Founded in 1851, Massachusetts Mutual Life Insurance is an insurance and financial services company based in Massachusetts, USA. The company offers a wide range of insurance, retirement planning and investment products and employs over 9,974 people.
Massachusetts Mutual Life Insurance has set a target of net-zero financed emissions by 2050. The insurer also provides evidence that it collectively engages with companies to which it provides financial services on the topic of their nature- and biodiversity-related impacts.
Massachusetts Mutual Life Insurance has a grievance mechanism accessible to all workers and external individuals and communities to raise human rights complaints or concerns, as well as concerns and complaints regarding bribery and corruption. Furthermore, it discloses a public commitment to protect personal data. In a public policy statement, Massachusetts Mutual Life Insurance discloses its approach to lobbying and political engagement.
In terms of its approach to senior leadership accountability, Massachusetts Mutual Life Insurance could link the remuneration of its executive or management teams to sustainability performance criteria. Additionally, the insurer could describe its engagement approach on sustainability themes and impact topics with clients and investees. Furthermore, Massachusetts Mutual Life Insurance has an opportunity to publicly commit to gender equality and women’s empowerment and reach at least 40% female representation in senior leadership positions. It could also disclose the ratio of basic salary and remuneration of women to men in its total direct operations workforce for each employee category and the actions taken to address any pay gaps.
Massachusetts Mutual Life Insurance could disclose interim emissions reduction targets at the group level, such as a 45% reduction in financed emissions by 2030, 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. Massachusetts Mutual Life Insurance also has an opportunity to disclose its financing activities devoted to climate solutions. Regarding nature and biodiversity, it could demonstrate how it is committed to minimising its negative impacts or financing regenerative solutions. Moreover, no evidence was found regarding Massachusetts Mutual Life Insurance’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.
Massachusetts Mutual Life Insurance 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. It also has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. Furthermore, Massachusetts Mutual Life Insurance could disclose the proportion of its total direct operations workforce for each employee category by age group, gender, race or ethnicity, or another indicator of diversity. To provide transparency on financial inclusivity, Massachusetts Mutual Life Insurance 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.