2023-2024 Highlights and Objectives

All directors, officers and employees acknowledged compliance with the Code of Business Conduct and Ethics and the Corporation's key corporate policies in 2023.

In 2023, no breaches to the Code of Business Conduct and Ethics and no violations related to corruption and bribery were identified or reported.

Published our 2022 ESG Data Tables, which is informed by the GRI Sustainability Reporting Standards (GRI Standards), the Standards and the Sustainability Accounting Standards Board (SASB), as well as requests made by stakeholders, such as the CDP, FTSE4Good, and other ESG research organizations. 

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. 

As part of our commitment to the UNGC and the United Nations’ SDGs, we responded to the UNGC’s 2023 Communication on Progress questionnaire, making this our eighth Communication on Progress.

Continued to report and engage with a number of ESG rating organizations.

Maintained listing status on the FTSE4Good Global Index in July 2023.

Maintained female representation on the Board of Directors to 29% in 2023, on track with our objective of 30% representation by 2025. 

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

Continue to enhance our ESG disclosure and engage with stakeholders regarding ESG matters. 

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 sustainability initiatives through regular group company meetings to ensure progress on the different fronts.

Continued to engage with our group companies and investments on ESG matters through our active ownership approach, including having our officers sit on their boards and engage with their management teams.

Held our annual Power group conference on sustainability, which in 2023 focused on biodiversity, the International Sustainability Standards Board’s IFRS sustainability disclosure standards, and net zero transition plans.

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

Continue to share knowledge and best practices with our group companies and investments on ESG factors.

Engaged with our main publicly traded operating companies on available employee-related data.

Conducted Power Corporation’s first diversity self-identification survey.

Adopted a Diversity, Equity and Inclusion Policy which applies to all Power Corporation employees, and began rolling it out, including through a training on unconscious bias offered to all employees of the Corporation in January 2024.

To encourage our employees to reflect on truth and reconciliation, and to further educate themselves on the history and legacy of residential schools, we invited our employees to sign up for conferences offered by our partner, the National Centre for Truth and Reconciliation (NCTR), throughout the Truth and Reconciliation week. We also provided all our employees with copies of the CNVR's Calls to Action booklet.

Disclosed enhanced Power group consolidated employee diversity data as of December 31, 2022.

Continue the roll out of initiatives to strengthen our culture of diversity, equity and inclusion.

Continue to work towards formalizing employee-related data compilation process across Power's main publicly traded operating companies with a view to enhance our ESG Data Tables with additional employee-related data.

Transitioned from conventional natural gas to renewable natural gas in buildings owned or managed by the Corporation's wholly owned subsidiary Square Victoria Real Estate in January 2023.

Launched a public transit pass reimbursement program.

For a twelfth consecutive year, we responded to the CDP Climate Change questionnaire, rolling up data from Great-West Lifeco and IGM Financial using a financial control approach. Power received a score of A- (Leadership) from the CDP for its response to the 2023 questionnaire.

Helped finance sustainable business models and renewable energy infrastructure assets through our alternative asset investment platforms.

Purchased carbon credits to offset the Corporation's 2022 scope 1 and 2 emissions at the holding level.

No environmental incidents were reported in 2023.

Effectively manage and work to reduce our organization’s overall environmental impact and improve our performance in the area. 

Continue to enhance our GHG emissions calculation practices and disclosure.

Power Corporation and its group companies employed approximately 40,300 individuals, and paid out $5.8 billion in salaries and other employee benefits, as well as $4.2 billion in goods and services, and taxes paid to various levels of government. 

$48.9 million of charitable contributions were made in the communities in which we operate, supporting approximately 1,800 community organizations. 

Continue to explore potential measures to better quantify Power Corporation’s and its group of companies’ economic value added.

Continue to make a positive contribution in the communities where we are established.