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.

2020-2021 Achievements
  • All employees acknowledged compliance with the Code of Business Conduct and Ethics and no breaches were reported.

  • Our Code was updated in March of 2020. 

  • No violations related to corruption and bribery were identified.

  • Updated our ESG Data Supplement, which now presents consolidated environmental, social and governance data. We also enhanced our reporting by monitoring a variety of indicators, including the Global Reporting Initiative (GRI), 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. 

  • Added a new page on Lobbying Activities and Political Contributions on our CSR microsite, as a way to outline our practices in these areas. 

  • 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 sixth Communication on Progress to the UNGC, again reporting at an “Advanced Level”. 

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

  • Maintained listing status on the FTSE4Good Global Index in June 2021.

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

2021 Commitments
  • Continue to report and engage with a number of ESG 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 sustainability 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.

2020 Achievement
  • Continued to engage with our group companies and investments on environmental, social and governance (ESG) issues through our active ownership approach.

2021 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.

2020-2021 Achievement
  • Engaged with our main publicly traded operating companies on available employee-related data and presented consolidated information.

2021 Commitment
  • 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 Supplement with additional employee-related data.

ENVIRONMENT

Priorities

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

2020-2021 Achievements
  • Achieved a 32 per cent reduction in energy consumption (electricity and natural gas) in 20201

  • Reduced our emissions from building sources (electricity and natural gas only) by 60 per cent in 20201.

  • We again responded to the CDP in 2021, for a tenth consecutive year, using a financial control approach and rolling up data from Great-West Lifeco and IGM Financial. In 2020, Power Corporation was one of only three Canadian companies to receive the top score of A (Leadership). 

  • 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 2020 and 2021 CDP submissions were externally verified.

  • Helped finance sustainable business models and renewable energy infrastructure assets through our alternative asset investment platform, Power Sustainable.

  • Engaged with suppliers to procure sustainable products and services.

  • No environmental incidents were reported.

2021 Commitments
  • Effectively manage and work to reduce our organization’s overall environmental impact and improve our performance in the area. 

  • 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.

2020 Achievements
  • Power Corporation and its group companies employed approximately 30,000 individuals, and paid out $4.78 billion in salaries and other benefits, as well as $4.0 billion in goods and services, and taxes paid to various levels of government. 

  • $1.1 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. 

  • Continued our COVID-19 client relief program, helping ease the demands placed upon the most vulnerable among us during this time. 

2021 Commitment
  • Continue to explore potential measures to better quantify Power Corporation’s and its group of companies’ economic value added.

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