New China Life Insurance

No leading practices were identified for New China Life Insurance in the governance and strategy measurement area.

New China Life Insurance discloses the aggregate amount and share of finance it devotes to climate solutions while specifying what these solutions are.

New China Life Insurance discloses the proportion of women in its total direct operations workforce for each employee category and the proportion of its total direct operations workforce for each employee category by educational background.

In terms of its approach to senior leadership accountability, while New China Life Insurance’s board and executive committee support the implementation of ESG affairs, it could clarify that the end responsibility for sustainability issues lies with the board. In terms of its approach to senior leadership accountability, it could link the remuneration of its executive and management teams to sustainability performance criteria. Additionally, New China Life Insurance could provide a public commitment to gender equality and women’s empowerment and disclose the proportion of women in senior leadership roles as well as how it addresses any gender pay gaps. Furthermore, New China Life Insurance has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients and investees.

New China Life Insurance has an opportunity to 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. New China Life Insurance could align its climate solutions (green buildings) with internationally recognised frameworks and disclose time-bound targets explicitly for its climate solutions. Regarding nature and biodiversity, it could provide evidence on how it is committed to minimising its negative impacts or financing regenerative solutions.

New China Life Insurance could 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 could also establish a grievance mechanism accessible to all workers, external individuals and communities to raise human rights complaints or concerns. In addition, New China Life Insurance has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. While the insurer discloses the ages of its board members and senior management team members, it could disclose this information for each employee category. To provide transparency on financial inclusivity, New China Life Insurance could disclose the amount of finance directed towards, for example, women-owned businesses, small- and medium-sized enterprises (SMEs) or low-income developing countries.