New York Life Insurance Company

In terms of senior leadership accountability, the responsibility for sustainability issues within New York Life Insurance Company lies with the board of directors.

No leading practices were identified for the financial institution in the respecting planetary boundaries measurement area.

New York Life Insurance Company has a publicly available policy statement committing it to respect human rights and ILO core labour rights. The financial institution discloses the proportion of its total direct operations workforce for each employee category by gender and race. New York Life Insurance Company has a grievance mechanism accessible to all workers, external individuals and communities to raise human rights complaints or concerns.

In terms of its approach to senior leadership accountability, New York Life Insurance Company could link the remuneration of its executive or management teams to sustainability performance criteria. No evidence was found that the financial institution commits to gender equality and women’s empowerment and it has an opportunity to disclose the proportion of women in senior leadership roles as well as how it addresses any gender pay gaps. Additionally, women are underrepresented on the board of directors where only 5 out of 14 board members are women. The financial institution has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients and investees.

There is no evidence that New York Life Insurance Company discloses a target to reach net-zero financed emissions by 2050. The financial institution has an opportunity to disclose the key sectors and companies it has identified as priorities to engage with on climate change, specifically on the alignment with the Paris Agreement. There is no evidence that the financial institution discloses its financing activities devoted to climate solutions. Regarding nature and biodiversity, no evidence was found that New York Life Insurance Company is committed to minimising its negative impacts or financing regenerative solutions.

New York Life Insurance Company has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. To provide transparency on financial inclusivity, the financial institution 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.