‘Corporate responsibility has many facets. For Prudential it covers both the standards and attitudes that have been embedded in the way we conduct our business and customer relationships, and also the contribution we make to further the well-being of the communities in which we are present.’
Mark Tucker
Group Chief Executive, Prudential plc
Our operations have a direct impact through the positive contribution our products and services make to the financial wellbeing of individuals and families worldwide, and an indirect impact through our community investment programmes. Sometimes, claims of this type have more sound than substance but, as this report will amply demonstrate, there is much more than words to Prudential’s approach to corporate responsibility – much more.
From the start, the responsible attitude of Prudential to its customer relationships and the financial conservatism which it applied to managing its clients’ funds was a source of differentiation; and these characteristics remain an important ingredient in our success as a Group. This is particularly so in difficult economic times such as the present recession, since superior financial strength and the benefits of prudence and staying power are more visible, and also more highly prized.
However, our mission remains the same in good times and bad – to promote the financial well-being of our customers and their families by providing products and services tailored to their needs. Customers have always been at the heart of our business, and we remain committed to treating all our customers fairly.
It is a core belief that honesty, openness and transparency in our dealings with customers are vital at all times before and after sale, and indeed often from one generation within a family to another. Our brands are well respected in all our markets, but it is the underlying standards and values that generate the loyalty and trust. This is evidenced by the extensive customer satisfaction monitoring programmes that we undertake.
The customers come first but we do not underestimate the importance of acting responsibly towards, and building confidence and respect amongst, the many other constituencies with whom we deal – investors, employees, governments, regulators and the community at large. In this report we aim to give case studies showing activities representative of these diverse strands.
It is important to note that, although our standards of responsibility are embedded and our community initiatives occasionally spontaneous, we have developed an extensive framework to underpin and monitor our standards of delivery and to ensure that actions are consistent with aspirations.
In 2008 we implemented a new Corporate Responsibility Framework to provide greater focus and consistency, and the format of this online report reflects the seven corporate responsibility priorities we have adopted:
Our overall approach to delivering against these priorities is closely aligned with our operating model, which means that our corporate responsibility activities are managed and controlled locally by our businesses in each of the territories in which we operate. We firmly believe that since our local staff and management are closest to the customer and the local community, they are best positioned to meet local needs.
I must avoid going into too much detail about our activities outlined in the report. I do however wish to draw attention to two programmes which are a particular source of pride.
The first of these is our financial capability programme, which was first launched in 2001 in UK and has since been extended to Asia and the US. Youngsters leave school, and adults often go through life, with very limited financial skills or understanding of how to manage their financial affairs efficiently and avoid financial problems. We collaborate with a wide range of partners including Citizens Advice in England and Wales through the Financial Skills for Life programme to help people on low incomes build better understanding of how to cope financially. Equally, our partnership with the Specialist Schools and Academies Trust continues to gain momentum in preparing young people, with the development of a web-based interactive learning resource that is being rolled out across the country in 2009.
The second is our Chairman’s Award programme, under which 2,200 members of staff across the world have participated in some 50 volunteering projects to improve conditions in their communities.
Speaking for myself I find the record of Prudential’s corporate responsibility achievements impressive; it is something we have reason to take pride in.
Mark Tucker
Group Chief Executive, Prudential plc
