Achievements and Commitments

In an effort to get a clearer picture of how well we are integrating CSR principles into our business, we measure and monitor the progress of our strategic initiatives against internal objectives. We are committed to continuously improving our performance and developing an understanding of the impact of our CSR practices.

GOVERNANCE

Priorities

Ensure that the highest ethical standards are maintained at the Power Financial level, at our group companies, through our active ownership approach, and at our third parties, through our Third Party Code of Conduct.

2018-2019 Achievements
  • All employees acknowledged compliance with the Code of Business Conduct and Ethics and no breaches were reported.

  • Our Code was updated in August of 2019. 

  • No violations related to corruption and bribery were identified.

  • Updated our CSR data table, which presents consolidated governance and environmental data.

  • Added a new page on Data Privacy and Security on our CSR microsite, reiterating our commitment to maintaining the confidentiality and security of all personal information we may collect, use and disclose.

  • Continued the deployment of our Third Party Code of Conduct with our key suppliers, consultants and business partners. While this is a continuous process, to date, the vast majority of them have attested their compliance to the requirements of our Code. 

  • Published our fourth Communication on Progress, again reporting at an “Advanced Level”. 

  • Continued to report and engage with CSR rating organizations.

  • Maintained listing status on the FTSE4Good Global Index.

  • Continued to meet regularly with our group companies to align our commitments and to share knowledge on CSR initiatives.

2019 Commitments
  • Continue to report and engage with a number of CSR rating organizations.

  • Pursue the continuous deployment of our Third Party Code of Conduct, including by formally reiterating the importance of this process amongst our employees.

  • Continue to share knowledge on CSR initiatives through regular group company meetings to ensure progress on the different fronts.
     

INVESTMENTS

Priorities

Invest in quality companies with sustainable franchises and attractive growth prospects that demonstrate they are managed in a responsible manner. 

2018 Achievement
  • Continued to engage with our group companies and investments on environmental, social and governance (ESG) issues through our active ownership approach.

2019 Commitments
  • Continue to integrate ESG considerations into decision-making through our active ownership approach.

  • Continue to share knowledge with our group companies and investments on integrating ESG factors into their respective investment analysis process.

EMPLOYEES

Priorities

Develop people and manage talent, support a diverse and inclusive workforce, and promote health and well-being. 

2018-2019 Achievements
  • Launched new employee programs, including an official Employee Giving Program and a Respectful Workplace Policy.

  • Engaged with our main subsidiaries on available employee-related data and assessed options to present consolidated information.

2019 Commitment
  • Continue to work towards formalizing employee-related data compilation process across our main subsidiaries with a view to enhance our CSR Data Supplement with employee-related data.

ENVIRONMENT

Priorities

Reduce our environmental footprint, adapt our business to a changing climate and support responsible procurement. 

2018-2019 Achievements
  • Achieved a 26 per cent reduction in energy consumption (electricity and natural gas) in 20181

  • Reduced our emissions from building sources (electricity and natural gas only) by 57 per cent in 20181.

  • Responded to the CDP questionnaire for the eighth year, again using a financial control approach and rolling up data from Great-West Lifeco and IGM Financial. In 2018, both Power Financial and Power Corporation obtained a score of A (Leadership), earning a place on the CDP A List, along with 127 other companies worldwide. Among the 2018 CDP respondents in the financial services sector, four of the five top ranked Canadian companies were members of the Power Corporation group.

  • Enhanced our CDP response to include information about the first steps taken in integrating recommendations from the Task Force on Climate-related Financial Disclosures (TCFD).

  • Our GHG emissions reported and referenced in our 2018 and 2019 CDP submissions were externally verified.

  • Engaged with suppliers to procure sustainable products and services.

  • No environmental incidents were reported.

2019 Commitments
  • Reduce our consumption of natural gas and electricity at our leased head office properties by 8 per cent by 2020, using 2011 as a baseline1.

1. Given our limited environmental footprint, we are focusing our efforts on electricity and natural gas consumption at our head office properties, rather than on GHG emissions from these sources.

SOCIETY

Priorities

Make a positive contribution to society, improve financial well-being and increase participation in employee community programs through our parent company Power Corporation. 

2018-2019 Achievements
  • Power Financial and its group companies employed approximately 28,000 individuals and paid out $7.4 billion in salaries and other benefits, and commissions, as well as $3.7 billion in payments to suppliers and various levels of government. In addition, $2.1 billion of dividends were paid to shareholders and, including our parent, Power Corporation, $47.7 million of charitable contributions were made in the communities in which we operate, supporting approximately 2,000 community organizations in Canada alone. 

  • We also officially launched an Employee Giving Program, which also contributes directly to community organizations through employee donations matching and volunteering grants.

2019 Commitment
  • Continue to explore potential measures to better quantify Power Financial’s and its group of companies’ economic value added.

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