Sustainability at Cambridge Trust

 Cambridge Trust is helping to build a better tomorrow for our clients, employees, communities, and society. 

- Denis Sheahan, Chairman and CEO

 

Beyond our core financial strength and expertise, we take sustainability to heart. This means working within our communities to create positive impact, engaging in environmentally responsible business practices, and empowering our most valuable resource - our diverse and passionate employees.

  • Diversity & Inclusion


     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 K. 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 committed and talented employees from all backgrounds, each with unique ideas and experiences.
     
    We believe all employees deserve and should enjoy a welcoming workplace that embraces differences. This is key to our employees’ success and critical to attaining 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 to address D&I. Today, that committee is comprised of twenty members from all areas of the organization including three Executive Sponsors. 

    As a company we are committed to:
    • Educating our colleagues on the importance of Diversity & Inclusion and empowering them to become advocates for Diversity & Inclusion.
    • Being recognized as a leader for our Diversity & Inclusion efforts, within the company as well as the communities where we live and work.
    • Inclusiveness across all areas of the company.
    • Our strong commitment and execution of Diversity & Inclusion initiatives 
     

    Our Gender Diversity*

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

    Our Racial & Ethnic Diversity*

    • 17% if our executive management is ethnically diverse
    • 21% of our employee population is racially or ethnically diverse
    • 13% of roles Vice President and above are racially and/or ethnically diverse
     

    Awards and Accolades

    • Cambridge Bancorp has 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, Boston Business Journal’s Book of Lists
    • 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 12/10/20
  • Community Involvement


     

    Every day Cambridge Trust works to strengthen existing connections and create meaningful new ones as well  

    Not only do we strive to give back to our communities, but to sustain our mutual pursuit of the common good. We partner with terrific organizations in supporting:
    • Affordable housing
    • Economic development
    • Financial literacy
    • Arts and culture
    • Youth and family
    • Health and human services
    • Social justice
     

    Community Reinvestment Act (CRA) Program

    At Cambridge Trust, we are committed to supporting individuals and families as they pursue prosperity, despite life’s challenges.  We help meet the needs of low- to moderate-income communities in Greater Boston and Southern New Hampshire by providing: 
    • Affordable mortgage programs and access to financial subsidies for first-time homebuyers.
    • Investing in community-based organizations, private developers, and local and national nonprofit organizations for projects that create or preserve affordable housing, promote jobs and education.
    • Granting charitable donations and providing volunteer support to local organizations.
    • Developing community partnerships with for profit and nonprofit affordable housing developers and human and social service organizations.
    • Offering a range of financial solutions for nonprofit organizations and minority-owned, women-owned and veteran-owned businesses.
     

    Charitable Giving 

    In addition to the 270 plus organizations the Bank supports through its annual charitable giving, the bank donated an additional $250,000 to organizations that are providing 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

    Employee volunteerism is a valuable resource for community involvement. In addition to a corporate day of service, every employee is given paid time off for volunteer activities. Many of our employees donate their time and talent to a variety of nonprofit organizations in Greater Boston and Southern New Hampshire. 

     
  • Employee Engagement

     

     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 personal best while 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:
    • Our employee assistance program offers ways 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 are offered on topics related to banking and leadership development.
    • Tuition reimbursement provides the opportunity for more employees to further their education.
    • Employee banking gives employees access to a wide range of financial products and services.
    • Our wellness program offers fitness and nutrition classes and education.
    • Our Peer Recognition Program allows employees to recognize superior efforts of their peers.
    • Short and long-term disability is available for those on leave due to medical issues
    • Four weeks of paid Parental leave for employees having or adopting a child.
    • Flex time offers workplace flexibility, allowing employees to have schedules that are best suited to their home situation. This includes flexible start and end times, compressed work weeks, as well as remote work.
    • Employees are given paid time off to vote.
    • Employees receive eight (8) hours of paid volunteer hours annually to volunteer to a charitable cause they support.
     

    Recruitment

    Cambridge Trust is committed to recruiting, developing and promoting a diverse workforce. We have instituted a policy which requires that all searches for positions Vice President and above include at least one minority and one female candidate. All our positions are listed on 14 job boards specifically targeted towards women, minorities, veterans, and people with disabilities. At any given point in time, only .025% of our employees are temporary.

    Cambridge Trust relies on independent contractors only in situations of special projects requiring either specific technical expertise or a surge in manpower.  Currently, we have no contractors in our workforce.
  • The Environment


    In recent years, the Bank has made significant progress in its commitment to environmental stewardship to positively impact our community and environment. In this regard, we have integrated together several initiatives in our day-to-day operations.
     
    In 2018, we created a team of Environmental Ambassadors, representing all Cambridge Trust offices, to champion positive environmental sustainability and seek opportunities to improve our environmental impact at our offices. Volunteers have been engaged in cleaning and planting projects in our community. 
     

    Green Services

    Reduce the use of paper and carbon emissions by not requiring clients to drive to office locations for their banking.
    • Ongoing investment in technology to improve our internet banking systems so clients can safely do banking out of their home or anywhere
    • Bill Pay, wires and automatic payments/transfers reduce the need to write and send checks by mail.
    • Remote deposit capture and Mobile Banking so customers do not need to use envelope and stamp to mail checks for deposit. 
    • Provide paperless option for e-statements, e-bills and annual reports – these are available online
    • Electronic client onboarding process thereby reducing the carbon footprint.
    • Adobe Sign technology to facilitate electronic signatures for account opening, account updates and instances of loan document signing. This eliminates the use of paper.
     

    Green Products

    • Since 2014 Cambridge Trust has funded $98.7MM to finance 31 separate utility scale solar renewable energy projects primarily in Massachusetts and other New England states. These projects comprise 144 megawatts of capacity and they assist Massachusetts and the other states in meeting their renewable energy goals while providing substantial, long term energy savings to hundreds of small businesses, non-profits, municipalities, housing authorities, and educational institutions.
    • We are conservative in our lending and do not lend to companies engaged in firearms, casinos or fossil fuel.
    • 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.
    • We focus on supply chain partnerships who have embraced sustainability and follow a code of ethics. 
     

    Sustainable Operations 

    Reduce energy consumption and increase energy efficiency.
    • Use of programmable thermostats in office locations and use LED lights for higher efficiency.  Lights are turned off in offices when not in use.
    • Our 75 State St. office in Boston is located in a LEED Certified building and our operation center in Burlington MA has energy efficient mechanical systems.
    • Our office in Weston has a green certified sewage system.
    • Our office in Concord NH is located in a building which is Green certified.
    • Use of energy efficient settings for computers, copiers and smart power strips to power down devices that are not in use.
    • Double-sided printing is done for standard documents.
    • Shred and recycle confidential paper and cartridges. Waste paper is recycled at all locations.
    • Offices use cleaning agents that are toxin free.
    • Most of our office locations have eliminated use of plastic and paper plates, cups and flatware.
    • Keurig machines use environmentally friendly K-cups that are cloth-based.
    • Trash is disposed of responsibly by separating recyclable trash from regular trash.
     

    Technology 

    Provides energy- efficient resources to our employees.
    • Video conferencing is available at several office locations.
    • We have implemented cloud-based services replacing equipment to offer improved performance with reduced power consumption.
    • More than 90% of employees have remote access to bank systems and have the ability to work from home.
    • Use of electronic faxing, which reduces the use of paper and ink.
     
  • For Our Clients


    Cambridge Trust makes ongoing investments in technology that allows clients to reduce their use of paper and carbon emissions through the use of remote services, including:
    • Online banking systems
    • Bill Pay, wires and automatic payments/transfers
    • Remote deposit capture and Mobile Banking
    • Paperless option for e-statements, e-bills and annual reports
    • Electronic client onboarding.
    • Adobe Sign technology to facilitate electronic signatures for account opening, account updates and instances of loan document signing. 
    • We celebrate Earth Day with our clients by distributing ‘Wildflower’ seed packets at our office locations. These seeds are important for ecosystem function and pollination.
     

    Wealth Management

    Sustainability concepts are highly compatible with our preference for quality, well-managed companies across our strategies and are considered as part of all decisions. 
     
    Additionally, clients of Cambridge Trust’s Wealth Management group have the option to invest in our Sustainable & Responsible Investment (SRI) strategy for both equity and fixed income investments. The SRI strategy utilizes the firm’s internal fundamental research platform as well as proprietary analysis relating to company-specific environmental, social, and governance (ESG) factors and integrates both perspectives into the investment decision-making process. The SRI portfolio prioritizes companies with the potential for long-term capital appreciation that also demonstrate a positive and impactful approach to managing ESG standards. 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.
  • Governance

    Board of Directors 
     

    Policy Portal

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

    Supplier Standards 

    In accordance with international conventions, Cambridge Trust refrains from engaging with any supplier cited for involvement in: 
    • Child or forced labor. 
    • Discrimination 
    • Wage reductions as a form of punishment 
    • Harassment or other abusive behavior 
     

    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: 
    • Risk assessments are performed annually. 
    • There are documented and defined structure and responsibilities. 
    • The objectives are to protect customer and bank information. 
    • Training and awareness ongoing for employees and customers. 
    • Physical and technical safeguards are audited on an ongoing basis. 
    • Incident Response Plan and team in place and updated and tested annually. 
    • Ongoing vendor management is in place as well as regulatory reviews of our third party data processing provider. 
    • Due diligence performed on third-party vendors, including risk assessments, checks on integrity, examination of track record, identification of red flags or definition of requirements.  
    • As required by the FDIC and the Mass DOB, third-party data processors are required to implement adequate measures to ensure information security.  This extends to contracts have with other third-party data processors (sixth-party risk).  
    • Monitoring and review is done on an ongoing basis. 


Every Day Cambridge Trust works to strengthen existing connections and create meaningful new ones as well.

 

Cambridge Bancorp has more female Board members than any other company listed on Nasdaq.

We are proud to be a leader in the area of board diversity and are grateful for the insights, skills and perspectives that our board members contribute to the success of our company.

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Top Charitable Contributor 
 



Cambridge Trust Cares
 

As part of our “Salute to Front Line Healthcare Workers” we were honored to show our appreciation to the staff at Mount Auburn Hospital, Cambridge, MA and Wentworth-Douglass Hospital, Dover, NH who are battling COVID-19, by donating lunches and floral arrangements provided by several local small businesses. We are grateful to our clients; Cuisine en Locale, Chapel + Main, and Grendel's Den Restaurant & Bar for providing the food and Brattle Square Florist and The Flower Room for providing the flowers.