TIAA is a dynamic organization with a strong commitment to inclusion, diversity, and equity across all aspects of our business. This includes maintaining diversity within our supplier community.
Since 1992, The Business Diversity Program (previously Supplier Diversity) has been intentional about including under-utilized businesses in the sourcing process. We fervently believe business diversity serves as a critical catalyst for economic impactOpens pdf in diverse communities. In line with our Be the Change platform, we launched an initiative to Do More to increase our spending with Black-, Hispanic- and Latino-owned businesses and improve opportunities and access for suppliers owned by people of color and LGBTQ-, veteran-, and disabled-owned businesses.
We are proud of our progress with Asian-owned, women-owned and small businesses but recognize we can certainly Do More with other underrepresented segments. Some of our key ongoing efforts include partnerships with Historically Black Colleges and Universities (HBCUs), as well as identifying diverse suppliers across all products and services throughout TIAA.
TIAA's Business Diversity program has received recognition throughout the industry including a Top 50 Company for Diversity (DiversityInc), one of America's Top Corporations for Women Business Enterprises (WBENC), and a Best of the Best Corporation for Inclusion (NBIC). We continue to focus on supplier development through TIAA's Diverse Supplier Academy, a development program consisting of three pillars: mentorship, education, and scholarship. It seeks to connect our suppliers with key leaders across TIAA, educate them on the shifting landscape of our business, while providing opportunities to grow their companies.
In the spirit of continuous improvement, we are increasing our enterprise-wide commitment to environmental, social and economic initiatives. This requires that we broaden the scope of our Business Diversity program to include a more comprehensive approach to supply chain sustainability. These efforts will ensure TIAA's purchasing decisions make a positive contribution to society through upholding social standards, environmental stewardship and encouraging carbon footprint reduction.
We are fortunate to have the participation of leaders across all areas of the company on the Business Diversity Advisory Council, a cross-functional group of executive leaders tasked with steering and directing business diversity initiatives while advocating for inclusive supplier strategies at every level of the company.
TIAA remains committed to advancing strategies that move the needle in creating a diverse supply base that delivers the best solutions to our clients and the communities we serve.
