A Message from our CEO:
Our Commitment to Responsible Management
Responsibility has always been a strong, guiding value at Power Corporation, with responsible management being an intrinsic component of the company’s long-term profitability and value creation strategy. We understand that as a company, a corporate citizen, and an investor, we play an important role in addressing the many environmental and societal challenges faced today.
We have endeavoured to build our businesses on a foundation of integrity and ethical conduct, with responsible management and investing being an intrinsic part of our commitment to sustainability. We continue to reinforce this commitment, which is fundamental to our business success, enabling us to mitigate risk, create long-term value and earn the confidence of our customers, business partners, shareholders, employees and the communities in which we are present.
Our group companies have a long and proud history of being responsible employers, operating in a principled and disciplined manner. As a group, we strive to offer our employees a work environment that allows them to thrive and feel valued, respected and included, giving them the resources to develop their expertise and leadership skills while supporting their volunteer efforts in the community.
Power’s approach to sustainability is rooted in this responsible management philosophy, as well as in its mission statement, CSR Statement and Code of Business Conduct and Ethics and supported by several key corporate policies and statements. In addition, we are a signatory to the United Nations Global Compact (UNGC), formally adhering to the UNGC’s Ten Principles on human rights, labour, environment, and anti-corruption, as well as the United Nations 17 Sustainable Development Goals (SDGs). Inspired by both the SDGs and the UNGC principles, in this website we present tangible examples of the contribution our group of companies is making to advance social and economic progress.
Power Corporation continues to strengthen its commitment to responsible management through various initiatives, including our engagement with our different stakeholders. As the investment universe puts greater emphasis on ESG considerations, we believe that we are well positioned to continue our practices in order to meet ever-higher expectations.
Over the course of 2021 and since the beginning of 2022, we:
Published our ESG Data Supplement for 2021, which presents consolidated ESG data. We also enhanced our reporting by monitoring a variety of indicators, including the Global Reporting Initiative (GRI) Standards, the Sustainability Accounting Standards Board (SASB), the World Economic Forum “Measuring Stakeholder Capitalism: Towards Common Metrics and Consistent Reporting of Sustainable Value Creation”, and the Taskforce on Climate-Related Financial Disclosure (TCFD) Recommendations, 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;
Again responded to the CDP in 2022 for an eleventh consecutive year, for which we received a score of A- (Leadership);
Had the environmental data included in our 2021 and 2022 CDP submissions verified by PricewaterhouseCoopers;
Voluntarily participated in the UNGC’s new Enhanced Communication on Progress Early Adopters Program, making this our seventh Communication on Progress;
Maintained listing status on the FTSE4Good Global Index as of July 2022; and
Held our first annual advisory say-on-pay vote on the Corporation's approach to executive compensation in May 2021.
We are also proud of the achievements of our publicly traded operating companies and alternative asset investment platforms, all of which are signatories of the Principles for Responsible Investment, either directly or through their operating companies. Great-West Lifeco, IGM Financial and Groupe Bruxelles Lambert (GBL), as well as several of their own portfolio companies, are also supporters of the Task Force on Climate-Related Financial Disclosures. Furthermore, in 2021, Great-West Lifeco committed to net zero greenhouse gas emissions by 2050, IGM Financial released its climate commitments to become carbon neutral and support the transition to net zero, and GBL’s adopted climate targets were approved by the Science Based Targets initiative. In addition, for a third consecutive year, IGM Financial was recognized in January 2022 as one of the world’s most sustainable organizations in Corporate Knights’ 2022 Global 100 Most Sustainable Corporations ranking and, in June 2022, included in Corporate Knights’ Best 50 Corporate Citizens in Canada.
This microsite is a means of publicly documenting and disclosing our sustainability commitments, programs and performance annually. Throughout, we share examples of how responsible management allows us, and our group companies, to generate long-term value and sustainable growth.