‘Prudential is now reporting on corporate responsibility objectives and progress for the seventh year. We have demonstrated consistently that we take corporate responsibility very seriously, and it will continue to be high on Prudential’s agenda during the next year.’
Nick Prettejohn
Chief Executive, Prudential UK and Europe
In 2008, we made changes to the Group-wide Corporate Responsibility Committee and re-named it: ‘The Responsibility Committee’ (RC).
Membership of the committee comprises all areas of the business. The RC is chaired by Stephen Whitehead, Group Communications Director. Nick Prettejohn, Chief Executive of Prudential UK and Europe, is the Board Director championing this function.
The RC will review the development, management and reporting of our Group-wide responsibility strategy, its detailed policies, procedures and actions. As well as monitoring and reviewing reputation-related risks, the RC will ensure that our activities align with the Group risk framework and will identify processes to mitigate corporate responsibility risk.
During 2008 and the early part of 2009, two committee meetings were held, with a particular focus on CR risk management, climate change and CR strategy. The Group’s Corporate Responsibility Team is Secretariat to the RC.
In late 2008, we implemented a new Corporate Responsibility Framework. This has been developed to drive improved sustainability performance across our current activities, provide greater focus to our programmes and enable a more consistent approach to our reporting.
We have developed seven corporate responsibility priorities as a common framework for guiding and planning our activities. These priorities reflect our long tradition of being a source of trust and responsibility; of helping people to make informed decisions about their long-term financial future and being a valued and valuable member of the communities in which we operate.
Giving consumers in each country where we operate the confidence and tools they need to protect and nurture their financial security through building their financial capability.
Giving customers fair, transparent financial products through a variety of trusted distribution channels.
Supporting ageing populations and changing demographics by providing products that meet evolving customer needs.
Understanding and reducing our direct and indirect environmental footprint.
Being an employer of choice.
Investing to benefit the communities in which we operate.
Being open and transparent about our responsibility priorities, reporting challenges as well as achievements.
We operate in many markets, with businesses at different stages of development and in societies with different expectations of corporate behaviour. In all circumstances we aim to ensure that our standard of behaviour is consistently high, maintaining the long established brand attributes associated with the Prudential name in the UK.
The approach we take to delivering against these priorities is closely aligned to our operating model. This means our corporate responsibility activities are managed by our businesses locally, since it is they who are closest to their customers and communities and therefore best positioned to deliver the most positive impact possible. Meanwhile, the Group sets the overall strategy and governance, provides support tools and advice, manages external reporting and benchmarking, and drives Group-wide programmes such as the Chairman’s Award.
Importantly, we do not impose a one-size-fits-all approach to corporate responsibility. Instead, our new framework ensures a common approach across the Group while allowing our businesses the flexibility they need to devise and implement programmes that best meet the needs of their local environment and stakeholder expectations.
In 2009, as part of the process of embedding the new framework, we are developing a new set of key performance indicators and assessment processes for each of our seven corporate responsibility priorities. We will report against these in the years to come.
We are not complacent about our impact and remain committed to maintaining a dialogue with all concerned to help shape our business and corporate responsibility activities. As part of this process, we conduct surveys periodically on a range of topics including how our company is perceived, what things we are regarded as doing well, and where we could improve.
