Responsible management has always been an intrinsic corporate value at Power Financial and is a constant priority that we believe is essential to long-term profitability and value creation.
The Corporation has a deeply rooted tradition of acting in a responsible and ethical manner, and of being actively and positively present in the communities where it is established. This Corporate Social Responsibility Statement (the CSR Statement) reflects the core values that have guided, and continue to guide, Power Financial.
The objective of this CSR Statement is to provide guidance to management when interacting with our portfolio companies on corporate social responsibility issues.
As part of our active ownership approach, we engage with senior management of our portfolio companies, both formally and informally, on a regular basis and when questions or issues may arise, through our representation on their respective boards. In all of these interactions, we have an open and constructive dialogue in order to ensure that we have a proper understanding of how the management teams of our portfolio companies manage corporate social responsibility in a manner consistent with our core values.
We invest in companies that share the same philosophy and commitment to acting responsibly and ethically, and to serving the larger community in general. Building on their strong foundation of corporate social responsibility, our major operating subsidiaries are responsible for developing their own policies and programs, specific to their circumstances.
Meeting our Responsibilities
In addition to complying with applicable laws and regulations and meeting ethical standards in accordance with its Code of Business Conduct and Ethics, Power Financial strives to:
Incorporate environmental, social and governance issues into its active ownership approach;
Support and respect the protection of internationally proclaimed human rights;
Minimize our environmental impact with a focus on continuous improvement; and
Make a positive contribution in the communities where the Corporation is established.
Formal responsibility for Corporate Social Responsibility has been assigned to the Vice-President and General Counsel, who is responsible for overseeing the implementation of the Statement.
Power Financial reviews the implementation of this CSR Statement on an ongoing basis, as appropriate.
The Statement was approved by the Board of Directors of Power Financial Corporation on November 14, 2013.