Shared Value Creation
Responsible management allows us to generate long-term sustainable value for our enterprise, the economy and society at large. In our view, we can be successful as a business and create shareholder value only if we seek to serve all of our stakeholders and create value for them as well. This involves conducting our business in a way that benefits the communities where we operate, while providing products and services that benefit society.
Given the mainstay of our investments are in financial services, we represent a positive force in society, creating indirect financial benefits for customers of our group companies. We effectively enable these customers to manage their retirement and healthcare needs, accumulate wealth and achieve financial security through prudent investments. In the course of providing customers with financial advice, our companies foster financial literacy. This provides an important contribution to a prosperous, empowered society.
Our mission is to enhance shareholder value by actively and responsibly managing our investments so they generate long-term, sustainable growth in earnings and dividends.
We depend on the people in our group of companies for the success of our business. Together with our subsidiaries, we count on our more than 26,800 employees and 13,900 advisors, many of whom fulfill the role of trusted advisor to their customers, helping them address their financial and insurance needs, creating bonds of professionalism and mutual respect.
In turn, we provide our employees with competitive compensation and rewarding careers, and give them the resources to develop their expertise and leadership skills. In 2016, we contributed $3.6 billion in employee salaries and benefits. These funds flow through the economy impacting hundreds of communities across Canada in which our employees live and work.
We also support their volunteer efforts within the communities where we operate. Given the breadth of our employee base, we recognize the impact we have on local employment and talent development, and in creating a prosperous economy.
Our group companies source an array of goods and services from a broad spectrum of suppliers. We encourage these providers to offer environmentally and socially responsible products and services. This allows us to build a strong and sustainable supply chain that collectively plays a responsible role in society. For instance, Great-West Lifeco’s Canadian operations annually purchase more than $400 million in products and services across Canada, ranging from office supplies, computers and cellphones to courier services, fresh produces for their cafeterias, cleaning supplies and janitorial services. In 2016, IGM Financial committed $466 million to local and national organizations for goods and services.
We strive to do our part to make a positive contribution to the communities where we are established and, where relevant, integrate our core values and competencies to build a better society with better opportunities for all Canadians.
Through our parent company, Power Corporation, and our subsidiaries we make contributions to numerous organizations through both corporate donations and investments, and our support of employee volunteering initiatives.
As business entrepreneurs, we especially value and support the role that social entrepreneurs play in helping to build strong and connected communities, guiding us to seek partnerships and investments that have a lasting impact on our communities. Social entrepreneurs are driven to champion their cause and devote their lives to the service of others. They use their knowledge and experience to forge change in their communities and to bring comfort and healing to those in need. We are also drawn to smaller initiatives that deliver broad social benefit because of their entrepreneurial, innovative spirit.
In 2013, our parent company Power Corporation established a community investment microsite, Power Corporation in the community, to showcase some of the exceptional work being done by the organizations that it supports financially. These organizations, many run by innovative social entrepreneurs, work in the areas of health, education, arts and culture, community development and the environment.
Power Financial’s group companies also work diligently to make a difference in the communities they respectively serve, through their respective community programs and initiatives, as well as employee volunteering activities. Through its Stronger Communities Together Canadian program, Great-West Life addresses issues at a national level while addressing many more regional and local concerns, and encourages its employees to volunteer. Each of IGM Financial’s operating companies implements its own philanthropic programs, supporting local and national activities and organizations. Their community giving programs are a balance between centralized giving directed from their corporate head offices and decentralized decisions made by their people.
Over the years, our substantial commitment to philanthropy across the country has earned companies in our group the designation of “Caring Company” from Imagine Canada, having consistently exceeded the minimum donation guideline of 1% of pre-tax domestic profit to charitable causes.