Swiss Re

The financial institution has publicly available policy statements committing to respect ILO core labour rights and human rights. Additionally, decision-making and oversight of the sustainability strategy are 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.

The institution has a stewardship policy that supports environmental transitions and social best practices in line with its sustainability strategy. The policy also covers client and other stakeholder engagement as well as advocacy and partnerships. Not only has the institution established time-bound and measurable targets for the provision of products, services, and capital for climate solutions, but it also demonstrates progress in achieving these targets. Furthermore, it identifies key sectors, clients, and investees for climate engagement and engages in partnerships to influence its clients to act on nature-related impacts.

The financial institution has an opportunity to include anti-bribery and anti-corruption clauses in its contracts with business relationships. While it identifies and prioritises material sustainability impacts, it could disclose the objective criteria and evidence used in its materiality analysis.

The institution has a time-bound strategy to phase out financing activities and services with existing fossil fuel projects lacking a 1.5°C-aligned strategy in specific sectors, but it could broaden this approach to cover all fossil fuel sectors. There is an opportunity for it to establish a transition plan covering its own operations, supply chain and portfolio as well as to disclose reductions in Scope 1-3 emissions aligned with its interim targets.

It is recommended that the institution disclose the breakdown of clients by income group and clarify processes to prevent divestment from low-income and lower-middle-income countries due to its sustainability strategies and targets. Additionally, its risk assessment process should incorporate risks related to ILO fundamental rights at work for those affected by its products and services, with a mitigation process for identified risks.

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.