T. Rowe Price Group

The institution publishes an engagement report on sustainability impact topics and has a publicly available policy statement requiring suppliers to respect ILO core labour rights. It discloses its approach to lobbying and political engagement, assigning decision-making and oversight responsibility for its sustainability strategy to the highest governance body, while implementation is assigned to specific functions, teams, or committees. It has a policy statement which commits to respecting human rights, and a list of trade associations is disclosed. The institution outlines its positions on sustainability in lobbying activities and identifies key sectors, clients, and investees for climate engagement. It monitors its scope 1-2 emissions and emissions from associated financing activities (Scope 3 category 15).

The financial institution has a publicly available policy statement pledging to respect specific workers’ rights, yet it could enhance this by referencing all the ILO fundamental rights at work. It also has the chance to disclose the methodology it uses to determine a living wage for the regions it operates in. The institution includes anti-bribery and anti-corruption clauses in its business contracts, but could specify the consequences for breaching them. While the financial institution has a stewardship policy, it could provide more details on how the policy aids in environmental transitions and promotes social best practices. The financial institution states that it is not using its lobbying and political engagement power to cause adverse sustainability impacts, but it has not made a formal commitment. It is also advisable that the financial institution discloses the breakdown of its clients and/or beneficiaries by income group.

Regarding its risk assessment process, although it currently includes risks associated with some ILO fundamental rights for those affected by its products, services, and capital, it could expand this to cover the full set of rights. Furthermore, it is recommended that the financial institution discloses that it has a process in place for identifying the social risks associated with its products, services, and capital in relation to the net zero transition. Finally, it is recommended 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. This should be the result of assessment processes in at least one of its activities in the last three years.

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.