Intact Financial Corporation

Intact Financial Corporation performs fairly well in its disclosures of governance, stewardship and organizational carbon footprint. Not only does Intact Financial Corporation assigns decision-making and oversight responsibility for its sustainability strategy to its highest governance body, it also assigns responsibility for implementing its sustainability strategy to specific functions, teams or committees. It also links performance criteria for remuneration at the senior executive level to specific sustainability targets. Stewardship-wise, it has a stewardship policy that supports environmental transitions and social best practices in line with its sustainability strategy and covers client and other stakeholder engagement as well as advocacy and partnerships. Intact Financial Corporation also transparently identifies the key sectors, clients and investees to engage with on climate issues and engages in partnerships to influence and support sectors, clients and investees to act on their nature-related impacts. In relation to organisational carbon footprint, it monitors its scope 1-2 emissions and the emissions resulting from its associated financing activities (Scope 3 category 15).

Intact Financial Corporation provides at least one example of how its products, services and capital supports the climate adaptation and resilience of society as well.

There is scope for Intact Financial Corporation to improve its disclosures across various areas, including in impact materiality strategy, plans and targets, organisational carbon footprint and financing to low and lower-middle income countries and anti-bribery and anti-corruption. While Intact Financial Corporation identifies material sustainability impacts across its value chain, it could further detail its process and how objective criteria and/or supportable evidence were considered for the identification and prioritization of impacts. It is also recommended that Intact Financial Corporation disclose that it conducts third-party assurance or verification of its target reporting.

In terms of organisational carbon footprint, while it monitors scope 3 emissions beyond financed emissions, it could cover additional categories and provide a rationale for those excluded. It is recommended that Intact Financial Corporation establish a transition plan covering its own operations, supply chain and portfolio as well. As for financing, it could consider disclosing the breakdown of clients and/or beneficiaries by income group. While Intact Financial Corporation discloses the breakdown of clients and/or beneficiaries by country for some countries, it could make the list of countries comprehensive. It is recommended that the financial institution discloses its processes for avoiding divestment from low-income and lower-middle countries as unintended consequences of its sustainability strategies and targets as well.

Lastly, with regards to anti-bribery and anti-corruption, while Intact Financial Corporation states that it prohibits bribery and corruption, it has an opportunity to formalise this commitment in a public policy document. Similarly, it states that it does not make political contributions but could formalise this commitment in a public policy document.

This scorecard refers to information in English which was publicly available by July 15 2024. AuM and Total assets are stated in USD for comparability and have been calculated based on reported local currency values multiplied by applicable IMF currency converter values.