Contributing to the advancement of the Sustainable Development Goals agenda

Health Benefits

As an employer, we provide life insurance, short-term and long-term disability insurance, health and drug coverage, vision care, and dental coverage for our employees and retirees, as well as access to a virtual healthcare and wellness platform and on-site flu vaccinations. 

As an investor, we invest in businesses that promote health and wellness. For instance, Great-West Lifeco’s health and life insurance business is helping thousands of Canadians manage their personal wellness. Working together with other healthcare partners, they are improving the accessibility and affordability of group benefits, providing education on physical health, and developing a greater understanding of mental health.
 

Mental Health in the Workplace

Initially established in 2007 as the Great-West Life Centre for Mental Health in the Workplace, Workplace Strategies for Mental Health, compliments of Canada Life (Workplace Strategies), offers a range of free tools and resources for employers and employees to protect psychological health and safety at work. This free and credible public resource funds and sponsors research and initiative to improve the understanding, prevention and management of mental health issues, promotes and shares research and survey results, and supports and develops programs and resources.

In addition, Workplace Strategies partnered with the Canadian Standards Association (CSA) and the Bureau de normalization du Québec. Through this partnership, the voluntary National Standard of Canada for Psychological Health and Safety in the Workplace was developed and has been championed by the Mental Health Commission of Canada to promote good psychological health and prevent psychological harm. The organization continue to work collaboratively with CSA and other organizations to advocate for using the Standard in workplaces across Canada.

Financial Literacy

Being financially literate means having the knowledge, skills, and confidence to make informed financial decisions. Both Great-West Lifeco and IGM Financial, through their respective subsidiaries, support programs that promote financial literacy and education.

In 2024, IG Wealth Management, one of IGM Financial’s operating companies, also continued to work with Prosper Canada, helping Indigenous individuals in communities across Manitoba and Ontario  build their financial knowledge and skills through culturally appropriate workshops, one-on-one coaching and services that help individuals access benefits and file their taxes. In 2024, 4,528 Indigenous Peoples were supported through workshops, coaching and services, and $13 million in income was accessed by people receiving assistance with tax filing.  

In addition, IG Wealth Management continued its partnership with the Canadian Foundation for Economic Education (CFEE) in 2024, providing free financial resources and in-person workshops tailored to Canada's seniors. Over 400 seniors participated in 20 Money and You: Seniors Edition workshops offered through IG's partnership with the CFEE, and participants reported a 71% increase in financial confidence post-workshop. Moreover, this partnership also brought to life the Indigenous Peoples' Money and Youth, a free digital resource based on IG's award-winning Money and Youth financial literacy resource. To bring this to life, the company partnered with Indigenous contributors to adapt the resource to align with the interests, needs and cultural factors relevant to Indigenous youth.

Gender Diversity

Power Corporation has a commitment to promote gender diversity at the Board and at senior management levels, which is articulated through its Board and Senior Management Diversity Policy. The Board believes diversity ensures directors provide the necessary range of perspectives to achieve effective stewardship and recognizes that gender diversity is a significant aspect of diversity. Following the 2025 Annual Meeting of Shareholders, 38% of directors on the board are women. In addition, 48% at the management level at Power Corporation were women at 2024 year-end.

In addition, Power Corporation continues to support initiatives focused on the advancement of women, including the École de technologie supérieure’s Objectif Féminin pluriel, which aims to increase female representation in the field of engineering, and the Foundation Lise Watier’s Let’s Start Up Program, which helps women looking to achieve a professional project related to entrepreneurship, the pursuit of post-secondary education or the search for a more fulfilling job. Power Corporation also supports the Rainbow Resource Centre, a Winnipeg-based charity that supports the 2SLGBTQ+ community by offering a variety of programs and services. These include youth programs, an older adult program, free counseling, educational initiatives, and community-led support groups. The center also provides educational programs for schools and workplaces, aiming to create more inclusive spaces. 

Great-West Lifeco has set a goal to grow representation of women in management roles to 50% across its business segments by 2030 and as at 2024 year-end, 42% of Great-West Lifeco’s management- level employees in Canada were women. In recent years, Great-West Lifeco’s Canadian companies supported the launch of networking and mentoring groups, such as the Women in Leadership group, that help foster an inclusive community that advances a culture of belonging for all. For example, on International Women's Day in 2024, Canada Life's Women in Leadership employee group welcomed Dr. Jen Gunter, best-selling author and internationally renowned doctor of obstetrics and gynecology (OB/GYN), for an open discussion on women’s health. 

As for IGM Financial, its objective of achieving 35% women's representation at the vice-president level or above by 2025 (including 40% at the assistant vice-president level or above), was originally set in 2021. In 2024, women occupied 33% of vice-president level positions or above, and achieved their target of having 40% of assistant-vice presidents level positions or above be occupied by women.

IGM Financial has business resource groups (BRG) in place, which are volunteer employee-led groups created to help foster an inclusive work environment. Their work is focused on career development, mentoring, networking and business impact. Among these, the Women's BRG champions the interests of IGM women, offering them opportunities to connect with senior leaders, exchange ideas, build meaningful connections and advance their careers. In 2024, more than 80 people attended the Women's BRG second speed-mentoring event, which included a large group session and one-on-one networking with company leaders.

Additionally, Mackenzie Investments’ Mackenzie Global Women’s Leadership Fund and Mackenzie Global Women’s Leadership ETF seek to provide long-term capital growth by investing primarily in equity securities of companies that promote gender diversity and women’s leadership, anywhere in the world. Mackenzie Investments’ Mackenzie Together aims to create a more invested world for all, with a focus on the challenges faced by women in our communities around the world. In 2024, Mackenzie hired three interns from the Women in Asset Management Program at Ivey Business School, which provides skills and knowledge to spur women’s interest in asset management, inform them of the varied career options available in the asset management industry and enable them to secure employment in the Canadian asset management industry. 

Renewable Energy Financing

We invest in the renewable energy sector through our alternative asset investment platform Power Sustainable, which invests in companies and projects that contribute to decarbonization.

Power Sustainable has invested in companies that develop, own and operate solar and wind generating assets in North America as well as in leading manufacturers of sustainable technologies. Through its platform Power Sustainable Energy Infrastructure (Power Sustainable Energy), Power Sustainable operates a leading North American-focused renewable energy platform with 3.6 GW of utility-scale and distributed energy assets, including assets under construction, and assets in advanced development projects. It holds 100% interest in Potentia Renewables, a renewable energy generation company, active in North America, that is a fully integrated developer, operator and manager of solar and wind energy assets; and Nautilus Solar, a company headquartered in New Jersey, U.S., that acquires, develops, finances and manages distributed solar projects across community, municipal/utility-scale, commercial and industrial markets.

Job creation and benefits

Power Corporation and its group companies employed approximately 40,400 individuals and paid out $6.4 billion in salaries and other benefits in 2024. These funds flow through the economy, impacting the hundreds of communities in which our employees live and work. Our group's investments in training and new technologies also contribute to develop local talent and the intellectual capital of our people. 

INVESTMENTS TO SPUR GROWTH

Great-West Lifeco provides long-term capital through its investment activities. The company’s commercial mortgages and private placement investments provide opportunities for businesses and governments to help create employment, fund research and development, and support infrastructure, healthcare, and renewable energy projects. In 2024, the company funded more than $1.5 billion in new private debt and commercial mortgages across Canada.

Sagard, one of the Corporation's alternative asset investment platforms, is committed to supporting the business building process. For example, through Sagard NewGen, the company supports entrepreneurs in the technology and healthcare industries to accelerate their growth projects in Europe and beyond. NewGen believes that this unique focus enables the team to address the growth challenges of those sectors and to create a bespoke ecosystem for entrepreneurs who want to accelerate their development. Through Sagard MidCap, the company also invests in six sectors – business services, food and consumer, healthcare, financial services, industrial and technology/software – and partners with ambitious management teams to support the development of their businesses in France and abroad, with the assistance of the Sagard ecosystem and network.

Finally, Diagram, an ecosystem partner of Sagard, is a venture builder that conceives and launches technology companies and a venture investor that Invests in early-stage companies, primarily in the financial services (fintech) and climate tech spaces. Diagram has launched and invested in more than 40 companies across five funds.

Reducing Inequalities

IGM Financial’s operating companies – IG Wealth Management and Mackenzie Investments – are signatories to the United Nations Women’s Empowerment Principles, which promote gender equality in the workplace, communities and marketplace.
IGM Financial’s group companies, Canada Life and Sagard have also made public pledges to end anti-Black systemic racism by signing the BlackNorth Initiative.

IGM Financial's Business Resource Groups seek to foster an inclusive work environment, with a focus on career development, mentoring, networking and business impact. In 2024 and 2025, its ongoing efforts to grow a diverse equitable and inclusive work environment were recognized and celebrated as one of Canada’s Best Diversity Employers. 

In addition, both Great-West Lifeco’s subsidiary, Canada Life, and IGM Financial’s subsidiary, IG Wealth Management, are signatories of Winnipeg’s Indigenous Accord, committing to fostering a workplace culture in which Indigenous peoples and all employees can contribute to their fullest potential. IGM Financial and Canada Life are also taking concrete actions in support of the Canadian Truth and Reconciliation Commission’s Call to Action #92. For instance, in 2024, Canada Life provided employees with a paid day away from work for reflection on National Day for Truth and Reconciliation. In June 2024, to mark National Indigenous People's Day, the company’s Indigenous Peoples Employee Resource Group invited Eddy Robinson, notable Anishinaabe artist, speaker and writer, for a presentation on celebrating Indigenous cultures, traditions and experiences. Moreover, on the National Day for Truth and Reconciliation in September 2024, the company held Survivors’ flag raising ceremonies at their main campuses, as well as welcoming Bradford Bilodeau, who discussed a documentary about his life and provided education on the ‘60s Scoop. 

For its part, IGM Financial is committed to the reconciliation process between Indigenous and non-Indigenous peoples and works to move its company and people towards greater awareness, understanding and action. In 2024, IGM Financial  published its first Reconciliation Action Plan, which demonstrates the company's commitment to the Truth and Reconciliation Commission’s Calls to Action and proposes various ways that we will work with Indigenous Peoples and communities to develop partnerships and collaborations, prosperity and inclusion.

Canada Life supports Indspire, an Indigenous national charity that aims to enrich Canada through Indigenous education and by inspiring achievement. For more than a decade, they’ve supported Indspire and their vision that within a generation, every Indigenous student will graduate. Through The Canada Life Indigenous Student Awards, they’re providing scholarships to undergraduate or post-graduate students who specialize in business, finance, technology, health sciences and administration. For its part, Power Corporation also supports the work of Indspire thought the Power Corporation of Canada Indigenous Award, which is distributed annually to Indigenous students who are attending post- secondary institutions to contribute towards paying their education costs.

Canada Life also supports the Red River College Polytechnic (RRC Polytech), which is Manitoba’s largest institute of applied learning and research. With Canada Life’s support, RRC Polytech has created a new Indigenous-led student mentorship program offered across all programs and campuses.. The Circle of Friends Indigenous Student Mentorship Program, l provides guidance to Indigenous learners as they navigate post-secondary experiences and the early weeks of employment. This Indigenous-led program will follow the mentorship model that is deeply rooted in Indigenous culture and will connect Indigenous participants with a mentor who has successfully walked a similar path. Moreover, Canada Life also supports Ignite Adult Learnings Corporation, an education and training facility in Regina for adults who face barriers to employment, including not having graduated from high school. Over the past two years, funding from Canada Life and other organizations have enabled them to hire an Indigenous advisor, create an Indigenous Learning program and form a Reconcili-ACTION steering committee to guide their leadership team. These activities have had a positive impact on students and their mental health, connection to culture and program retention.

Sagard seeks to contribute to the advancement of inclusion and belonging in society by founding or being actively involved in initiatives, including the France Invest Gender Equality Charter, the Afrodescent Leadership Alliance, the Black North Initiative, the Indigenous Leadership Circle (since 2021) and the United Way/Centraide du Grand Montréal. 

Lastly, Power Corporation also supports Pathways to Education, an award-winning program provided to high school students living in low-income communities across Canada and that uses a holistic combination of academic, financial, social, and one-on-one supports to remove barriers to graduation and promote positive youth development during critical high school years, building the foundation for a successful future.

Economic Inclusion

At IGM Financial, the IG Empower Your Tomorrow program is on a mission to equip Canadians with the tools, resources and confidence they need to take charge of their financial futures and improve their financial well-being. For instance, IGM is elevating its commitment to help seniors build their financial knowledge and skills through education and training, in collaboration with longstanding partners such as CFEE and the Alzheimer Society of Canada. IG Wealth Management's partnership with CFEE has provided free financial resources and workshops tailored to Canada’s seniors. In 2024, over 400 people participated in 20 workshops focused on the Money and You: Seniors Edition resource that supports financial education for seniors.

Power Corporation supports Prosper Canada, a charity dedicated to expanding economic opportunity for Canadians living in poverty through program and policy innovation to ensure that all financially vulnerable Canadians have access to the financial policies, programs, products and advice they need to build their financial well-being.

Greener Real Estate

GWL Realty Advisors, Canada Life’s wholly owned real estate management subsidiary, manages all of Canada’s Life corporate head offices and investment properties. The company continued its focus on BOMA BEST® and LEED® green building certifications, as well as health and wellness certifications such as FitWel and the Rick Hansen Foundation Accessibility Certification. By end-of-year 2024, 88% of GWL Realty Advisors' eligible managed portfolio (by floor area) had one or more green building certifications. Notably, this past year the company's buildings and staff froma cross the country were honoured with over 27 industry awards, making its highest achievement since 2015 and the second highest in the past 20 years for the number of awards won. 

RESPONSIBLE INVESTMENTS

All of the Corporation’s publicly traded operating companies and alternative asset management businesses are signatories of the Principles for Responsible Investment, either directly or through their operating companies.

RESPONSIBLE PROCUREMENT

Power Corporation works collaboratively with its third parties to extend our responsible management philosophy through our Third Party Code of Conduct. In 2024, as part of our continuous Third Party Code deployment, we reached out to new key suppliers, consultants, advisors and other business partners, asking them to confirm their compliance to the requirements of our Code. We are also mindful about sourcing more sustainable products and services. For instance, since 2023, we have purchased renewable natural gas for our owned or managed buildings. 

In its Canadian operations, Great-West Lifeco specifically engages its critical suppliers to understand the products and services that could reduce the environmental footprint of its buildings, operations, and processes. Supplier evaluation and its Supplier Risk Management Policy include sustainability and climate change, as one of its considerations. This includes suppliers that support the company in improving the sustainability of its real estate assets, as well as other products and services that enable them to reduce energy, water, and material consumption (e.g. building equipment retrofits, utility providers, data centre optimization, LED lighting, paper, and building materials). Great-West Lifeco is also a member of the Forest Stewardship Council (FSC) and has committed to using responsibly sourced paper and other forest products that meet the FSC's strict environmental and social standards.

IGM Financial has several robust compliance policies, programs and controls across its operating companies that are regularly assessed and updated to align with changes in business models, client expectations and regulatory requirements. Its key policies include its Code of Conduct, its Advisor Code of Conduct and Supplier Code of Conduct, its Whistleblower Policy, its Anti-Corruption and Anti-Bribery Policy. Within its operations, in addition to focusing on resource usage, office space and travel, IGM has a company-wide Procurement Policy to guide them in sourcing, selecting and managing suppliers to meet their needs and mitigate potential risks. The company has also launched a sustainable procurement program with a minimum weighting factor of 20% for sustainability criteria in evaluating requests for proposals.

ENGAGEMENT

Great-West Lifeco’s subsidiary Irish Life Investment Managers (ILIM) engages with its portfolio companies In 2024, ILIM conducted 370 engagements with 303 entities, either directly or collaboratively. Of the engagements conducted in 2024, 37% were conducted on a direct basis and 63% on a collaborative basis. These engagement activities are tracked and reported across its  four priority themes: Climate-Related Risk, Natural Capital, Human Rights, and Corporate Governance.

Similarly, IGM Financial’s subsidiary Mackenzie Investments is committed to being long-term stewards of capital and encouraging the companies they invest in to adopt responsible practices. Advancement of its climate action plan and sustainable investing is propelled through active engagement, ownership and advocacy efforts. In 2024, Mackenzie improved its stewardship approach by creating feedback loops to share information and insights from engagement and proxy voting activities, resulting in a more unified strategy that enhances outcomes. This refined strategy will help create a more cohesive approach, amplifying its influence and effectiveness. In addition, Mackenzie has expanded its stewardship disclosure, highlighted by the release of its inaugural proxy voting report that underscores its commitment transparency and accountability in our stewardship practices, providing insights into our voting decisions and engagement activities. In 2024, Mackenzie engaged with 209 companies around the world on 891 topics across the themes of net-zero strategy, GHG emissions (targets, performance, disclosures), disclosures (TCFD), renewable energy use, business strategy, board diversity and board experience and skills. 

CARBON EFFICIENCY

Despite the Corporation’s limited environmental impact as a holding company, we make every effort to conserve resources and improve energy efficiency. From an investment standpoint, we are helping finance cleaner and renewable energy projects through Power Sustainable. 

Great-West Lifeco is also invested in the cleaner energy market with more than $6.35 billion in 2024 in wind, solar, and hydro renewable energy projects. In 2021, Great-West Lifeco announced its ambition of achieving net zero greenhouse gas emissions by 2050 for its operations and for financed emissions in its general account.

For its part,  IGM Financial and its group of companies support the transition to a nature-positive, net-zero world and is committed to decarbonizing its investment portfolio and operations to support this transition. As part of this focus area, IGM has established two goals: the first, to progress portfolio coverage to be aligned with net zero by 2030, and the second to decarbonize its operations in line with net zero by 2050 or sooner. 

In addition, in January 2022, GBL became the first investment holding company on a global basis to have climate targets aligned with a 1.5°C pathway approved by SBTi for both its own operations and its eligible portfolio of participations. In 2023, due to the evolution of GBL Capital’s governance and faster than anticipated progress towards its intermediary 2025 target, GBL resubmitted to SBTi its baseline for validation and requested an uplift of its intermediary targets. Revised targets were validated in November 2023. In 2024, GBL delivered a 53% decrease in its GHG emissions scope 1 and scope 2 versus the 2019 baseline. 

CLIMATE ADVOCACY AND OUTREACH

IGM Financial's group of companies are engaging in regulatory and policy dialogue and collaborating with industry peers to advance science-based approaches.. They do this by supporting or engaging with organizations such as the CDP, Climate Engagement Canada, Ceres, Net Zero Asset Managers intiative and PCAF. For its part, Mackenzie Investments is committed to deeper engagement with investee companies, to help them adapt to a net-zero, climate-resilient economy. To do this, Mackenzie prioritizes net-zero engagements with the 100 companies contributing to 70% of its aggregated financed emissions in listed equities. Moreover, in 2024, Mackenzie engaged with 209 companies around the world on 891 topics across themes such as net-zero strategy, GHG emissions targets and performance, renewable energy and disclosures among others. Mackenzie’s engagement program focuses on addressing systemic and material sustainability risks. They expanded their efforts to cover a wider range of company- and industry specific risks such as product quality, corporate governance and supply chain management.