State Farm Insurance provides auto and home insurance in the United States, with headquarters in Bloomington, Illinois. In 2021, the financial institution’s total assets were USD 214 billion. It has more than 19,400 agents and around 53,400 employees.
State Farm Insurance has a grievance mechanism accessible to all workers and external stakeholders to raise human rights complaints or concerns. It also has a publicly available policy statement which shows it is committed to respecting the health and safety of workers. State Farm Insurance has a policy prohibiting bribery and corruption and a grievance mechanism for stakeholders to raise concerns and complaints regarding bribery and corruption.
In terms of its approach to senior leadership accountability, State Farm Insurance could link the remuneration of its executive or management teams to sustainability performance criteria. It also has an opportunity to describe its engagement approach on sustainability themes and impact topics with clients and investees. In addition, it could provide a public commitment to gender equality and women’s empowerment. State Farm Insurance has an opportunity to disclose the proportion of women in senior leadership roles as well as how it addresses any gender pay gaps.
State Farm Insurance could 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. State Farm Insurance could also disclose its financing activities devoted to climate solutions. Regarding nature and biodiversity, it could demonstrate how it is committed to minimising its negative impacts or financing regenerative solutions. No evidence was found regarding State Farm Insurance’s approach to fossil fuels that spans across the fossil fuel value chain, such as the amount or share of finance it directs towards fuels, or its stance on financing companies with new fossil fuel projects.
State Farm Insurance has an opportunity to 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 describe a comprehensive process for identifying its human rights risks and impacts across all its activities, especially its financing activities. State Farm Insurance has an opportunity to disclose the proportion of its total direct operations workforce for each employee category by age group, gender, race or ethnicity, or another indicator of diversity. To provide transparency on financial inclusivity, it could disclose the amount of finance directed towards, for example, women-owned businesses, small- and medium-sized enterprises (SMEs) or low-income developing countries.