Contributing to the advancement of the Sustainable Development Goals agenda

Health Benefits

As an employer, the Corporation provides life insurance, short-term and long-term disability insurance, health and drug coverage, vision care, and dental coverage for its 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

Canada Life has offered Workplace Strategies for Mental Health since 2007, being a national leader in workplace psychological health and safety. The initiative provides free, evidence based tools, resources and assessments to support the mental well-being of Canadian workplaces, along with annual research to track emerging trends. In 2025, key achievements included a widely attended public webinar and new content on neurodiversity, as well as the launch of Supporting Employee Success, an online tool to help plan workplace accommodations and return to work strategies. Workplace Strategies also released a major national study with Mental Health Research Canada revealing rising burnout rates and substantial associated employer costs. 

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 2025, 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 2025, more than 10,100 people were supported through the Building Financial Wellness in First Nations project that included workshops, coaching and services. An estimated $27.1 million in new income was secured by people receiving assistance with tax filing and benefits applications.  

For its part, Canada Life also works with Prosper Canada, supporting the organization’s Financial Empowerment Champion Program, which helps these communities build long-term financial stability and knowledge. Moreover, the company continued its long-term for Junior Achievement (JA), a national organization that delivers immersive learning experiences for students in grades 3-12, focusing on work readiness, financial health, and entrepreneurship. In BC, the company supported Junior Achievement’s Economics for Success and Indigenous Programming, while in Ontario, their support helped JA South Western Ontario reach an additional 1,800 students across the region and train dedicated volunteers to bring real-world financial knowledge into classrooms.

In addition, IG Wealth Management continued its partnership with the Canadian Foundation for Economic Education (CFEE) in 2025, providing free financial resources and in-person workshops tailored to Canada's seniors. In 2025, more than 3,200 people participated in 23 workshops focused on the Money and You: Seniors Edition resource, on top of 1,300 downloads of the resource online. After attending these workshops, seniors reported an 86% increase in their financial confidence. Moreover, in December 2024 IG and the CFEE launched the Indigenous Peoples’ Money and Youth pilot program, which included the development of an Indigenized training resource – which focused on key financial concepts such as budgeting, goal setting, credit and loans, and featured student, teacher and caregiver guides – and the delivery of capacity-building workshops. Pilot sites included schools, Indigenous Family Service organizations, First Nations Education Centres and other community organizations across Manitoba, Saskatchewan, Alberta and British Columbia.  

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 2026 Annual Meeting of Shareholders, 36% of directors on the board were women. In addition, 45% of management roles at Power Corporation were held by women at 2025 year-end.

In addition, Power Corporation continues to support initiatives focused on the advancement of women, including the Equal Voice Foundation, which is dedicated to improving gender representation in Canadian politics through education and leadership development, among others, 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 centre also provides educational programs for schools and workplaces, aiming to create more inclusive spaces. 

Great-West Lifeco has set a goal of growing representation of women in management roles to 50% across its business segments by 2030. In recent years, Great-West Lifeco’s Canadian companies have supported the launch of networking and mentoring groups, such as the Women in Leadership Employee Resource Group (ERG), that celebrate individuality and help create a space where its people can bring their best self to work. For example, on International Women's Day in 2025, Canada Life's Women in Leadership employee group hosted Heather Conway, Board of Directors, Great-West Lifeco and Sharon MacLeod, Board of Directors, Power Corporation of Canada for a panel discussion on leadership and allyship. 

As for IGM Financial, its objective of achieving 35% of 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 2025, women occupied 33% of vice-president-level positions or above, while women occupied 37% assistant-vice presidents level positions or above.

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 2025, in alignment with its broader mission to advance gender equity and build inclusive communities within the organization, IGM’s Women’s BRG launched the Working Mom’s Network to support employees as they navigate the dual responsibilities of motherhood and professional life. It was established to create a safe and inclusive space for working mothers to share experiences, foster peer support and mentorship, promote professional development while acknowledging the realities of parenting and advocate for workplace practices that support work-life integration. 

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 in companies that demonstrate a strong commitment to gender diversity on their boards and within senior leadership. The Fund invests in equity securities selected from the constituents of the MSCI Women’s Leadership Index. The index is designed to capture companies that demonstrate a strong commitment to gender diversity, with an emphasis on leadership roles and board representation. As a founding sponsor of Ivey Women in Asset Management (WAM), Mackenzie supported the national WAM program in 2025, which involved 48 students from 10 universities. Mackenzie also hosted three paid interns over the summer. 

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 3.8 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 Chicago, 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 41,200 individuals and paid out $6.8 billion in salaries and other benefits in 2025. 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 developing 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 2025, the company funded more than $2.3 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 and investor specialized in launching and scaling ventures in Fintech and Climate Tech, pairing de-risked ideas with exceptional founders and early-stage capital to launch and scale companies from the ground up. Since 2016, the company has partnered with over 50 founders to build over 25 companies. 

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 2025 and 2026, 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 94 Calls to Action. For instance, in 2025, Canada Life provided employees with a paid day away from work for reflection on National Day for Truth and Reconciliation. In 2025, Canada Life delivered cultural awareness training to its Talent Acquisition team and expanded access to career opportunities for Indigenous Peoples across Canada. In addition, the company marked Red Dress Day in 2025 with installations across its campuses, with the intention of sparking awareness and education.  

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 Reconciliation Action Plan, which outlines the various ways that the company will work with Indigenous Peoples and communities to collaborate and advance prosperity and inclusion. The focus is on Indigenous economic reconciliation, which aligns with the company’s purpose and business activities. They aim to support Indigenous Peoples in overcoming the barriers and socio-economic challenges many face in achieving financial well-being.

For over 30 years, Canada Life has supported Indspire, an Indigenous national charity with a mission to advance Indigenous education. Through the Canada Life Indigenous Student Awards and Bursaries, the company provides scholarships to First Nations, Inuit and Métis students specializing in business and finance and bursaries for those entering post-secondary education for the first time, either from high school or as a mature student. In 2025, 11 students received a Canada Life Indigenous Student Award. Recipients of the awards are selected on academic merit, and the goal is to award well-rounded students who are academically accomplished and have community involvement and leadership. Canada Life also supported the National Gathering in November 2025, Canada’s largest event dedicated to advancing Indigenous education. 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 Start2Finish, a national organization dedicated to breaking the cycle of child poverty by providing consistent, year-round educational support that nurtures children’s minds, bodies, and social health throughout their school years. The company’s support for their Running & Reading Clubs allows them to deliver after-school programming that combines literacy and physical activity to improve cognitive and social skills. Moreover, in 2025 Canada Life also continued its long-term support for Junior Achievement, a national organization that delivers immersive learning experiences for students in grades 3-12, focusing on work readiness, financial health, and entrepreneurship. In British Columbia, Canada Life supported Junior Achievement’s Economics for Success and Indigenous Programming, while in Ontario, their support helped JA South Western Ontario reach and additional 1,800 students across the region and train dedicated volunteers to bring real-world financial knowledge into classrooms. 

Sagard seeks to support initiatives related to inclusion and belonging by founding or being actively involved in initiatives, such as the France Invest Gender Equality Charter, the Afrodescent Leadership Alliance, the Black North Initiative, the Indigenous Leadership Circle and the United Way/Centraide du Grand Montréal/United Way of New York City. 

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. In addition, Canada Life has, for the last two decades, also supported Pathways to Education. At the beginning of 2025, the company announced a $1.5 million joint gift with Power Corporation and IG Wealth Management to help youth in low-income communities graduate high school and build successful futures. 

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. IG Wealth Management's partnership with CFEE has provided free financial resources and workshops tailored to Canada’s seniors. In 2025, more than 3,200 people participated in 23 workshops focused on the Money and You: Seniors Edition resource, on top of 1,300 downloads of the resource online. After attending these workshops, seniors reported an 86% increase in their financial confidence. 

Power Corporation supports Prosper Canada, a charity dedicated to expanding economic opportunity for Canadians living in poverty through programs 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. Canada Life also support the organization. In 2025, they proudly supported their Financial Empowerment Champion Program, which helps communities of vulnerable Canadians build long-term financial stability and knowledge. 

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. In 2025, the company continued to prioritize green certifications such as BOMA BEST® and LEED®, as well as health and accessibility certifications such as the Rick Hansen Foundation Accessibility Certification. Notably, GWLRA now has three Zero Carbon Building – Performance Standard certifications, with three more being pursued in 2026. At year-end 2025, 84% of the company’s eligible portfolio (by floor area) holds one or more green building certifications. Beyond certifications, GWLRA-managed assets and staff earned 16 industry awards in 2025, covering sustainability, operational excellence and transformation, and employee engagement. Highlights include the HOOPP LEAP Award for GHG Management and the MAC Climate Leadership Award from FRPO. The company also submitted three entries to the GRESB Real Estate Assessment, two of which earned 4-Star ratings, reinforcing their overall approach to managing sustainability performance. 

Moreover, the company’s Berczy Square in Toronto received a 2-star Fitwel® Certification, a premier certification system that recognizes buildings and communities optimized for health and well-being. 2025 was also a standout year at Northgate Village in Burnaby, British Columbia, winner of the 2025 BOMA International TOBY Award for enclosed malls under 1 million square feet. 

RESPONSIBLE INVESTMENTS

Great-West Lifeco, IGM Financial, Sagard and Power Sustainable 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 2025, 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. 

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 Keyridge Asset Management Limited (Keyridge, formerly known as Irish Life Investment Managers Limited), which brings together Great-West Lifeco’s European asset management expertise, continued to strengthen its relationships with investee companies through over 430 engagements with more than 360 entities, combining direct dialogue with extensive collaboration work. Of the engagements conducted in 2025, 32% were conducted on a direct basis and 68% 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 – in the hope that appropriate engagement with companies and issuers in these areas can better inform how capital is allocated and improve risk management of sustainability-related issues across clients’ portfolios. 

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 2025, Mackenzie continued to evolve its stewardship approach by formalizing its policy framework and expanding the scale and reach of its stewardship activities. Over the last year, the company has expanded the number of companies it engages with, broadening its global coverage while maintaining a disciplined focus on material sustainability topics. They also advanced their sector-based stewardship model by integrating sustainability specialists with investment teams across energy, financials, consumer, industrials and technology. This approach ensures that engagements are guided by in-depth sector knowledge and that insights are reflected in portfolio research and analysis.  

In addition, in 2025 Mackenzie also published its inaugural Stewardship Policy, which outlines the company’s philosophy, governance structure and expectations for active ownership. The policy is aligned with the Japan Stewardship Code, one of the most established global benchmarks for responsible ownership. Its principles reinforce clear governance, meaningful engagement and transparent reporting, all of which are central to Mackenzie’s approach and consistent with emerging expectations in Canada and other key markets. In 2025, Mackenzie engaged with 290 companies globally on 1,726 topics across the themes of net-zero strategy, GHG emissions (targets, performance, disclosures), renewable energy use, just transition, methane abatement, business strategy, executive remuneration and thermal coal. 

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 over $7.7 billion in 2025 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. Progress was made on both these goals in 2025, with the company achieving 37% if its in-scope AUM being verified by SBTi, as well as maintaining its carbon neutral operations (since 2022) through the purchase of high-quality carbon offsets. 

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. For its own operations, GBL retained the following target: SBTi target #1: 52% reduction of its greenhouse gas emissions scope 1 (gross emissions) and scope 2 (electricity-related emissions) by 2030 from a 2019 baseline. The company’s SBTi target #2 is that 100% of eligible portfolio positions with climate strategy and targets aligned with a 1.5°C pathway approved by SBTi by 2030 from a 2020 baseline. For this target, an intermediary target of 66% coverage (vs. 50% initially) by 2025 was retained. 

As of 2025, GBL is on track with the implementation of its climate transition plan. In 2025, GBL delivered a 70% decrease in its GHG emissions scope 1 and scope 2 versus the 2019 baseline mainly due to ongoing refurbishment of GBL’s main office and the temporary relocation of the GBL team to a significantly smaller office for most of 2025. With 69% of GBL’s SBTi eligible NAV covered by 1.5°C SBTi-validated targets in 2025, GBL delivered its intermediary coverage target (66% eligible NAV coverage by 2025).

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, the Net Zero Asset Managers initiative, PCAF and the Science Based Targets initiative.

For its part, Mackenzie Investments is committed to deeper engagement with investee companies, to help them adapt to a net-zero, climate-resilient economy. Mackenzie prioritizes climate engagements with companies that contributed most significantly to its aggregated financed emissions. Building on the success of its efforts to date, Mackenzie increased the number of investee companies in its climate engagement program from 100 to over 150. These engagements follow a defined process to ensure companies manage their business in line with a net zero pathway.

In 2025, Mackenzie engaged with 290 companies globally on 1,726 topics across the themes of net-zero strategy, GHG emissions (targets, performance, disclosures), renewable energy use, just transition, methane abatement, business strategy, executive remuneration and thermal coal.