T. Rowe Price Releases 2014 Corporate Social Responsibility Report
Financial Education Efforts Reached 750,000 Parents, Kids, and Educators in 2014
BALTIMORE (September 10, 2015)
T. Rowe Price has released its 2014 Corporate Social Responsibility (CSR) report, which details the firm’s efforts to promote financial education, reduce its environmental footprint, and empower associates to have an impact in their communities.
Building Financial Capabilities
The firm reached 750,000 parents, kids, and educators through its Money Confident Kids® program, which seeks to help eight to 14 year-olds build financial capabilities. T. Rowe Price was able to reach this audience through the firm’s financial education websites, online games, apps, exhibits, programs with Junior Achievement, and sponsored events.
The award-winning Money Confident Kids® program focuses on three key areas to develop financial capabilities: learning good financial habits early, having weekly talks about money matters, and improving educator confidence. The firm grew its reach by 25% since 2013 through collaborative efforts with national organizations such as Junior Achievement (JA) and Walt Disney Imagineering.
In 2015, the firm expanded on this progress with the development of the Star Banks Adventure® financial education app and online game, a traveling exhibit on the Disney TRYathlon Road Tour, and a new partnership with Scholastic to reach more teachers and students.
Reducing Environmental Impact
T. Rowe Price remains committed to conducting business in ways that have minimal impact on the environment. Since 2010, the associate population has grown by 30% while the firm has decreased landfill waste by 49% and expanded recycling by 79%.
Additionally, 32% of T. Rowe Price’s real estate portfolio has achieved an environmental certification. Two new buildings in Maryland—with over 400,000 square feet of office space—are the most recent to receive LEED Gold certifications.
Extending Values to the Community
The firm’s commitment to upholding and acting on its values is evident in the spirit its associates display through providing financial support, volunteering their time, and sharing their expertise. In 2014:
- More than 2,900 (over 50%) of T. Rowe Price associates volunteered over 60,000 hours through personal and company-sponsored volunteering.
- More than 300 associates served on nonprofit boards.
- Associates contributed $4.2 million in associate workplace giving.
- Gifts matched by the T. Rowe Price Foundation grew by 45% over the past five years and represented 59% of the foundation’s giving in 2014.
In 2015, as a result of the challenging events that have affected the firm’s hometown of Baltimore, T. Rowe Price has increased its support to the most impacted communities. Efforts are underway to identify how the firm can provide resources to help address the communities’ urgent needs, as well as some of the long-term issues that precipitated the unrest.
To provide immediate relief, Maryland-based associates held household goods drives for affected neighborhoods and the T. Rowe Price Foundation made direct grants of $145,000 and will give over $100,000 more to existing grantees working in East and West Baltimore that have scalable operations.
Jim Kennedy, CEO and president of T. Rowe Price Group, Inc.
"Our business is affected by the communities in which we live and work. We strive to improve our communities by developing financial capabilities within them, conducting business responsibly, and empowering our associates to have a meaningful impact. T. Rowe Price’s guiding philosophy has always been to put clients’ needs first, and this attracts associates who possess a desire to help others and who believe that being part of a community means giving and serving."
About T. Rowe Price
Founded in 1937, Baltimore-based T. Rowe Price (NASDAQ-GS: TROW) is a global investment management organization with $773 billion in assets under management as of June 30, 2015. The organization provides a broad array of mutual funds, subadvisory services, and separate account management for individual and institutional investors, retirement plans, and financial intermediaries. The company also offers a variety of sophisticated investment planning and guidance tools. T. Rowe Price's disciplined, risk-aware investment approach focuses on diversification, style consistency, and fundamental research. For more information, visit troweprice.com.