Phoenix Group is a long-term savings and retirement business, headquartered in London. Its main specialisation is the management and acquisition of closed life and pension funds. Pension savings and life insurance brands in the Phoenix Group include Phoenix Life, Standard Life, SunLife, ReAssure and others. As of 2021, Phoenix Group has 13 million customers, 7,885 employees and GBP 310 billion in total assets.
In terms of senior leadership accountability, the responsibility for sustainability issues within Phoenix Group lies with the board. It also links the remuneration of its executive team to sustainability performance criteria. Phoenix Group has sustainability policy where it describes its approach on sustainability themes and impact topics with investees. Its engagement policy includes a clear framework with success criteria and escalation points in the event that engagement with investees is unsuccessful. The insurance company also describes where it has engaged successfully with investees on sustainability themes and impact topics.
Phoenix Group discloses absolute financed emissions, including the underlying data quality and coverage. As a member of the Glasgow Financial Alliance for Net Zero (GFANZ), it has set a target of net-zero financed emissions by 2050. Similarly, as a member of Climate Action 100+, the financial institution discloses that it collectively engages with its investees on the topic of climate change. Phoenix Group aims to invest at least GBP 250 million into climate solutions by 2022. It is also committed to minimising its negative impacts on nature and biodiversity.
Phoenix Group has publicly available policy statements that expects its business relationships to commit to respecting the ILO core labour rights and the health and safety of workers. It also discloses a global tax strategy for which an executive-level individual has responsibility. Regarding diversity, Phoenix Group discloses the proportion of women in its total direct operations workforce for each employee category.
No evidence was found that Phoenix Group is committed to gender equality and women’s empowerment. While it discloses the total ratio of basic salary to men and women, the financial institution could provide a breakdown per employee category. Phoenix Group also has an opportunity to disclose the proportion of women in senior leadership roles as well as how it addresses any gender pay gaps.
Phoenix Group could disclose interim emissions reduction targets at the group level, such as a 45% reduction in financed emissions by 2030. The insurance company 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. Regarding climate solutions, Phoenix Group could align its renewable energy projects with internationally recognised frameworks as well as disclose progress against its targets.
There is no evidence that Phoenix Group has a publicly available policy statement committing it to respect human rights. Furthermore, it 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 Phoenix Group discloses a breakdown of its total direct operations workforce by age, race and ethnicity, it could disclose this information for each employee category. To provide transparency on financial inclusivity, the insurance company has an opportunity to disclose the amount of investment directed towards low-income developing countries.
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Net income: GBP 24.54 billion; Total assets: GBP 333.8 billion