New York Life Insurance

The financial institution has publicly available policy statements committing to respect ILO core labor rights and expecting its suppliers to do the same. It specifies that it does not make political contributions. Responsibility for implementing its sustainability strategy is assigned to specific functions, teams, or committees. The institution discloses the amount and/or share (in monetary terms) of products, services, and capital provided to usually excluded groups, as defined by the institution itself. It also discloses its operations by country, such as by number of employees or revenue.

The financial institution has an opportunity to disclose how it determines a living wage for the regions where it operates. It could also disclose that it requires third-party lobbyists to comply with its lobbying and political engagement policy. While the institution discloses its types of stakeholder engagement, it could publish a stewardship policy that supports environmental transitions and social best practices in line with its sustainability strategy. The financial institution discloses a list of some trade associations of which it is a member, but these are focused on insurance or sustainability-related topics. It is recommended that the institution publish a transition plan covering its operations, supply chain, and portfolio.

Additionally, it should disclose the breakdown of clients and beneficiaries by income group. The institution’s risk assessment process should include risks associated with ILO fundamental rights at work for those impacted by its products, services, and capital provisions. It is also recommended that the institution discloses its process for identifying social risks associated with its products, services, and capital in relation to the net-zero transition. Finally, it should provide an example of specific conclusions reached and actions taken on at least one salient human rights issue related to its products, services, and capital within 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.