Prudential Financial provides financial services throughout the United States and several locations worldwide. The financial institution offers life insurance, mutual funds, pension, and retirement related services, as well as administration and asset management. As of 2021, Prudential Financial had USD 1.74 trillion assets under management.
In terms of senior leadership accountability, the responsibility for sustainability issues within PrudentialFinancial lies with the Corporate Governance and Business Ethics Committee which has oversight from the board of directors.
PrudentialFinancial has a publicly available policy statement committing it to respect human rights. The financial institution discloses the proportion of its total direct operations workforce for each employee category by gender and race or ethnicity. Moreover, it has a grievance mechanism accessible to all workers, external individuals and communities to raise human rights complaints or concerns.
Prudential Financial could link the remuneration of its executive or management teams to sustainability performance criteria. The financial institution has an opportunity to make a public commitment to gender equality and women’s empowerment as well as disclose how it addresses any gender pay gaps. In terms of female representation in leadership positions, women are underrepresented on the board of directors where only 4 out of 13 board members are women. In addition,PrudentialFinancial has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients and investees.
There is no evidence that the Prudential Financial discloses a target to reach net-zero financed emissions by 2050.Additionally, 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. The financial institution could align its green bonds portfolio with internationally recognised frameworks. Regarding nature and biodiversity, no evidence was found that the financial institution is committed to minimising its negative impacts or financing regenerative solutions.
Prudential Financial has an opportunity to describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its investment activities. To provide transparency on financial inclusivity, the financial institution has an opportunity to disclose the amount of investments directed towards low-income developing countries.