The Swiss Life Group is a provider of life and pensions and financial solutions in Europe. It was established in 1983 and helps private and corporate clients prepare their financial future. Swiss Life operates in Switzerland, Germany and France, and has competency centres in Luxembourg, Liechtenstein and Singapore. Swiss Life Asset Managers offers institutional and private investors access to investment and asset management solutions. Moreover, Swiss Life provides multinational corporations with employee benefits solutions and high net worth individuals with structured life and pensions products.
Swiss Life Holding discloses a proxy voting and engagement process where it describes its approach on sustainability themes and impact topics with clients and investees. Additionally it publishes an overview of its engagement activities and tthrough its subsidiary Swiss Life Asset Managers the financial institution publishes case studies describing where it has engaged successfully with investees on sustainability themes and impact topics. The financial institution identified and prioritised its impacts through a materiality assessment process which included feedback from external stakeholders. Furthermore it discloses a list of trade associations of which it is a member including sustainability- and non-sustainability-related organisations.
As a member of Climate Action 100+, Swiss Life Holding discloses that it collectively engages with its clients on the topic of climate change. The financial institution also discloses the aggregate amount of finance it devotes to climate solutions while specifying what these solutions are and that its climate solutions are defined according to an internationally adopted framework. Furthermore, the financial institution discloses time-bound targets for its climate solutions namely that it aims to finance CHF 2 billion (approximately USD 2 billion) by the end of 2023. Additionally the financial institution discloses progress against the targets it has set for its climate solutions.
Swiss Life Holding has a publicly available policy statement committing it to respect human rights and the ILO core labour rights. Furthermore, the financial institution has a grievance mechanism accessible to all workers to raise human rights complaints or concerns. The financial institution also discloses the proportion of its total direct operations workforce for each employee category by age group and gender. In addition, the financial institution discloses a global tax strategy and its income tax payments for all its tax jurisdictions.
In terms of its approach to senior leadership accountability, there is no evidence that Swiss Life Holding assigns responsibility for sustainability to the group’s board of directors. Additionally there is no evidence that the financial institution links the remuneration of its executive or management teams to sustainability performance criteria. It also has an opportunity to disclose the proportion of women in senior leadership roles as well as how it addresses any gender pay gaps. With regard to its approach to engagement, there is no evidence that the financial institution’s engagement policy includes clear frameworks with success criteria and escalation points related to sustainability themes and impact topics.
There is no evidence that Swiss Life Holding discloses a target to reach net-zero financed emissions by 2050. The financial institution also 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 nature and biodiversity, no evidence was found that the financial institution is committed to minimising its negative impacts or financing regenerative solutions.
Swiss Life Holding 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 the financial institution provides a grievance mechanism to raise human rights and bribery and corruption concerns it should specify that complainants have the option to identify themselves or remain anonymous and that the mechanism is accessible to external stakeholders. The financial institution also states that it has a process for identifying bribery and corruption but has an opportunity to disclose details of this process. To provide transparency on financial inclusivity, the financial institution has an opportunity to disclose the amount of investments directed towards, for example low-income developing countries.
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Net income: CHF 22.22 billion; AUM: CHF 309.76 billion