Highlights and Commitments

To get a clearer picture of how well we are integrating ESG 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 sustainability 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.

2021-2022 Highlights
  • All employees acknowledged compliance with the Code of Business Conduct and Ethics and no breaches were reported in 2021.

  • No violations related to corruption and bribery were identified in 2021.

  • Published our 2021 ESG Data Supplement, which is informed by 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. 

  • 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 voluntarily participated in the UNGC’s new Enhanced Communication on Progress Early Adopters Program, making this our seventh 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 2022.

  • Held our first annual advisory say-on-pay vote on the Corporation’s approach to executive compensation in 2021.

  • Increased female representation on the Board of Directors to 29 per cent in 2022, getting closer to achieving our objective of 30 per cent representation by 2025. 

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

2022 Commitments
  • 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.

  • Continue to provide appropriate director accountability by giving shareholders an opportunity to provide their views on executive compensation plans (Say-on-Pay Resolution). 

INVESTMENTS

Priorities

Invest in quality companies with sustainable franchises and attractive growth prospects that demonstrate they are managed in a responsible manner.

2021 Highlights
  • 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 focused on sustainable investing, climate reporting and sustainable Indigenous investment.

2022 Commitments
  • 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.

EMPLOYEES

Priorities

Develop people and manage talent, support a diverse and inclusive workforce, and promote health and well-being.

2021-2022 Highlight
  • Engaged with our main publicly traded operating companies on available employee-related data and presented consolidated information.

2022 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.

2021-2022 Highlights
  • We again responded to the CDP in 2022, for an eleventh consecutive year, using a financial control approach and rolling up data from Great-West Lifeco and IGM Financial. In 2021, Power Corporation was one of only three Canadian companies to receive the top score of A (Leadership). 

  • Our GHG emissions reported and referenced in our 2021 and 2022 CDP submissions were externally verified.

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

  • Launch of Power Sustainable Lios in March 2022, a North American specialized agri-food private equity investment platform supporting the sustainability transformation occurring within the food system. 

  • Supported the growth of the renewable energy sector with the January 2021 launch of the Power Sustainable Renewable Energy Infrastructure Partnership, which invests in the development, construction, financing and operation of renewable energy assets across North America.  

  • Engaged with suppliers to procure sustainable products and services.

  • No environmental incidents were reported.

2022 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.

SOCIETY

Priorities

Have a positive impact on society, improve financial well-being and increase participation in employee community programs.

2021 Highlights
  • Power Corporation and its group companies employed approximately 33,700 individuals, and paid out $5.68 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. 

  • $45 million of charitable contributions were made in the communities in which we operate, supporting approximately 2,000 community organizations in Canada alone. 

2022 Commitment
  • Continue to explore potential measures to better quantify Power Corporation’s and its group of companies’ economic value added.

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