Strengthening Our Neighborhoods: In 2007, Wachovia . . .
Earned an "Outstanding" rating from the Office of the Comptroller of the Currency for Community Reinvestment Act performance.
Provided $47 billion in community loans and investments to revitalize neighborhoods.
Trained almost 24,000 people in money management, homebuyer education, credit basics and computer skills through the FDIC's Money Smart and Wachovia's eCommunitiesfirst® and Extra CreditSM curricula.
Received a fourth allocation of New Markets Tax Credits, bringing Wachovia's total awards to $488 million. Wachovia has created 6,887 jobs in lower-income communities through $457 million in lending through New Markets Tax Credits projects.
Provided more than $16 billion in small business loans to more than 108,000 entrepreneurs building their businesses.
Helped an average of 464 low- and moderate-income families and families in low- and moderate-income neighborhoods buy a home each week.
Partnered with the MacArthur Foundation and Opportunity Finance Network to create the $42 million "Wachovia NEXT Awards for Opportunity Finance." The awards were designed to inject capital into community development financial institutions.
Contributing to Our Communities: In 2007, Wachovia . . .
Contributed $129 million to charitable organizations through company and foundation giving.
Logged more than 703,000 hours of employee volunteer community service.
Launched the 37th chapter of WachoviaVolunteers!, the community involvement network for employees. One in four employees is now a member.
Supported employee volunteerism through our Time Away from Work for Community Service policy, giving all employees four hours per month—or six days per year—of paid time off to volunteer in their communities.
Involved employees in more than 5,300 classrooms through Reading First, our early childhood literacy program. Over 106,000 books were donated to classroom libraries.
Preserving Our Environment: In 2007, Wachovia . . .
Invested $700 million in wind farm development. We are also pursuing other renewable energy investment opportunities including geothermal and solar.
Opened our first "green" financial center in California as part of our commitment to open 300 green financial centers across the country by 2010.
Began construction on a 1.2 million square foot headquarters facility in Charlotte, North Carolina in accordance with LEED certification standards.
Recycled more than 23,000 tons of paper.
Launched the PaperLess internal initiative to reduce paper consumption across the company by 40 percent by the end of 2009.
Diversity, Engagement and Inclusion: In 2007, Wachovia...
Was named one of the top 50 Companies for Diversity by DiversityInc magazine for the fifth consecutive year.
Earned the top score among financial services companies on the NAACP's Economic Reciprocity scorecard for the fifth consecutive year.
Earned a score of 100 on the Human Rights Campaign's Corporate Equality Index for the second consecutive year.
Was named one of Black Enterprise's Best Companies for Diversity.
Was named one of the Top 50 Best Companies for Latinas in the United States by LatinaStyle for the seventh consecutive year.
Was named one of Top 10 Military Spouse Friendly Employers (Military Spouse magazine).
Was named one of Elite Eight Top Companies for Women (Pink magazine).
Was named one of Black MBA magazine's top 50 companies.
Was named one of Essence magazine's 25 Great Places for Black Women to Work.
Providing a Great Place to Work: In 2007, Wachovia . . .
Ranked in the top ten among Working Mother magazine's 100 Best Companies (eleventh consecutive year on the list).
Was recognized as one of Fortune magazine's Top 100 Employers for MBAs.
Was named one of the 100 Best Corporations for Developing Human Capital by Training magazine (seventh consecutive year).
Was awarded the Inaugural Leadership Award by the Council of State Administrators of Vocational Rehabilitation for our commitment to employing people with disabilities.
Surpassed $1 million in WE Care Fund grants provided to Wachovia employees. The WE Care Fund is an employee-to-employee assistance program to help employees in times of personal crisis.
Employees participated in 8,500 training courses.
Encouraged employees to make good health a priority. 58 percent of employees participated in Wachovia Healthy Connections®, a free resource that helps employees better understand and manage their health and lifestyle risks.
Conducting Business Responsibly: In 2007, Wachovia . . .
Amended, following shareholder approval, Wachovia's articles of incorporation to remove the requirement of having a classified board, with staggered terms, so that shareholders elect all directors annually.
Amended, following shareholder approval, Wachovia's articles of incorporation to provide for majority voting in uncontested director elections.
Adopted a policy that requires shareholder approval of future severance agreements for executive officers that would provide for benefits above certain limits.
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