Intuit

RATING

SECTOR

IT, Internet, Software & Services

WEBSITE

CONTACT

2700 Coast Ave
Mountain View
CA 94043

Tel: N/A
Fax: N/A
Email: N/A

STOCK EXCHANGE

LISTING

  • #48 Best Employers for Diversity 2020
  • #1 Future 50 Sustainability All Stars
  • #5 Best Large Workplaces in Technology
  • #12 Companies on issues that matter most
  • #21 Fortune Future 50
  • GRI index
  • HRC Foundation’s Corporate Equality Index
  • Sustainability Accounting Standards Board
  • UN Global Compact

EMPLOYEES

10,600

CHIEF SUSTAINABILITY OFFICER

Anton Hanebrink

AWARDS

  • India’s 100 Best Workplaces for Women 2020 – Top 10
  • The Human Rights Campaign (HRC) Foundation named Intuit one of the “Best Places to Work for LGBT Equality” (2019)
  • Intuit CEO Sasan Goodarzi was named the #1 CEO for Diversity by USA Today (2019)

CONTENT SOURCE

FURTHER READING

Report created by Katerina Vargova

Intuit

SECTIONS :  Sustainability    Evaluation  •  Progress  •  Watch  •  Overview

Company Activity

Intuit Inc. is an American business and financial software company that develops and sells financial, accounting, and tax preparation software and related services for small businesses, accountants, and individuals. 

The company is headquartered in Mountain View, California and the CEO is Sasan Goodarzi. As of 2019, more than 95% of its revenues and earnings come from its activities within the United States. Intuit’s products include the tax preparation application TurboTax, personal finance app Mint and the small business accounting program QuickBooks.

Company Sustainability Activity

Prosperity means something different for each person, but finances often sit at the core of living the life you want. Through Intuit’s products, including TurboTax, QuickBooks, and Mint, they help solve customers’ most important problems and improve their financial lives. 

Social responsibility has been core to Intuit since its early days when it declared “We Care and Give Back” as one of the company’s core values. Intuit is 10,600 employees strong, committed to finding opportunities where they can leverage its expertise and influence to improve outcomes for those who need it most. 

Intuit invests in its employees and communities, increase equality by providing new opportunities, and improve the world for its customers and the generations that will come after us.

Aligned with the United Nations Sustainable Development Goals, Intuit’s corporate responsibility approach was set in motion by alignment to 1) Intuit’s mission to “Power Prosperity Around the World,” 2) company values and 3) company strategy including True North Goals, Big Bets and Bold Goals. 

Highlights

  • 100% of electricity from renewable sources – 10 years ahead of 2030 target
  • Greenhouse Gas Emissions 1,912 MT CO2e in 2019 
  • 39% of employees are women, 33% of the executive posts are held by women

Targets

  • Negative carbon footprint by 2030
  • 50x by 30” goal – a climate-positive “50x by 30” target pursuant to which Intuit will partner with customers, communities and other third parties to reduce worldwide carbon emissions by an amount equal to 50 times Intuit’s 2018 carbon footprint by 2030.
  • CO² reduction of 2 million metric tons by 2030
  • Reducing the carbon footprint of its facilities by 80%
  • Reducing its total operational footprint by 50%
  • Divert 90% of its annual waste by 2020
  • Create 7,000 jobs by FY 2030

Progress

  • In April 2020, Intuit achieved its internal operational carbon footprint goals including 100% renewable electricity for its global operations
  • Throughout the next decade, Intuit will look to expand offerings across stakeholder groups (50x by 30) to drive a significant impact in reducing greenhouse gas emissions and avert the worst impacts of climate change.
  • Reduction of its buildings carbon footprint of (scopes 1 and 2) by 80%
  • Reduction of its operational footprint (scopes 1, 2 and 3) by 50%
  • 77% of annual waste was diverted in 2020
  • By the end of FY20, Intuit created 2,200 jobs in six U.S. communities and one in Canada

Certificates

The company does not disclose this information.

UN Sustainable Development Goals

UN SDGs Compliance

SDG 1

  • Intuit launched the Prosperity Hubs program in 2016, with a mission to spark economic prosperity for people and communities in need by creating new jobs, as well as preparing people for jobs of the future and equipping entrepreneurs to start and build successful businesses.

SDG 4

  • Intuit Education programs help develop the next generation of students with the skills and knowledge they need to succeed through financial and career readiness programs. 
  • In FY20, Intuit supported over 150,000 students and educators
  • By 2023 Intuit aims to better prepare 1.1 million people for jobs
  • Prosperity Hub School District programs and Prosperity Career Path program, which helps people in Prosperity Hub communities earn certifications and credentials so they can grow their career.

SDG 5

  • As of August 1, 2020, on average in the Intuit workforce, for every $1 earned by men, women earn: $0.99 in the U.S., $0.98 in India, $1.01 in all other countries
  • Intuit performs an ongoing pay equity analysis that is conducted twice a year with an independent, outside company. Intuit reviews each job code where Intuit has enough employees and those employees have the same or similar job duties and compensation mix (base pay to incentive ratio). As of August 1, 2020, zero of those job codes had statistically significant differences between employees of different gender or ethnicity.

SDG 7

  • Partnered with Clearway Energy Group to develop additional renewable energy capacity at Mesquite Star Wind Farm in Fisher County, Texas. By participating in an aggregated virtual purchase power agreement (VPPA), Intuit helped pioneer a shared services model that delivers cost positive renewable energy to Intuit and other corporations. 

SDG 8

  • Economic inequality is on the rise across communities, driven by shifts in technology, the environment and socioeconomic factors. Intuit is uniquely positioned to close this gap by bringing jobs, entrepreneurial training, and new opportunities that spark economic prosperity.
  • The Intuit Military and Veteran Initiative (MAVI) is the company’s commitment to help transform the lives of military families and veterans through the community, jobs, and financial empowerment.
  • 2,200 jobs created in 2020
  • $63M labour income for distressed communities
  • 150,000 educators and students supported by Intuit

SDG 13

  • In April 2020, Intuit achieved its internal operational carbon footprint goals including 100% renewable electricity for its global operations
  • 50x by 30 strategy: throughout the next decade, Intuit will look to expand offerings vastly across these stakeholder groups to drive a significant impact in reducing greenhouse gas emissions and avert the worst impacts of climate change. Intuit’s 50x by 30 strategy provides solutions for employees, customers, communities and partners. Intuit will measure the impact of the climate-positive goal across these groups and seek solutions that can benefit the planet.
  • Reduction of its buildings carbon footprint of (scopes 1 and 2) by 80%
  • Reduction of its operational footprint (scopes 1, 2 and 3) by 50%
  • 77% of annual waste was diverted in 2020

SDG 17

  • Intuit has partnerships with nonprofit organizations that help military veterans and their family members to gain skills and build civilian careers. These organizations include the National Military Family Association (NMFA), the Support The Enlisted Project (STEP) program, VirtForce, Hirepurpose and Hiring Our Heroes. In Fiscal 2020, Intuit declared an ongoing partnership with Bunker Labs, focused on supporting military and veteran entrepreneurs start and grow their businesses.
  • Intuit is working within economically disadvantaged communities, including Prosperity Hub communities, to conduct utility audits and provide new sustainability solutions such as access to clean energy, that benefit the financial well-being of the communities.
  • Intuit’s partnership with global education nonprofit Enactus aims to create a Climate Action Grand Challenge. Students will participate by solving problems in their local communities to reduce greenhouse gas emissions and create a positive social impact.

Evaluation

Intuit Corp. is listed in widely recognized publications such as Forbes or Fortune and is part of the UN Global Pact. Intuit has a few awards but most importantly has no certificates. 

Intuit complies with a few of the UN Sustainable Development Goals. Although the SDGs are part of Intuit’s corporate reports they are not described in detail.

For its sustainable activities and progress toward climate-positive goals Intuit is rated a C.

Analyst Outlook: Neutral

Further reading revealed that Intuit duped millions of people into paying for its products. Such behaviour is unacceptable for a company whose  mission is to “Power Prosperity Around the World” and “to spark economic prosperity for people and communities in need.”

Key Points

  • Intuit steered millions of taxpayers into paying for tax preparation services instead of receiving free help – Intuit duped 19 million people into paying for Turbo Tax products.
    • Required by IRS to include a free tax filing option for people making less than $66,000, but Intuit funnels those eligible to their paid services, allegedly hiding the free option through various deceptive practices.
  • 100% of electricity from renewable sources.
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