Stakeholder dialogue is an integral part of our responsible management approach as a means of promoting understanding and trust. It lets us stay connected to the parties who have an active or potential interest in our business. We take the necessary time to understand and consider our stakeholders’ views.
Process of Engagement
We engage with a broad range of stakeholders, which include our group companies, shareholders, employees, suppliers, local communities, and responsible investment organizations, as well as corporate social responsibility and governance rating organizations. The stakeholders with whom we choose to engage will depend on their interests and the relevance of their issues to our business. For more information, please refer to Engagement Methods.
Engagement takes place both formally and informally through a collaborative and open dialogue. In preparing this website, we incorporated the perspectives of those stakeholders who had expressed a direct interest in our CSR performance. We recognize the importance of stakeholder perspectives and will continue to engage with stakeholders to inform our continuous improvement efforts and the content of our reporting.
Addressing CSR Interests
Over the past years, CSR interests were mainly expressed by CSR rating organizations.
What We Heard
How We Responded
Improve disclosure on climate change management and performance
We provide information on our climate change management and performance through our public response to the CDP questionnaire. We have been recognized for our efforts and have continued to demonstrate strong performance within the Canadian financial services sector. In order to continue enhancing our disclosure, our 2016 and 2017 GHG emissions, reported and referenced in our 2017 and 2018 CDP submissions, were externally verified.
Strengthen commitment to human rights
As indicated in our CSR Statement, Power Financial has committed to supporting and respecting internationally proclaimed human rights and became a signatory to the United Nations Global Compact. In 2017 and 2018, we again submitted an Advanced Level Communication on Progress, providing information on our management policies and procedures and on the alignment of our programs to the United Nations Sustainable Development Goals.
We also engage with our group companies on their human rights commitments to inform our management approach.
Formalize commitment to environmental management
We formalized our commitment to environmental management by developing and implementing our Environmental Policy.
Improve disclosure on corporate social responsibility programs
We have continued to update this CSR website in alignment with international standards to better inform our stakeholders of our governance, strategy, programs and performance. In 2017, we have begun compiling consolidated governance and environmental data and prepared a comprehensive CSR data table that was added to this site.
Strengthen responsible procurement program
We extended the scope of our commitment to ethical business practices to our third party suppliers and business partners, by developing and implementing a Responsible Procurement Policy Statement and Third Party Code of Conduct, which continue to be deployed with our existing and new key suppliers, consultants and business partners.