A Message from our CEO:
Our Commitment to Responsible Management
Responsibility has always been a strong, guiding value at Power Corporation. Naturally, we take very seriously our responsibility to our shareholders, and our duty to build a strong, profitable and sustainable business. However, we also believe that businesses hold a particular responsibility to the communities in which they operate, towards fellow citizens, and towards the natural environment. We are deeply conscious of the fact that we do not operate in a vacuum: thriving businesses depend on a thriving, sustainable society.
Our responsible management philosophy 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 operate.
At Power Corporation, we seek investments in companies that have sustainable business models with the potential over time to provide long-term value.
Our group companies have a long and proud history of being responsible employers, demonstrating integrity and operating in an honest, principled and disciplined manner. We pride ourselves on treating employees fairly and respectfully, and providing them opportunities for advancement. In turn, they consistently demonstrate integrity and high ethical standards, as well as a keen understanding of the need to protect the environment and contribute to economic prosperity, social well-being and quality of life in the communities they call home.
We take an active ownership approach in the companies in which we invest to ensure that our investments continue to be managed in a manner consistent with our responsible management philosophy, including our Code of Business Conduct and Ethics, our CSR Statement and our commitment to the United Nations Global Compact (UNGC). As a signatory since 2014, we are deeply committed to the ten principles of the UNGC on human rights, labour rights, 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 well as with CSR rating organizations.
Over the course of 2019 and since the beginning of 2020, we:
Updated our CSR data table, which presents consolidated governance and environmental data. We also enhanced our reporting to include social metrics;
Continued the deployment of our Third Party Code of Conduct with our key suppliers, consultants and business partners;
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;
Our environmental data included in our 2019 and 2020 CDP submissions was verified by PricewaterhouseCoopers;
Published our fifth Communication on Progress as part of our UNGC commitment, our fourth one at an “Advanced Level”, providing information on our management policies and procedures and on the alignment of our programs to the United Nations’ SDGs;
Were included in Corporate Knights' 2020 Best 50 Corporate Citizens ranking.
We are also proud of the actions in our portfolio companies, many of which have become supporters and signatories of important third-party-led initiatives such as the Women's Empowerment Principles, the Principles of Responsible Investment (PRI), the Task Force on Climate-related Financial Disclosures (TCFD) and the Climate Action 100+ initiative.
Group-wide response to COVID-19
As we undertake the annual update of this CSR-dedicated microsite, the world is engulfed in combatting the spread and the impact of COVID-19. The current priorities of Power Corporation and its group companies around the world are the health and safety of our people, the proper functioning of our operations to continue to serve the needs of our clients and managing the potential impacts of economic stress among individuals, organizations and financial markets.
We salute the extraordinary efforts of our people who have managed so much change and challenge in such an effective manner. We also salute the front-line workers in our communities dealing with the crisis, often putting their own health at risk. And our hearts and sympathies go out to the many people who have loved ones directly impacted by the disease.
As a group of companies, since the beginning of the pandemic, we have put forward various initiatives to contribute to our employees’, our customers’ and our communities’ well-being. For instance, for our employees, we ensured a rapid transition to a work-from-home mode, we expanded resources including additional benefits, training and virtual health programs, and we communicated frequently to reinforce our commitment to health and well-being. Our clients benefitted from an uninterrupted service by leveraging technology, and we enhanced communication to support, inform and update them. In addition, customers were offered support to ease their financial burdens, including premium reductions and mortgage payment deferrals. Finally, Power Corporation and our group companies, Canada Life and IGM Financial, announced a $1 million joint contribution to support crisis relief efforts in our communities. The funding helped support immediate needs of local and national foodbanks, which are struggling to cope with increased demand. It also provided resources to other pressing needs of vulnerable people, utilizing the unique expertise of the United Way and Centraide du Grand Montréal, while also assisting with the very real pressures faced by small businesses across Canada.
This CSR-dedicated microsite is a means of publicly documenting and disclosing our responsible management commitments, programs and performance each year. Throughout this website, you will see examples of how responsible management allows us to generate long-term value and sustainable growth.
We believe that strong communities and thriving societies are the underpinning of successful, responsible businesses. For Power Corporation, the bond between community and business is symbiotic and mutually advantageous; one cannot exist effectively without the other. We are driven to strengthen that relationship through our responsible management approach to the benefit of all of our stakeholders.