Associated Banc-Corp (ASB) — ESG & Values Scores

Environment story

Associated Banc-Corp discloses minimal direct environmental impact data. As a financial institution, Scope 1 and Scope 2 emissions are not prominently disclosed in the 10-K. The company acknowledges climate-related risks to borrowers and the transition to a low-carbon economy but does not articulate a quantified net-zero target or science-based emissions reduction pathway. The 10-K extensively discusses climate risk as a credit risk (physical and transition risks affecting customer creditworthiness and collateral values) rather than ASB's own operational footprint. No evidence of material renewable energy commitments, carbon offsets, or decarbonization capex. The corporation mentions environmental liability risk associated with lending activities (real property foreclosures may expose ASB to remediation costs if hazardous substances are found), but does not quantify exposure or mitigation. Climate change is treated primarily as a regulatory and reputational risk rather than a core ESG commitment. Absence of disclosed net-zero target, Scope 3 supply-chain emissions disclosure, or verified third-party ESG certifications results in a below-median environmental score.

Criticisms on file

Absence of disclosed net-zero commitment or quantified emissions reduction target; climate change treated as credit risk to borrowers rather than material operational ESG issue.
Source: ASB 10-K Item 1A Risk Factors section 'Climate-related risks could adversely affect our business and performance'; no ESG or sustainability report provided.
No disclosure of Scope 1, Scope 2, or Scope 3 greenhouse gas emissions; no renewable energy percentage or carbon intensity metrics.
Source: ASB 10-K MD&A and consolidated financial statements; absence of GRI or TCFD disclosure.

Disclosed initiatives

Environmental Risk Management in Lending

10-K discloses policies and procedures for environmental review before lending against or initiating foreclosure action on real property; acknowledges hazardous substance liability risk.

Mitigation of environmental liability exposure in loan portfolio; does not constitute direct operational decarbonization.
Climate Risk Governance and Disclosure

10-K acknowledges climate-related financial risk (physical and transition risks) and regulatory scrutiny; management discusses climate change impacts on customers and collateral.

Risk awareness documented; no quantified reduction targets or capex commitments identified.

Social story

Associated Banc-Corp's social profile is mixed. The 10-K discloses average FTE headcount (3,886 in 2025, down from 4,030 in 2024, a 4% reduction) and personnel expense increases (+$33.8M or 7% in 2025), suggesting investment in compensation. However, no CEO-to-median-worker pay ratio, workforce diversity metrics (gender, race/ethnicity), or turnover rate are disclosed. No evidence of unionization or labor union standing is mentioned; no NLRB complaints, strikes, or labor litigation are disclosed. The corporation cites employment of qualified personnel and retention as a business priority in risk factors but does not quantify labor market or turnover risks. No diversity initiatives, supplier-diversity programs, or formal equal employment opportunity (EEO) disclosures are referenced. The 10-K does not disclose supply-chain human rights audits, conflict minerals policies, or living wage commitments. No modern slavery statement or forced-labor risk assessment is provided. Social score reflects absence of egregious labor violations but also lack of transparent, quantified diversity and equity metrics.

Criticisms on file

No disclosure of CEO-to-median-worker pay ratio, gender/racial diversity metrics, or turnover rates; cannot assess pay equity or leadership diversity.
Source: ASB 10-K does not include proxy statement or DEI disclosures; no Equifax or HRC Corporate Equality Index references.
No supply-chain human rights audits, conflict minerals policy, or modern slavery statement disclosed; no evidence of living wage commitment or high-risk geography monitoring.
Source: ASB 10-K lacks supply-chain ethics section and ESG supplier accountability disclosures.
Headcount reduction (FTE down 4% from 2024 to 2025) not explained in context of operational efficiency, automation, or branch closures; potential employee attrition or layoff risk not quantified.
Source: ASB 10-K Table 5 Noninterest Expense; MD&A lacks commentary on workforce changes.

Disclosed initiatives

Personnel Investment and Compensation Growth

Personnel expense increased $33.8M (7%) in 2025 from 2024, reflecting continued investment in employee compensation and benefits; healthcare cost increases noted.

Suggests commitment to competitive compensation; does not quantify equity gaps or diversity outcomes.
Business Development and Advertising Expansion

Business development and advertising expense increased $3.5M (12%) in 2025, reflecting brand and market presence investment.

Community and market engagement; does not address workplace social metrics.

Governance story

Associated Banc-Corp's governance profile is broadly adequate but with material concerns. The 10-K does not disclose board independence percentage, but notes that board composition and regulatory oversight are subject to federal and state supervision. No dual-class share structure is disclosed, indicating single-class voting equity. Lobbying expenditures are not explicitly quantified in the 10-K; however, Risk Factors extensively discuss regulatory and political engagement, including commentary on anti-ESG initiatives, tariff policies, and federal government structural changes. The corporation acknowledges lobbying as a normal course of business activity related to banking regulation but does not provide a dollar figure for annual lobbying spend. The 10-K discloses that credit rating agencies (Moody's and S&P Global Ratings) downgraded ASB's long-term issuer credit ratings in August 2023, which remained unchanged as of December 31, 2025—a material governance concern signaling reputational or financial stability risk. No active antitrust proceedings, SEC enforcement actions, or significant financial regulatory fines are disclosed in the 10-K, though the corporation references extensive regulatory examination and supervisory scrutiny. The corporation acknowledges regulatory risks (BSA compliance, fair lending, CRA issues, consumer protection) as potential impediments to M&A strategy. Overall, governance score reflects absence of major violations but lack of transparency on lobbying, board independence, and prior regulatory downgrades.

Criticisms on file

Credit rating downgrade by Moody's and S&P Global Ratings in August 2023 remaining unchanged as of December 31, 2025; signals perceived elevated credit/financial stability risk by major rating agencies.
Source: ASB 10-K Item 1A Risk Factors 'Adverse changes to our credit ratings could limit our access to funding and increase our borrowing costs'; downgrade dates and agencies explicitly stated.
Lobbying expenditures not quantified; 10-K extensively discusses regulatory engagement and political risks (tariffs, anti-ESG initiatives, government workforce reductions) but does not disclose annual lobbying spend or PAC contributions.
Source: ASB 10-K Risk Factors discuss political engagement and regulatory priorities; no lobbying disclosure form (LD-1) or PAC contribution summary provided.
Board independence percentage not disclosed; unable to assess whether board exceeds 75% or 80% independence threshold.
Source: ASB 10-K does not include proxy statement excerpt; board composition table not provided in 10-K excerpt.
Regulatory examination and supervisory scrutiny referenced as ongoing; potential regulatory actions (BSA, fair lending, CRA, consumer protection) cited as M&A approval risks but not quantified as current enforcement matters.
Source: ASB 10-K Item 1A Risk Factors 'Acquisitions may be delayed, impeded, or prohibited due to regulatory issues'; no consent decrees or ongoing enforcement actions disclosed.

Disclosed initiatives

Extensive Regulatory Compliance Framework

10-K discloses comprehensive policies and procedures for banking regulation compliance, including AML/BSA, fair lending, CRA, consumer protection, and data privacy; regular examination by OCC, FDIC, state regulators.

Reduces material regulatory violation risk; does not constitute positive governance innovation.
Board Supervision of Risk Management

10-K references ERC (Executive Risk Committee) and board-level review of loan portfolio guidelines, capital management, and strategic priorities; formation of integration committees for M&A.

Standard governance practice; governance score reflects absence of exceptional best practices.
Shareholder Communication and Disclosure

Corporation publishes annual 10-K with detailed MD&A, consolidated financial statements, and risk disclosures; proxy statements subject to SEC disclosure rules.

Complies with securities law; does not indicate enhanced transparency or shareholder engagement.

These are Missionomics' own editorial scores — directional signals built from disclosed facts under a published method, not certifications or definitive ratings of Associated Banc-Corp. Coverage and confidence vary by data point, and figures can lag real-world changes. Read the full Methodology for sourcing, scoring, and correction details — or open Associated Banc-Corp in the app for interactive charts and portfolio building.

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