Sun Life Financial

The financial institution discloses its approach to lobbying and political engagement within a policy statement. Additionally, it maintains a gender balance of 40-60% at the senior executive level.

The institution also transparently identifies the key sectors, clients, and investees with which it engages on climate issues. Moreover, it discloses its operational details by country, such as the number of employees or revenue. Additionally, oversight of the sustainability strategy is assigned to the highest governance body, with performance criteria for senior executive remuneration linked to sustainability targets. It delegates the responsibility for implementing its sustainability strategy to specific functions or teams within the institution.

Regarding political contributions, the financial institution states that it makes them after getting approval from an internal department. However, it could go further and disclose whether these contributions are made only in exceptional circumstances and what are the specific criteria for making them. Additionally, it could disclose that it requires third-party lobbyists to adhere to its lobbying and political engagement policy. In the context of sustainability, while the financial institution has identified material sustainability impacts across its value chain, it has the potential to provide more detailed information about the process. This includes elaborating on how objective criteria and supportable evidence were utilized for the identification and prioritization of those impacts. It is also recommended that the financial institution discloses that it conducts third-party assurance or verification of its target reporting.

While the financial institution’s subsidiary SLC Fixed Income has a sustainable investing policy, this policy could be improved by explicitly supporting environmental transitions and social best practices in line with the institution’s sustainability strategy. Moreover, the financial institution could develop its own comprehensive stewardship policy that covers the entire portfolio. Although the financial institution has set time-bound and measurable targets for “sustainable” investments, it could be more specific about the share of these investments that are dedicated to climate solutions.

Furthermore, it is advisable that the financial institution provides an example of the specific conclusions it has reached and the actions it has taken or plans to take in response to at least one of its significant human rights issues. These should be the results of assessment processes within at least one of its activities over the past three years. Finally, the financial institution has the opportunity to disclose the methodology it uses to determine a living wage for the regions in which it operates.

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.