Zions Bancorporation, National Association (ZION) — ESG & Values Scores

Environment story

Zions demonstrates nascent environmental commitments through LEED-certified facilities, renewable energy financing, and water conservation initiatives, but lacks comprehensive Scope 1, 2, and 3 emissions disclosure and a credible net-zero target. The company reports financing renewable energy projects and has developed LEED Platinum-certified facilities, yet provides no quantified emissions baseline, reduction pathways, or climate targets. Compliance with California's Climate Corporate Data Accountability Act (SB 253) is mentioned as an emerging cost driver, suggesting emissions reporting will be required but has not yet been fully disclosed. The bank's oil and gas lending portfolio presents material climate-related credit risk that is inadequately quantified. Greenwashing concerns arise from selective emphasis on renewable financing without transparent measurement of total portfolio carbon exposure or scope-3 supply-chain emissions.

Criticisms on file

Oil and gas lending portfolio exposure with inadequate climate risk disclosure. Portfolio includes oil and gas-related lending and leveraged lending subject to commodity price volatility and regulatory/societal responses to environmental concerns.
Source: ZION_10k.txt, Risk Factors, Credit Risk section
Lack of quantified Scope 1, 2, and 3 emissions baselines and net-zero targets. Company does not disclose greenhouse gas emissions or credible decarbonization timeline.
Source: ZION_10k.txt, Item 1. Business, Supervision and Regulation section
California Climate Corporate Data Accountability Act (SB 253) compliance flagged as expected to increase operational costs but emissions data not yet disclosed in filing.
Source: ZION_10k.txt, Other Regulations and Proposals section
Climate-related and catastrophic event risks acknowledged but not comprehensively mitigated. Company operates in regions susceptible to wildfires, earthquakes, floods, and droughts with increasing frequency and severity.
Source: ZION_10k.txt, Risk Factors, Operational Risk section

Disclosed initiatives

LEED-Certified Facilities

Development of LEED Platinum-certified technology campus and other LEED-certified facilities.

Reduced operational energy consumption and environmental footprint of owned properties.
Water Conservation Systems

Implementation of water conservation systems across facilities.

Localized reduction in water consumption.
Renewable Energy Financing

Financing renewable energy and energy efficiency projects as part of commercial lending offerings.

Indirect support for customer decarbonization; no quantification of portfolio carbon reduction.
Digital Operations

Adoption of remote deposit capture and electronic forms and signatures.

Reduced paper usage and operational emissions from document handling.
Employee Transportation Subsidies

Subsidizing employee use of public transportation.

Minor reduction in Scope 3 emissions from employee commuting.

Social story

Zions reports a commitment to workforce development, diversity, and competitive compensation, but provides limited quantified metrics on leadership diversity, pay equity, or union relations. The company emphasizes employee growth through a 20,000+ program learning platform and recognizes competitive labor market pressures. However, no explicit CEO-to-median-worker pay ratio, workforce gender/ethnicity breakdowns, or documented union-suppression activities are disclosed. Turnover metrics are absent. A full-time equivalent employee count of 9,195 at year-end 2025 (down 2% year-over-year) suggests workforce optimization but raises questions about severance and retention. Supply-chain human-rights audits and diversity targets are not mentioned. The company's charitable foundation contribution ($15 million over three years) signals community commitment but does not substitute for transparent social governance disclosures.

Criticisms on file

Absence of disclosed CEO-to-median-worker pay ratio. No executive compensation transparency metrics provided in 10-K filing.
Source: ZION_10k.txt, Human Capital Management section
No quantified workforce diversity metrics (gender, race, ethnicity) disclosed in filing. Diversity commitment stated but not substantiated with numerical targets or representation data.
Source: ZION_10k.txt, Human Capital Management section
Full-time equivalent employees decreased from 9,406 in 2024 to 9,195 in 2025 (2% reduction). Reasons for workforce contraction and severance practices not explained.
Source: ZION_10k.txt, Salaries and Employee Benefits schedule, MD&A
No documented union representation, collective bargaining agreements, or labor union standing disclosed. Supply-chain human-rights audits and living-wage commitments not mentioned.
Source: ZION_10k.txt, Item 1. Business, Human Capital Management
Regulatory guidance cited as limiting compensation flexibility relative to competitors, particularly fintech firms. Potential talent disadvantage in competition for skilled professionals.
Source: ZION_10k.txt, Risk Factors, Strategic and Business Risk section

Disclosed initiatives

Employee Development and Training

Investment in comprehensive learning platform offering over 20,000 programs and resources, including digital courses and structured learning paths enabling employees to tailor development plans to individual goals.

Enhanced employee capability and career progression; supports talent retention in competitive labor market.
Talent Recruitment and Retention Strategy

Focus on three areas: (1) recruiting top talent, (2) fostering career growth and professional development, (3) proactively building leadership pipeline. Continuous evaluation of compensation and work arrangements in response to market conditions.

Improved workforce competitiveness and retention; supports long-term business continuity.
Performance-Based Compensation

Comprehensive rewards and recognition programs tied to accountability and business objective achievement while maintaining risk management framework.

Aligns employee incentives with shareholder returns and risk controls.
Charitable Foundation Contributions

Donation of $15 million to charitable foundation funding donations over next three years in response to tax law changes effective January 1, 2026.

Community support and employee engagement through philanthropic activities.
Workplace Respect and Inclusion

Stated commitment to fostering workplace where every individual is respected, valued, and empowered to succeed based on merit, qualifications, and abilities.

Cultural foundation for inclusive employment practices; formal program details and metrics not disclosed.

Governance story

Zions operates under a national bank charter governed by the Office of the Comptroller of the Currency (OCC) rather than state corporate law, creating a less-developed regulatory framework than state-chartered competitors. Board independence percentage is not disclosed; the company references a Board of Directors with specialized committees (Audit, Compensation, Risk Oversight), but provides no explicit independence threshold or board composition data. The company is not subject to dual-class share structures (common stock only, no supermajority founder voting disclosed). Lobbying expenditures and PAC contributions are not quantified. The company acknowledges heightened regulatory capital standards and stress testing as constraints on dividends and share repurchases. Recent executive orders and regulatory proposals targeting ESG considerations and diversity initiatives introduce policy uncertainty. No material antitrust proceedings, SEC consent decrees, or recent financial-fraud regulatory actions are disclosed, suggesting clean compliance history. However, the governance framework lacks transparency typical of state-incorporated public companies.

Criticisms on file

Board independence percentage not disclosed. Company references Board oversight but provides no explicit independence threshold or composition metrics.
Source: ZION_10k.txt, Corporate Governance section
Lobbying expenditures and PAC contributions not quantified in 10-K. No disclosure of political stance or trade association alignment on climate, consumer protection, or deregulation issues.
Source: ZION_10k.txt, Item 1. Business and Risk Factors sections
National bank charter creates less-developed regulatory and securities law framework compared to state-chartered competitors. OCC governance regime less mature than SEC/state corporate law, introducing uncertainty in corporate transaction execution.
Source: ZION_10k.txt, Legal/Compliance Risk section, Supervision and Regulation
Executive Order 14331 ('Guaranteeing Fair Banking Access for All Americans') introduces policy uncertainty regarding consideration of ESG factors in lending decisions. Company acknowledges conflicting stakeholder expectations on diversity and climate initiatives.
Source: ZION_10k.txt, Risk Factors, Other Risks section
Heightened Standards regulatory relief proposed. If asset threshold rises from $50B to $700B, company will no longer be subject to prescribed safety and soundness governance requirements, reducing regulatory oversight.
Source: ZION_10k.txt, Regulatory Developments, Supervision and Regulation

Disclosed initiatives

Corporate Governance Framework

Board of Directors provides oversight through comprehensive governance and risk management framework supported by Corporate Governance Guidelines, Code of Business Conduct and Ethics, Code of Ethics for Directors, Risk Management Framework, Related Party Transactions Policy, and Insider Trading Policy.

Establishes governance structure and accountability mechanisms; specifics of board independence and chair/CEO separation not disclosed.
Specialized Board Committees

Audit Committee, Risk Oversight Committee, Compensation Committee, and Nominating and Corporate Governance Committee with published charters.

Distributes oversight responsibilities across functional domains; independence metrics not provided.
Risk Management Framework

Enterprise Risk Management Committee chaired by Chief Risk Officer; comprehensive risk taxonomy including credit, interest rate, liquidity, strategic, operational, technology, cybersecurity, capital, legal/compliance, and reputational risks.

Systematic identification and mitigation of material enterprise risks; governance of emerging risks (AI, climate, geopolitical).
Stress Testing and Capital Planning

Internal stress testing with scenarios comparable to Federal Reserve severity; utilized for capital adequacy and dividend/repurchase policy decisions.

Ensures capital resilience under adverse economic conditions; constrains shareholder distributions during stress periods.
Regulatory Compliance Infrastructure

Monitoring of regulatory developments (Basel III, open banking, resolution planning, cybersecurity standards) with proactive compliance initiatives.

Minimizes regulatory violation risk; increases compliance costs.

These are Missionomics' own editorial scores — directional signals built from disclosed facts under a published method, not certifications or definitive ratings of Zions Bancorporation, National Association. 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 Zions Bancorporation, National Association in the app for interactive charts and portfolio building.

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