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 30,000 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 $4.1 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.
Over the past ten years, through our donations and investments, we have contributed to more than 1,200 organizations working in the areas of community development, arts and culture, the environment, education and health. As an investor, we value the vibrant entrepreneurship that permeates the voluntary sector. We are particularly drawn to smaller initiatives that provide a broad social benefit because of their entrepreneurial, innovative approach. These innovative “social” entrepreneurs are dedicated and professional, and greatly deserving of our support.
Power Corporation’s community investment microsite, Power Corporation in the community, showcases some of the exceptional work being done by the organizations we support.
Our officers and employees are also very active in both charitable giving and volunteering. In fact, many of our officers and employees also sit on the boards of the non-profit organizations they support.
Power’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.