Life Insurance Corporation of India is an Indian central public sector undertaking headquartered in Mumbai, Maharashtra, India. It is under the ownership of the Ministry of Finance, Government of India and was founded in 1956. It functions with 2,048 branch offices, 113 divisional offices, 8 zonal offices and a corporate office.
Life Insurance Corporation of India discloses the proportion of women in its total direct operations workforce for each employee category. It also has a grievance mechanism for stakeholders to raise concerns and complaints regarding bribery and corruption.
In terms of its approach to senior leadership accountability, Life Insurance Corporation of India has an opportunity to link the remuneration of its executive or management teams to sustainability performance criteria. It could also demonstrate how it is committed to gender equality and women’s empowerment, disclose the proportion of women in senior leadership roles and how it addresses any gender pay gaps. Moreover, Life Insurance Corporation of India has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients and investees.
Life Insurance Corporation of India could disclose a target to reach net-zero financed emissions by 2050 and the key sectors and companies it has identified as priorities to engage with on climate change, specifically on the alignment with the Paris Agreement. Furthermore, Life Insurance Corporation of India could disclose its financing activities devoted to climate solutions. Regarding nature and biodiversity, it has an opportunity to demonstrate how it is committed to minimising its negative impacts or financing regenerative solutions. Also, no evidence was found regarding Life Insurance Corporation of India’s approach to fossil fuels that spans across the fossil fuel value chain, such as the amount or share of finance it directs towards fuels, or its stance on financing companies with new fossil fuel projects.
Life Insurance Corporation of India has an opportunity to provide a publicly available policy statement committing it to respect human rights laid out in the UN Guiding Principles and the ILO declaration on fundamental rights at work. Furthermore, it has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. Additionally, Life Insurance Corporation of India could disclose the proportion of its total direct operations workforce for each employee category by age group. To provide transparency on financial inclusivity, it has an opportunity to disclose the amount of finance directed towards, for example, women-owned businesses, small- and medium-sized enterprises (SMEs) or low-income developing countries. Moreover, Life Insurance Corporation of India has an opportunity to establish a grievance mechanism accessible to all workers, external individuals and communities to raise human rights complaints or concerns.