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 Corporation level, at our group companies, through our active ownership approach, and at our third parties, through our Third Party Code of Conduct.

2019-2020 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 now presents consolidated environmental, social and governance 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 fifth Communication on Progress to the UNGC, again reporting at an “Advanced Level”. 

  • Continued to report and engage with CSR rating organizations.

  • Maintained listing status on the FTSE4Good Global Index and were added to the Euronext Vigeo Eiris World 120 Index in June 2020.

  • Were included in Corporate Knights' 2020 Best 50 Corporate Citizens ranking. 

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

2020 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.

2019 Achievement
  • Continued to engage with our group companies and investments on environmental, social and governance (ESG) issues through our active ownership approach.

2020 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.

2019-2020 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 presented consolidated information.

2020 Commitment
  • Continue to work towards formalizing employee-related data compilation process across Power main subsidiaries with a view to enhance our CSR Data Supplement with additional employee-related data.

ENVIRONMENT

Priorities

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

2019-2020 Achievements
  • Achieved a 27 per cent reduction in energy consumption (electricity and natural gas) in 20191

  • Reduced our emissions from building sources (electricity and natural gas only) by 61 per cent in 20191.

  • We received a score of A- (Leadership) for our response to the 2019 CDP climate change questionnaire. We again responded to the CDP in 2020, for a ninth consecutive year, using a financial control approach and rolling up data from Great-West Lifeco and IGM Financial. 

  • 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 2019 and 2020 CDP submissions were externally verified.

  • Helped finance sustainable and renewable energy projects through our subsidiary Power Energy Corporation.

  • Engaged with suppliers to procure sustainable products and services.

  • No environmental incidents were reported.

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

  • Continue to support the growth of the companies in which we invest in the renewable energy sector. 

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.

2019-2020 Achievements
  • Power Corporation and its group companies employed approximately 30,000 individuals and paid out $8.0 billion in salaries and other benefits, and commissions, as well as $4.3 billion in payments to suppliers and various levels of government. In addition, $2.1 billion of dividends were paid to shareholders and $48.3 million of charitable contributions were made in the communities in which we operate, supporting approximately 2,000 community organizations in Canada alone. 

  • Power Corporation launched an online platform making it easier for community organizations to solicit donations and support for fundraising initiatives.

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

2020 Commitment
  • Continue to explore potential measures to better quantify Power Corporation’s and its group of companies’ economic value added.

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