SDG&E has announced it purchased more than 40 percent in goods and services from small and diverse suppliers in 2020.
“As one of the largest employers in the region, we recognize our supplier diversity program can be leveraged to help create a more inclusive economy and more equitable economic recovery,” said CEO Caroline Winn. “Small and diverse business are job creation engines. When they flourish, our entire region flourishes.”
SDG&E injected more than $2 billion into the economy in 2020, according to the company. This was the highest level of expenditures on goods and services in its 140 year history.
The company invested $872 million on small and diverse suppliers, which according to SDG&E represents 41.6% of total expenditures. This exceeds the 21.5% goal set by the California Public Utilities Commission. In addition, 2020 marks the eighth consecutive year that its supplier diversity spending surpassed 40%.
A breakdown in categories were: Minority business enterprises: $455.4 million or 21.7%; women business enterprises: $285.9 million or 13.6%; service-disabled veteran business enterprises: $120.5 million or 5.7%; and LGBT business enterprises: $10.4 million or 0.5%.
In an effort to persuade other large local employers to also purchase goods and services from small and diverse local companies, SDG&E partnered with the San Diego Regional Economic Development Corp. on a new study that analyzes the impact of increased local procurement on quality job creation and has sponsored the EDC’s Right Recovery Town Halls.
Jay Rembolt, vice president of finance at WD-40 Co. will receive the Lifetime Achievement Award when the San Diego Business Journal presents its CFO of the Year Awards for 2021. The annual event will be held virtually on Thursday, March 25 from 2 to 3:30 p.m.
There is no fee for the event thanks to the support of our sponsors: Marsh & McLennan Agency, Deloitte, FEI (Financial Executives International), Union Bank and ACG San Diego. Event partners are Snake Oil Cocktail Co. and EventAVision. However, registration is required. To register, visit www.sdbj.com/2021_CFO_Awards/
For more information on this upcoming event, see pages 18 through 29.