Wachovias Commitment to Diversity

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• Wachovias Commitment to Diversity
• Diversity Best Practices ConferenceEngagement of
  Diversity Councils
• February 26, 2007
• Rosie SaezSenior Vice PresidentDirector of
  Leadership PracticesWachovia Corporation

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History of Our Journey
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Wachovias vision and values

• Vision To be the best, most trusted and admired
  financial services company.

• Values
• Integrity
• Respect and Value the Individual
• Teamwork
• Service
• Personal Excellence and Accountability
• Winning

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Wachovias diversity values statement
Diversity at Wachovia is a business imperative.
Aligning with our customer base, engaging our
communities, and attracting and retaining
talented individuals are critical to our success.
We are committed to long-term positive culture
change and seek to incorporate diversity into all
aspects of our business. Every individual at
Wachovia has an ongoing responsibility to advance
diversity.We are committed to being an
inclusive company where all people are treated
fairly, recognized for their individuality,
promoted based on performance, and encouraged to
reach their full potential. We believe in
recognizing, understanding, and respecting
differences among all people. These differences
include but are not limited to race, gender,
sexual orientation, work/life status, ethnic
origin, culture, spiritual beliefs and practices,
age, level, physical/mental ability, and veteran
status.
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Core principles and beliefs

• Engaging issues of inclusion across difference
  and valuing diversity in the workplace results in
  bottom-line outcomes.
• Comprehensive and strategic organizational
  culture change is critical to ensure inclusion
  and full engagement of all employees. Engaging in
  dialogue across difference is foundational to
  changing our culture.
• Leaders must understand the current state and
  perspectives of diverse groups and learn to name,
  embrace and value them.

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Diversity philosophy and approach
Work at all levels

• Individual
• Group
• System

Model of Inclusion
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Diversity phases

• Start Up
• Identify diversity opportunitiesand problems
• Provide basic education and awareness
• Develop top leadership
• Develop vision, goals, andbusiness case
• Demonstrate commitmentto diversity
• Define diversity

Capacity Building Develop internal
champions Address organizational obstaclesto and
support of diversity Get the diversity message
out
Institutionalization Identify and
institutionalize thedesired culture change Make
diversity a part of daily business
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Increased Emphasis onLeader Accountabilities

• Build personal diversity awareness
• Demonstrate commitment
• Personally lead diversity in business unit
• Recruit, hire, develop and promote a diverse
  workforce
• Hold self and others accountable for diversity

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Executive commitment

• Corporate Diversity Council
• Chaired by CEO Ken Thompson
• Made up of a diverse representation of
  leadersand employees
• Determines and directs strategic plan
• Business Unit Diversity Councils
• Chaired by Operating Committee member
• Made up of a diverse representation of
  leadersand employees
• Responsible for integration and execution
  ofdiversity strategy

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Support and infrastructure
Diversity Councils Corporate and business unit
infrastructure
Diversity Integration Practice
Recruiting and Retention Senior leader selection
process Human Capital Planning Diversity
Recruiting INROADS internship program Participatio
n in nationalconferences Employee Resource
Networks Tracking of engagement for each identity
group
Education and Development Diversity
Workshops Leadership Development and
Coaching Internal and External Consultants Diversi
ty Learning Resources Diversity Learning
Teams Internal Best Practice Sharing
Communications Diversity Intranet Consistent
messagesfrom CEO Business unit-specificcommunica
tions Participation in keysurveys
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Role of Corporate Diversity Council

• Define corporate objectives relative to
  diversity.
• Raise awareness and sensitivity to diversity in
  the corporation.
• Objectively determine the current state of
  affairs in the corporation.
• Make recommendations to the CEO and Operating
  Committee in the form of strategies and action
  plans.
• Identify what the corporation should measure and
  to monitor progress toward the goals we define.
• Ensure that corporate diversity strategies and
  actions are implemented effectively
• Continuously reinforce the principles and
  practices of diversity at Wachovia

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Council Member Expectations

• Be willing to serve up to a 3 year term.
• Be a member of a sub-committee.
• See participation as a priority members are
  fully committed.
• Understand why they are involved. Their personal
  and professional meaning of diversity is clear to
  them and shared with others.
• Clear about the business reasons for the divrsity
  commitment, able to speak it and share it with
  others.
• Take full responsibility to do their individual
  work on group identity membership.
• Model diversity skills and continued learning.

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Strategic plan

• Continue to build and institutionalize an
  inclusive culture throughout the company.
• Hold leaders at all levels of the company
  accountable for achieving measurable results on
  the diversity components of their business plans.
• Increase diverse representation at the
  senior-most levels.
• Ensure meaningful development and retention for
  diverse identity groups.
• Drive the deployment of customer, community and
  supplier diversity strategies in a way that
  aligns with the companys diversity mission and
  values.

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Integrating Diversity throughout

• Emerging Markets
• Ethnographic research
• Wealth Management customer strategy
• Spanish Language website
• Partnership with National Association of Minority
  Automobile Dealers
• Community Outreach
• Outstanding CRA grade
• Alignment of philanthropy with diversity goals
• Community development programs
• Supplier Diversity
• MWBE scholarships
• Scorecard

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Monitoring progress

• CEO Diversity Reviews
• Diversity Scorecard
• Employee Engagement Survey

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Continuing on our diversity journey