SAN JOSE, Calif., April 27, 2020 /PRNewswire/ -- PayPal Holdings, Inc. (NASDAQ: PYPL) today released its third annual Global Impact Report, publishing its environmental, social, and governance (ESG) strategies and activities of its global operations for 2019. The Global Impact Report highlights progress PayPal has made to advance financial health, promote an inclusive and diverse workforce, minimize its environmental impact, and work to ensure that its business operates responsibly.
As the company took action to address the impact of the COVID-19 global pandemic, PayPal reaffirmed its commitment to its employees, customers, and communities around the world. The company put measures in place to protect the physical well-being and financial security of its employees through remote working policies and increased paid time off through a Crisis Leave Program. It took steps to help its more than 24 million merchants impacted by COVID-19, including waiving certain fees and deferring repayments on select business loans. Additionally, PayPal supported community relief efforts through new employee giving programs, launched fundraising campaigns around the world through PayPal Giving Fund, and made donations to relief efforts in highly impacted regions. The company also worked with governments and regulatory agencies to efficiently provide loans to small businesses through the U.S. Small Business Administration (SBA) Paycheck Protection Program and distribute government stimulus payments to consumers in the U.S.
"The responsibility of corporations has moved beyond simply delivering shareholder profits. The growing expectation from stakeholders is that companies need to take action to effect positive social and environmental impact. Purpose and profit are becoming increasingly intertwined," said Dan Schulman, President and CEO of PayPal. "Given the challenges the world is facing as a result of the COVID-19 pandemic, we are committed to supporting the needs of our employees, customers, and communities and helping them navigate this unprecedented time. Our products and services are perhaps more critical than ever before, and our PayPal community has come together during this crisis to take meaningful action to help the most vulnerable in our society."
PayPal continued to make notable progress on the company's global impact strategy and achieved key milestones. The company completed its first comprehensive ESG materiality and prioritization assessment to identify key non-financial topics that are of greatest importance to the company's mission and its stakeholders. In addition, PayPal further examined how its business activities aligned with the United Nations' Sustainable Development Goals (SDGs), identifying that it makes a direct, positive contribution to 10 of the 17 goals. Notable examples include ensuring that all men and women have equal rights to economic resources, as well as increasing access to financial services for small-scale industrial and other enterprises, including affordable credit,
PayPal's 2019 Global Impact Report features information across four key priority areas: Social Innovation, Employees & Culture, Environmental Sustainability, and Responsible Business Practices. Key highlights include the following:
To view and download the 2019 report, please visit PayPal's Global Impact website. While this report features some of PayPal's recent programs, please visit the PayPal Newsroom for ongoing updates, including information on the company's latest efforts to address COVID-19.
PayPal has remained at the forefront of the digital payment revolution for more than 20 years. By leveraging technology to make financial services and commerce more convenient, affordable, and secure, the PayPal platform is empowering more than 300 million consumers and merchants in more than 200 markets to join and thrive in the global economy. For more information, visit paypal.com.
Tiffany Peng, firstname.lastname@example.org
SOURCE PayPal Holdings, Inc.