Working on behalf of the social and economic well-being of our employees, customers, and communities has been an intrinsic part of Popular’s creed since its founding.
Aware that the local and global challenges facing our communities today require a more deliberate approach than in other sectors of society, in 2019 we set out to formally establish our Environmental, Social, and Governance (ESG) priorities.
We strive to improve the social and economic well-being of our employees, customers, and communities, while prioritizing diversity, equity, and inclusion in all aspects of the business.
We are privileged to live and work in some of the most beautiful places on Earth.
We recognize that it is incumbent upon us to protect the land in which we live and serve. At Popular, we are committed to being part of the solutions to the challenges being created by a changing climate and are continually on the lookout for new and innovative opportunities to do our part to protect the planet.
INVESTING IN THE ENVIRONMENT
• Since 2021, Popular has granted $1.6 million to nonprofit organizations focused on environmental conservation and restoration, through the Corporate Donations Environment Program.
• Popular set up multiple locations with containers for personal electronic equipment and textile recycling, reaching a total of 3,850 pounds of electronic equipment deviated away from landfills.
• In partnership with Skootel, Popular offered a 15% discount for the use of biciPop electric bicycles to foster a more sustainable commute, in celebration of Earth Day. Throughout the year, the use of biciPOP resulted in 22,682 trips completed, 428 gallons of auto fuel saved, and 5,352 miles of auto commute replaced.
• In 2023, Popular introduced new uniforms and replaced 13,000 shirts and blouses by garments made from recycled PET textiles. Some of the old garments were donated to educational institutions and non-profit organizations, repurposing the fabrics for multiple uses including dresses for low-income communities and as fabrics for sewing classes in local universities.
ENERGY EFFICIENCY AND CONSUMPTION
• Continued installation of solar panels at our facilities for a total of 62 branches and 5 corporate buildings.
• Two combined heat and power generation plants for our main buildings, Cupey Center and Señorial Center, located in Puerto Rico, fueled mainly by liquid natural gas enabling us to consume less fuel while reducing carbon dioxide emissions.
• 17 electric vehicle recharging stations through different facilities in Puerto Rico.
OUR WATER USAGE
• Total water usage: 196,0921 cubic meters
• 3 branches and 1 corporate facility with rainwater harvesting systems
RECYCLING AND WASTE MANAGEMENT
• 50,000 pounds of electronic equipment recycled
• 1,592 tons of paper recycled
Provide Opportunity
We believe that investing in the places we serve is a key part of how we achieve the goal of improving our employees, customers, and community’s well-being.
Inclusive Banking
Equal access to financial services is crucial to achieving inclusive growth and can be a catalyst in the fight to end poverty and boost shared prosperity. Our commitment to put people at the center of progress is embedded in everything we do, from our hiring and retention practices to the way we design our products and how we imagine our customer and employee experiences.
Some of the financial services available to clients are:
In 2022, Popular became the first financial institution in Puerto Rico to eliminate the charge for insufficient funds for returned transactions. We also eliminated overdraft fees on transactions of five dollars ($5.00) or less paid against insufficient funds, as well as the fees charged for maintaining overdrawn accounts. These modifications to our overdraft fees are in part the result of a multi-year strategy that began with Popular’s efforts to obtain the Bank On certification for certain bank accounts.
We currently have a Certified Bank On checking account in each of our main markets with no overdraft fees and a low monthly fee:
As a responsible banking institution, we believe that financial literacy is an important tool in helping people manage their personal finances in order to achieve their dreams.
In 2023, we facilitated
277
workshops
with
10,008
participants.
Accelerating Entrepreneurship
We are proud to support the inception, development, and growth of new enterprises that strengthen our local economies and add new jobs. Our focus on entrepreneurship embraces projects ranging from teaching elementary school students the ABCs of ideating an enterprise, to helping experienced businesspeople further evolve their companies.
Community Investment
Our community investments in 2023 amounted to approximately $11.8 million as we continue to strengthen our philanthropic giving both in Puerto Rico and the mainland U.S. through Fundación Banco Popular, Popular Foundation and Corporate Grants. This investment brings us closer to our vision where Puerto Rico has accessible education of excellence for all, and prosperous community development.
Our People
The spirit, commitment, and expertise of our people have made Popular the company it is today. We employ over 9,200 people in Puerto Rico, the Virgin Islands, the United States mainland, and Latin America.
Their well-being and their families is of utmost importance to us. We strive to provide gratifying and meaningful work experience for everyone.
Diversity and Inclusion
Our diversity reflects who we are, and at Popular, we understand the value of fostering an environment in which Diversity and Inclusion Policy can flourish, regardless of our employees’ and customers’ gender, race, ethnicity, sexual orientation, age, religion, or any other factor.
During 2018, Popular’s CEO reaffirmed our company’s zero-tolerance stance on harassment and discrimination. Workshops on the topic were offered to leaders in all our markets.
Popular has also held various events tailored specifically for veterans and military personnel. On this front, Popular Bank in Miami was recognized in 2018 with the Patriot Award by Employer Support of the Guard and Reserve.
2019
In 2019, Popular started conducting focus groups with the goal of developing initiatives to meet the needs and interests of our employees.
2020
Popular invested nearly $400,000 in closing gender pay gaps in 2020, for a total of $2.5 million over the past nine years. As a result, our gender pay gap continues to narrow and is now lower than the nationwide median, according to data from the US Census Bureau.
2021
Popular was included in Bloomberg’s Gender Equality Index and recognized as a Great Place to Work ®for Women in Central America and the Caribbean.
Updated the Gender and Domestic Violence Policy with a paid 15-day leave available for victims of gender violence, domestic violence, stalking, and/or sexual harassment.
Launched the first Employee Resource Group for the LGBTQ+ community and its allies.
2022
Included for the second consecutive year in Bloomberg’s Gender Equality Index.
Launched three additional Employee Resource Groups on Functional Diversity, Women, and Multicultural.
2023
Launched a new regional Employee Resource Group (ERG) for the Black/African American community, expanding our diversity and inclusion efforts to this underrepresented group.
To deepen understanding and foster DEI progress within Popular, held development sessions including “On Purpose and Belonging: Our HR impact on DEI” and a Leadership session about Inclusion as the key to put people at the center of progress.
Implemented important measures to integrate DEI into our company processes, such as adding a DEI section to the New Employee Orientation, updating and approving our DE&I Policy, and aligning the activities of our ERGs with our organizational values. These actions demonstrate our ongoing commitment to creating a culture that values diversity, equity, and inclusion.
Our Employees Lead by Example
One of Popular’s central values is working together with the communities we serve.
A 71% of Popular’s workforce in Puerto Rico and a 74% in the U.S. made voluntary contributions to Popular’s foundations through recurring payroll deductions. Also, over 1,600 employees participated in volunteering projects during 2023.
Monetary
Contribution
$766,489.66
with a matching contribution from Popular of $1.1 million
Volunteering
1,647
employees
9,124
hours of service
PROMOTE TRUST
Our Board of Directors believes that high standards of corporate governance are an essential component of the strength of our corporate culture and ensure that our institutional values are embedded in our day-to-day business operations.
Our priority topics in this area include:
• Security & Privacy focused on the management of risks related to collection, retention, and use of sensitive, confidential, and/or proprietary customer or user data.
• Corporate Governance ensuring the mechanisms to provide adequate oversight of our operations and foster an ethical environment.
Equal access to financial services is crucial to achieving inclusive growth and can be a catalyst in the fight to end poverty and boost shared prosperity. Driven by this belief, we are committed to designing solutions that fit meaningfully into people’s daily lives and to helping our clients meet their financial goals, whatever those may be, with convenience and simplicity.
A financial education program designed for all audiences, from primary and secondary schools to universities, business owners, corporations, and individuals. Program participants learn strategies, solutions, and tools via free workshops designed specifically for each life stage and offered by specially trained Popular employee volunteers.
The ongoing success of the Finanzas en Tus Manos program earned Popular the 2020 Community Commitment Award from the American Bankers Association Foundation, an award that recognizes and promotes banks contribution in economic growth, community development and enhancing the quality of life in their communities; a true badge of honor to earn.
Echar Pa’Lante
The program launched in 2012 with the mission of convening and uniting diverse sectors that believe that the formula for a prosperous and successful country is based on hard work, education, discipline, and productivity. Echar Pa’Lante promotes entrepreneurship through innovative projects that open and encourage new possibilities for the future of Puerto Rico. The program’s philosophy is that only with the collective effort of all sectors of society will we be able to weather our current socioeconomic challenges.
Designed to promote entrepreneurship, stimulate economic development and support local businesses with the development of new ideas, StartUp Popular has three main programs: Financing of proven business ideas that have been operating for less than two years, Support and Education.
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Insurance products and services are offered by Popular Insurance LLC (“Popular Insurance”), a subsidiary of Popular, Inc. (“Popular”) and an affiliate of Banco Popular de Puerto Rico (“BPPR”).
Popular Insurance is a General Agency and Authorized Representative duly authorized by the Puerto Rico Insurance Commissioner’s Office to offer and sell life, variable life, variable annuities, disability, property and casualty, and title insurance and health related employee benefit services in Puerto Rico.
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Credit Reporting Disputes You have the right to dispute the accuracy of the credit information we have reported by writing to us and describing the specific information that is inaccurate or in dispute, and the basis for any dispute with supporting documentation, to the address below.
Banco Popular de Puerto RicoPO Box 71589San Juan PR 00936
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