In Corporate Knights' annual Best 50 Corporate Citizens
ranking, the insurance and financial services co-op stands out with
sustainability impact
GUELPH,
ON, June 26, 2024 /CNW/ - For the
15th consecutive year, Co-operators was recognized today
by Corporate Knights for its ongoing efforts to catalyze a
resilient and sustainable society. Today, in the annual Best
50 Corporate Citizens ranking, Co‑operators earned the highest
ranking among insurers globally, ranked second in the financial
sector globally, and was third on the overall ranking in
Canada. This national recognition
continues to underscore the company's leadership across
environmental, social, and governance-related sustainability
performance indicators.
Co‑operators stood out in the ranking for its relative
proportion of revenue that is defined as 'sustainable revenue' by
Corporate Knights' Sustainable Economy Taxonomy, driven in part by
Co‑operators $5.9 billion in impact
and transition investments; a high percentage of gender diversity
in its executive leadership; its CEO to worker pay ratio; the
existence of a sustainability link to executive compensation; and
the number of paid sick leave days offered to its employees, among
other indicators.
"This recognition amongst our peers is a reflection of our
ongoing journey to embed sustainability and resilience into our
business, and to act as a societal catalyst through our
partnerships, products, services and investments," says
Rob Wesseling, President and CEO of
Co‑operators. "This important work is a reflection of our
co-operative values and our long-standing desire to support our
communities. The pursuit of sustainability is also critical to our
long-term financial strength and stability, ensuring we can meet
our purpose of financial security for Canadians and our communities
for generations to come."
"At a time when challenges mount in our communities, from
climate change to increasing affordability concerns in housing,
cost of living, and more, it's increasingly critical that
businesses, governments and communities act to both address
short-term needs while considering the long-term impacts of our
decisions," says Chad Park,
vice-president of Sustainability & Citizenship at Co‑operators.
"Sustainability is a whole of society undertaking because the
complex challenges we face cannot be tackled alone. They require
co-operation, commitment, and co-ordinated action. The Best 50
highlights those business leaders who are working together to build
a more sustainable, resilient, and equitable Canada. We're honoured to be included."
Co-operators sustainability achievements
include:
- 48.4% of its investments are invested in impact and climate
transition investments, equivalent to $5.9
billion directed to projects and initiatives that address
environmental and social challenges.
- Co-operators has a target to invest 60% of its total portfolio
in impact, transition and resilience investments by 2030.
- Co‑operators is a carbon neutral company, with net zero targets
in its operations (2040) and investments (2050).
- 24.7% of its total revenue comes from sustainable products
or services, like Comprehensive Water, Canada's first and only flood insurance
product including storm surge that is available to all Canadians
even those at highest risk.
- 55% representation of women on the CEO leadership team
(Executive Vice Presidents).
- New sustainable claims solutions for property insurance reduce
waste and contribute to the circular economy, while saving costs
that are reinvested into premium-free insurance solutions that
build household resilience to a changing climate.
Full details of its sustainability, climate and financial
performance can be found in Co-operators Integrated Annual
Report and its Climate Report.
About Co-operators
Co‑operators is a leading Canadian financial services
co-operative, offering multi-line insurance and investment
products, services, and personalized advice to help Canadians build
their financial strength and security. Co‑operators has more than
$62 billion in assets under
administration. Co‑operators has been providing trusted guidance to
Canadians since 1945. The organization is well known for its
community involvement and its commitment to sustainability.
Currently a carbon neutral organization, Co-operators is committed
to net-zero emissions in its operations and investments by 2040,
and 2050, respectively. For more information, please visit:
www.cooperators.ca.
Media requiring further information and/or interviews, please
contact media@cooperators.ca
SOURCE The Co-operators Group Limited