Our corporate responsibility framework is designed to drive sustainability performance, provide greater focus to our programmes and activities, and enable a more consistent approach to our reporting. We refined the framework in 2009 to focus on five key themes:
- Fair and transparent products meeting customer needs
- Best people for the best performing business
- Protecting the environment
- Supporting local communities
- Accountability and governance
The Board discusses the Group's corporate responsibility performance at least once a year and also reviews and approves the Group Corporate Responsibility Report and strategy on an annual basis.
Below the Board, the Responsibility Committee comprises senior representatives from relevant Group functions and each of our core businesses. This committee is responsible for monitoring the Group's corporate responsibility activities and for raising issues that need to be addressed.
Group CR team
The Group corporate responsibility team is responsible for collating data and information for internal and external reporting; publishing and promoting the annual CR report; driving stakeholder outreach plans; overseeing corporate responsibility risk and issues management processes and conducting research to ensure our activities remain aligned with issues relevant to our business.
We recognise the importance of maintaining a regular dialogue with our stakeholders and responding to their concerns. We have identified our stakeholders as our customers, employees, investors, governments and regulators - including parliamentarians and other public representatives - suppliers and industry bodies.
We conduct regular customer opinion surveys and measure customer satisfaction. We participate in industry-wide surveys as well as conducting our own stakeholder research, and our businesses regularly survey their employees. We have frequent dialogue with parliamentarians, and other public representatives, and we actively engage with shareholders, analysts and potential investors through an active schedule of web-based investor communications.
CR Governance structure
Prudential plc Board
Group Responsibility Committee
- Approves strategy
- Approves CR Report content
- Reviews ongoing development and progress
- Identifies and develops policies on CR risks for approval
- Collates data/information for internal and external reporting
- Publishes and promotes annual CR Report
- Drives stakeholder outreach plans
- Oversees CR risk and issues management processes
- Collates and shares CR competitor analysis and new practices
- Develops and drives initiatives related to ‘owned’ stakeholder groups
- Tracks, reviews and assesses on-going initiatives
- Provides data/information to Group CR Team for internal and external reporting
We produce an annual on-line CR report - published on our website - and we continue to develop key performance indicators to track our progress over time. We remain committed to stakeholder communication.
Code of Business Conduct
Prudential's Group Code of Business Conduct (the Code) sets out the ethical standards expected of our employees, agents and others working on behalf of the Group. It is in force across the Group and compliance by all businesses is mandatory. The Responsibility Committee reviews the Code to ensure that it remains relevant. It is also integrated within the Group Governance Manual and is covered by the annual compliance certification process.
We have translated the Code into Chinese, Korean and Thai for publication on the website.
Supply chain management
Prudential recognises that its own social, environmental and economic impacts go beyond the products and services it supplies to include the performance of its suppliers and contractors.
It is our policy to work in partnership with suppliers whose standards are consistent with our Group Code of Business Conduct. We are also committed to helping our suppliers reduce their impact on the environment.
Procurement practices in Prudential UK have been successfully accredited with the Chartered Institute of Purchasing and Supply (CIPS) certification, an industry benchmark of recognised good practice.
Health and safety
Following initial certification in 2009 against British Standard Occupational Health and Safety Accreditation System, OHSAS 18001, for health and safety management of Prudential's occupied properties in the UK, we have successfully maintained this status. OHSAS 18001 is a framework which will allow us to identify and control our health and safety risks consistently - reducing the potential for accidents, aiding legislative compliance and helping improve overall performance. It also provides us with an opportunity to assess its suitability as a management system for use more widely across the Group.
Each of our businesses has a senior representative who provides leadership for health and safety, and who attends twice-yearly meetings of our Health and Safety Council. In a similar way, in the UK, operational safety issues are addressed through a Health and Safety Forum attended by business unit representatives who have a key operational safety mandate.
There were no major health and safety breaches in 2009.
Combating financial crime
Prudential seeks to comply with high standards of anti-money laundering, counter-terrorist financing practice and economic sanctions in all countries and territories in which we operate. Failure to comply with international standards and Group policies to prevent money laundering and combat terrorist financing could lead to criminal prosecution, fines or reprimands by regulators. Prudential takes this duty extremely seriously and has established strong policies and procedures to manage these issues, including awareness raising and training, record keeping and compliance monitoring.
Prudential values its reputation for ethical behaviour and for financial probity and reliability. It recognises that over and above the commission of any crime, any involvement in bribery or corruption would also reflect adversely on its image and reputation.
Prudential plc absolutely forbids corruption and the paying or receipt of bribes.