EQB outlines progress toward a more sustainable future in 2023 Responsibility Report

TORONTO, April 9, 2024 /PRNewswire/ - EQB Inc. (TSX: EQB) (TSX: EQB.PR.C) is pleased to issue its annual EQB Responsibility Report which examines, outlines progress and reinforces commitments to investing to improve Canadian society, reduce its environmental impact, support employees' evolving and diverse needs and provide Canadians with better, more accessible and enriching financial futures.  

"Our purpose at EQB is to drive change in Canadian banking to enrich people's lives, and I am proud of the progress we achieved against this purpose as we continually strive be a capable contributor to society at large as befits our status as owner of Canada's seventh largest bank," said Andrew Moor, president and chief executive officer. "We welcome all stakeholders to review and celebrate this disclosure alongside us as we seek to improve, add value to and act responsibly in our communities for a better future."

The EQB Responsibility Report marks meaningful progress and milestones within existing programs and outlines new strategies to support a more sustainable future. This year's report refreshes EQB's environmental, social and governance (ESG) strategy, transitioning instead to a broader approach under the umbrella of Responsibility that better reflects EQB's culture and attitude toward ESG matters. Moving forward, EQB will report through the lenses of contributing to communities (social), rules of engagement (governance) and helping the environment (environmental).

Key highlights from this year's report include:

Contributing to our communities

• Prioritized and nurtured diversity through talent acquisition and people strategies, resulting in a proudly diverse workforce (52% of EQB's workforce self-identify as women, 42% self-identify as visible minorities/racialized peoples)
• Celebrated human differences and advanced inclusion, diversity, equity, accessibility and anti-racism – coined as IDEA² – initiatives across the organization, including through Equitable Bank's six Employee Resource Groups
• Played a leading role in addressing the current housing shortage by funding 185 multi-unit residential properties across Canada with total loans of $3.4 billion through various Canada Mortgage and Housing Corporation affordable housing programs
• Assisted Canada's growing senior and near-retiree population through the transition to new chapters of life through a decumulation business, including reverse mortgages and insurance lending, that grew to nearly $1.5 billion in 2023
• Served over 400,000 Canadians in 2023 through the award-winning EQ Bank digital platform
• Provided customers with easy and seamless ways to support their financial futures nationally through the launch of Banque EQ and Carte Banque EQ in Québec, alongside Canada's first fully digital First Home Savings Account

Rules of engagement

• Delivered a refreshed Responsibility strategy to the Governance and Nominating Committee
• Welcomed Michael Hanley as Chair of the Board of Directors and Marlene Lenarduzzi as Chief Risk Officer
• Maintained strong Board diversity (40% of the independent directors self-identify as women, 20% self-identify as visible minorities/racialized peoples)

Helping the environment

• Disclosed Scope 1, 2 and 3 greenhouse gas (GHG) emissions across all applicable categories, including financed emissions, for the third consecutive year
• Disclosed a representative emissions profile for EQB and established a base year on GHG emissions with the aim of providing consistent and comparable data overtime
• Reported absolute Scope 1 and 2 GHG emissions (and intensity) and maintained carbon neutrality
• Broadened carbon offset portfolio to include three new Canadian projects that align with our areas of focus and the communities in which we operate, namely the Great Bear Forest Carbon Project, Quinte Conservation Forest Project and CarbonCure Technologies

To learn more about the EQB's commitment to a more sustainable and enriching future, including the EQB Responsibility Report and Equitable Bank's Public Accountability Statement and recently announced Sustainable Bond Framework, please visit eqb.com/responsibility.

EQB Inc. (TSX: EQB and EQB.PR.C) is a leading digital financial services company with $119 billion in combined assets under management and administration (as at January 31, 2024). It offers banking services through Equitable Bank, a wholly owned subsidiary and Canada's seventh largest bank by assets, and wealth management through ACM Advisors, a majority owned subsidiary specializing in alternative assets. As Canada's Challenger Bank™, Equitable Bank has a clear mission to drive change in Canadian banking to enrich people's lives. It leverages technology to deliver exceptional personal and commercial banking experiences and services to over 607,000 customers and more than six million credit union members through its businesses. Through its digital EQ Bank platform (eqbank.ca), its customers have named it the best bank in Canada on the Forbes World's Best Banks list since 2021.

Please visit eqb.investorroom.com for more details.

Investor contact:
Sandie Douville
VP, Investor Relations & ESG Strategy
[email protected]  

Media contact:
Maggie Hall
Director, PR & Communications  
[email protected] 

Cautionary Note Regarding Forward-Looking Statements

Statements made in the sections of this news release, in other filings with Canadian securities regulators and in other communications include forward-looking statements within the meaning of applicable securities laws (forward-looking statements). These statements include, but are not limited to, statements about EQB Inc. (including subsidiaries) objectives, strategies and initiatives, financial performance expectations and other statements made herein, whether with respect to EQB's businesses or the Canadian economy. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "planned", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases which state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", or other similar expressions of future or conditional verbs. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, closing of transactions, performance or achievements of EQB to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to capital markets and additional funding requirements, fluctuating interest rates and general economic conditions, legislative and regulatory developments, changes in accounting standards, the nature of our customers and rates of default, and competition as well as those factors discussed under the heading "Risk Management" in the MD&A and in EQB's documents filed on SEDAR at www.sedarplus.com  All material assumptions used in making forward-looking statements are based on management's knowledge of current business conditions and expectations of future business conditions and trends, including their knowledge of the current credit, interest rate and liquidity conditions affecting EQB and the Canadian economy. Although EQB believes the assumptions used to make such statements are reasonable at this time and has attempted to identify in its continuous disclosure documents important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Certain material assumptions are applied by EQB in making forward-looking statements, including without limitation, assumptions regarding its continued ability to fund its mortgage business, a continuation of the current level of economic uncertainty that affects real estate market conditions, continued acceptance of its products in the marketplace, as well as no material changes in its operating cost structure and the current tax regime. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. EQB does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws.

SOURCE EQB Inc.