversity at AVANGRID. “We are committed to constantly improving and to making progress a priority. Taking part in the Bloomberg GEI was important to us not only for transparency, but to learn what other leading companies are doing in the DE&I space so that we can continue to push the envelope.”
Alongside Bloomberg GEI, AVANGRID has active involvement with key public memberships. The company signed onto Paradigm for Parity in 2021, a coalition of organizations dedicated to addressing the systemic gender and racial gaps in the corporate sector. Additionally, the company is part of CEO Action for Diversity & Inclusion, pledging to support a more inclusive workplace for employees, communities and society at large. AVANGRID has also committed to a goal of having 35% women in executive positions by 2025.
"Congratulations to the companies that are included in the 2023 GEI," said Peter T. Grauer, Chairman of Bloomberg and Founding Chairman of the U.S. 30% Club. "We continue to see an increase in both interest and membership globally, reflecting a shared goal of transparency in gender-related metrics.”
About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs more than 7,000 people and has been recognized by JUST Capital in 2021, 2022 and 2023 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2023, AVANGRID ranked first within the utility sector for its commitment to the environment. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2022 for the fourth consecutive year by the Ethisphere Institute. AVANGRID is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com.
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