New China Life Insurance

The financial institution entrusts its highest governance body with decision-making and oversight of its sustainability strategy. Furthermore, the responsibility for implementing this strategy is delegated to specific functions, teams, or committees within the organization. Finally, the institution provides disclosures about its operations by country, such as the number of employees or revenue.

The financial institution has the opportunity to disclose its method for determining a living wage in its operational regions and to formalise its anti-bribery and anti-corruption commitment in a public policy document. It should also include relevant clauses in contracts with business partners. Although the entity discloses a materiality matrix, it has the opportunity to transparently identify and prioritise its material sustainability impacts across the value chain using objective criteria.

Further recommendations include disclosing third-party assurance for target reporting and linking senior executive remuneration to sustainability targets. In terms of emissions, the entity should detail scope 2 emissions, monitor scope 3 emissions by category, and establish a transition plan for operations, supply chain, and portfolio. It is further advised that the financial institution discloses that its emissions across scopes 1-3 will reduce in line with interim targets.

The financial institution should also provide a breakdown of clients by income group, and outline processes to avoid unintended divestment from low-income countries. Additionally, their risk assessment process should include ILO fundamental rights risks, with a mitigation strategy for identified risks. Finally, the institution should also identify social risks related to the net zero transition and provide an example of actions taken regarding salient human rights issues from assessments conducted in the last three years

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.