Sustainability at Cambridge Trust

 

 Cambridge Trust supports the right to peaceful protest and the human rights of all individuals. As an institution, we are resolute in supporting efforts to eradicate the racism and inequities in our black communities. We are donating $100,000 to organizations committed to effecting change.

- Denis Sheahan, Chairman and CEO

Cambridge Trust is committed to diversity and inclusion. We strive to develop strong client relationships and community partnerships by attracting and retaining dedicated, talented employees from all backgrounds, each with unique ideas and experiences.
 
We believe our employees deserve a welcoming workplace that embraces all differences. This is key to our employees’ success and critical to achieving our vision of becoming the premier private bank and wealth management company in Greater Boston and Southern New Hampshire.

In 2017, a Diversity and Inclusion (D&I) Steering Committee was formed. Today, that committee is comprised of 20 members from all areas of the organization including three Senior Executives.

As a company, we are committed to:

• Educating our colleagues on the importance of diversity & inclusion, empowering them to become advocates for creating this culture
• Being a leader in promoting diversity & inclusion both within our company and in the communities where we live and work
• Embracing inclusiveness across all areas of our organization

Our Gender Diversity*

• 50% of our corporate board of directors are women (Cambridge Bancorp, parent company of Cambridge Trust)
• 46% of our advisory board are women
• 37% of our executive management team are women
• 42% of Vice Presidents and above are women
• 55% of our employees are women

 
Our Racial & Ethnic Diversity*

• 17% of our executive management team is ethnically diverse
• 13% of our Vice Presidents and above are ethnically diverse
• 21% of all employees are racially or ethnically diverse

 
Awards and Accolades

• More female Board members than any other company listed on Nasdaq^**
• Among the Top 15 Greater Boston Companies with Most Diverse Corporate Boards
• Among the Top 100 Largest Corporate Charitable Contributors in Massachusetts^***
• Ranked 4th by the Massachusetts Housing Partnership’s ONE Mortgage Program lender, providing financing to low and moderate income first-time homebuyers

_{*Information as of 12/31/2020
**Source: S&P Global Market Intelligence 12/10/2020
***Boston Business Journal’s Book of Lists}

Everyday Cambridge Trust works to strengthen existing connections and create meaningful new ones in pursuit of our mutual goal to change lives for the betterment of all. It's one reason we are ranked 4th by the Massachusetts Housing Partnership’s ONE Mortgage Program lender for our efforts to deliver financing to low- and moderate-income first-time homebuyers.
 

Community Reinvestment Act (CRA) Program

Cambridge Trust is committed to supporting individuals and families as they pursue prosperity, despite life’s challenges. We are meeting these needs by providing:

• Affordable mortgage programs and access to financial subsidies for first-time homebuyers.
• Investments in community-based agencies, private developers, and local and national nonprofit organizations who create or preserve affordable housing, promote jobs and education.
• Charitable donation grants and volunteer support for a variety of local organizations.
• Partnerships with the community‘s for-profit and non-profit affordable housing developers and other organizations that support economic development, financial literacy, arts and culture, youth and family, health and human services, and social justice.
• A range of financial solutions for nonprofit organizations and minority-owned, women-owned and veteran-owned businesses.

 

Charitable Giving 

• Cambridge Trust is among the Top 100 Largest Corporate Charitable Contributors in Massachusetts, ^*** supporting 270+ organizations each year through our giving initiatives. In 2020, we also donated an additional $250,000 to organizations that provided relief to those impacted by COVID-19, and $100,000 to organizations committed to eradicating racism and inequities in our black communities.  

 

Organizations include:

Asian CDC Black Heritage Trail of New Hampshire Breaktime Cambridge Community Foundation Casa Myrna Castle Square Tenants Organization Community Change Enroot Hack.Diversity International Institute of New England Life Sciences Cares Massachusetts Affordable Housing Alliance Merrimack Valley Housing Partnership NAACP Boston New Commonwealth Racial Equity and Social Justice Fund New Community Loan Fund NeighborWorks of Southern NH NH Center for Nonprofits Northeast Arc Rian Immigrant Center Urban Edge and Somerville Community Corporation Women’s Lunch Place Workforce Housing Coalition

Employee Giving

At Cambridge Trust, community involvement of employees is also strongly supported. In addition to performing a corporate day of service each year, every employee is given eight hours of paid time off annually for other volunteer activities. Many also donate their time and talents to a variety of nonprofit organizations across Greater Boston and Southern New Hampshire. 

 

 At Cambridge Trust, every employee at every level is given the opportunity and the freedom to think like a leader. 

- Pilar Pueyo, SVP, Director of Human Resources

Cambridge Trust strives to foster a culture that encourages employees to contribute their professional best while also respecting the balance between work and personal life.  

Employee Benefits

In addition to comprehensive health and welfare benefits and retirement plans, employees are offered a variety of other benefits including:

• Employee assistance programs to better balance work and personal commitments and reduce stress, including, legal and financial services, child and elder care and nutrition and fitness.
• Training and development programs on topics related to banking and leadership development.
• Tuition reimbursement so employees may further their education.
• Employee banking offers access to a wide range of financial products and services.
• Wellness programs offering fitness and nutrition classes and education.
• Peer Recognition Program so employees can recognize superior efforts of their peers.
• Short and long-term disability for those on leave due to medical issues.
• Four weeks paid parental leave for employees having or adopting a child.
• Flex time to allow for schedules best suited to an employee’s home situation. 
• Paid time off for voting.

 

Recruitment

Cambridge Trust is committed to recruiting, developing and promoting a diverse workforce. Our policy requires that all searches for positions of Vice President and above include at least one minority and one female candidate. All of our positions are listed on 14 job boards specifically targeted towards women, minorities, veterans, and people with disabilities. At any given point in time, less than 1% of our employees are temporary.

We employ independent contractors only in rare situations if a special project requires either specific technical expertise or a surge in manpower. Currently, we have no contractors in our workforce.

Learn more about Current Career Opportunities at Cambridge Trust.

For several years, the Bank has been successfully pursuing its commitment to environmental stewardship and positive community impact by integrating several initiatives into our day-to-day operations.

 

Green Lending 

• The company is active in commercial lending that supports municipalities in their solar-based energy initiatives. As of September 30, 2020, solar lending is the largest component of our Commercial & Industrial Lending portfolio (excluding loans made under the SBA’s Paycheck Protection Program). Our solar lending comprises 144 megawatts of capacity while providing substantial, long-term energy savings to hundreds of small businesses, nonprofits, municipalities, housing authorities, and educational institutions.
• Conversely, we do not lend to companies engaged in the manufacturing or sale of firearms, entities engaged in gambling or companies who produce fossil fuels. 

 

Green Investing

• For clients who desire Sustainable & Responsible Investing (SRI) strategies, we invest in companies that are environmentally responsible. We evaluate and measure progress towards goals pertaining to energy conservation efficiency, CO2 reduction, waste reduction, etc. 

 

Green Services

We are making continuous investments in technology to reduce the use of paper and carbon emissions whenever possible.

Examples include:

• Online and mobile banking platforms so clients can safely do their banking without driving to an office.
• Bill Pay, wires, automatic payments/transfers, and remote deposit capture that reduce the need to write and mail checks.
• Paperless options for e-statements, e-bills, and receipt of annual reports.
• Client onboarding that can be done 100% online/electronically.
• E-signatures for account openings, account updates and lending documents.
• Choosing supply chain partners equally as committed to our high sustainability and ethical standards.

 

Green Operations 

We are making every effort to reduce energy consumption and increase energy efficiency across the company.

Examples include:

• Use of programmable thermostats and LED lights in all office locations
• 75 State St. office in Boston is in a LEED Certified building; operation center in Burlington, MA uses energy-efficient mechanical systems; Weston office has a green-certified sewage system; Concord, NH office is in a green-certified building
• Energy-efficient settings used for computers, copiers and smart power strips
• Double-sided printing whenever possible
• Confidential paper, cartridges and wastepaper is shredded and/or recycled at all locations
• Offices use cleaning agents that are toxin free
• Elimination of plastic and paper plates, cups and flatware usage at most offices
• Separation of recyclable and regular trash

 

Green Technology 

We provide energy-efficient services to our employees that reduce our carbon footprint.

• Video conferencing available at most office locations
• Cloud-based services to improve performance and reduce power consumption
• Remote access to our banking systems and work-from-home capabilities available to 90% of employees

 

Environmental Ambassadors

• In 2018, we created a team to champion environmental sustainability and uncover opportunities to improve our impact at every Cambridge Trust office. This has included many employees engaging in cleaning and planting projects in the communities we serve. 

_{Photo dated 2019}
 

We follow strict processes and rules to ensure outstanding organizational behavior. 

Corporate Policies

• Code of Ethics (including gift policy)
• Non-discrimination
• Harassment or abusive behavior
• Promotion equal opportunities and diversity
• Insider dealings
• Whistleblower protections

 

Information Security 

Given the nature of our client relationships and the need for us to know our clients, the security of the information that we hold is paramount to the continuation of the organization. Our Data Security Team has a process in place to vet and monitor our internal processes as well as those of our third-party vendors. 

Parameters of our data security process include: 

• Annual risk assessments
• Documented and defined structure and responsibilities
• Objectives to protect customer and bank information 
• Ongoing training and awareness for employees and clients
• Frequent audits of physical and technical safeguards  
• An Incident Response Plan and Team that is updated and tested annually
• Ongoing vendor management and regulatory reviews of our third-party data processing providers, including risk assessments, integrity checks, examination of track record, identification of red flags or definition of requirements  
• Information security measures of third-party data processors implemented, as required by the FDIC and the Massachusetts Division of Bank

 

Sustainability concepts are highly compatible with our preference for quality, well-managed companies across all of our strategies and are considered as part of all decisions on individual stocks and bonds.

Additionally, clients can choose to invest in our Sustainable & Responsible Investment (SRI) strategies to maximize emphasis on these values in their wealth management accounts. The SRI strategies utilize the firm’s internal fundamental research platform including proprietary analysis relating to company-specific environmental, social, and governance (ESG) factors. Portfolio investments focus on high-quality companies committed to developing policies and programs to improve their environmental impact, that treat their employees and the community well, and that have strong and diverse leadership, an independent board of directors, and transparent practices.
 
Our SRI strategies are particularly popular with institutional, non-profit clients seeking to align their portfolios with their mission and values. We also identify impact investing opportunities on a custom basis for some clients.