Mapfre

The financial institution has a publicly available policy statement committing to respect ILO core labour rights and expects suppliers to do the same. It does not make political contributions and discloses its lobbying expenditures. A list of trade associations it is a member of is disclosed, along with its positions on sustainability topics in lobbying and political engagement activities.

Decision-making and oversight for its sustainability strategy are assigned to the highest governance body, with performance criteria for senior executive remuneration linked to specific sustainability targets. Implementation responsibility for the sustainability strategy is assigned to various functions, teams, or committees. The institution does not provide products, services, or capital to new fossil fuel projects or clients involved in such projects. Additionally, it discloses the monetary amount or share of products, services, and capital provided to usually excluded groups, as well as its operations by country, including employee numbers or revenue.

The financial institution has made efforts in identifying and prioritizing its material sustainability impacts. However, there is room for improvement as it could extend this to encompass the entire value chain and provide a more detailed account of the process. This should include a clear explanation of the objective criteria and supportable evidence utilized for both impact identification and prioritization. Regarding its institutional relations, while the financial institution claims alignment with its Corporate Sustainability Policy, it could enhance its commitment by pledging not to use its lobbying and political engagement power in ways that would result in adverse sustainability impacts.In the case of its commitment to not invest in or insure certain energy companies, although the financial institution has stated its position and claimed fulfillment of underwriting commitments, it could further define a time-bound strategy for its investments in these companies.

It is recommended that the institution disclose that it has established a transition plan covering its own operations, supply chain, and portfolio and publish the breakdown of clients or beneficiaries by income group. It could also clarify processes to prevent divestment from low-income and lower-middle-income countries due to its sustainability strategies and targets. Additionally, it could strengthen its disclosure by identifying the social risks associated with its financing activities in relation to net zero transition. The institution could also provide an example of actions taken in the past three years to address salient human rights issues identified through risk assessments related to the products, services, and capital it offers.

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.