Tokio Marine Holdings

Tokio Marine Holdings identified and prioritised its impacts through a materiality assessment process which included feedback from external stakeholders. In terms of senior leadership accountability, the financial institution assigns responsibility for sustainability issues to the board of directors and links the remuneration of its executive team to sustainability performance criteria.

As a member of Net-Zero Insurance Alliance, Tokio Marine Holdings has set a target of net-zero financed emissions by 2050. It discloses absolute financed emissions from domestic equities and bonds of its subsidiary, Tokio Marine & Nichido and discusses the underlying data quality. It also discloses the aggregate investments it devotes to climate solutions and specifies what these solutions are. The financial institution aims to increase its revenue from insurance for offshore wind power plans by JPY 5 billion by 2023. 

Tokio Marine Holdings has a publicly available policy statement committing it to respect human rights and the ILO core labour rights. It describes the process for identifying human rights risks and impacts in its financing activities, provides a case study describing how it has acted on a salient human rights risk issue and discloses categories of stakeholders whose human rights have been or may be affected by its activities and engages with them. The financial institution discloses the proportion of women in its total direct operations workforce for each employee category. Furthermore, Tokio Marine Holdings discloses a global tax strategy. 

Tokio Marine Holdings could link the remuneration of its management team to sustainability performance criteria. Furthermore, women are underrepresented on the board of directors where only 2 out of 14 board members are women. The financial institution also has an opportunity to reach at least 40% female representation in senior leadership positions and to disclose the ratio of basic salary and remuneration of women to men in its total direct operations workforce for each employee category. Tokio Marine Holdings could describe its engagement approach on sustainability themes and impact topics with clients and investees, across its financing activities.

Tokio Marine Holdings could disclose interim absolute emissions reduction targets at the group level, such as a 45% reduction in financed emissions by 2030. It could also align its investments into renewable energy funds with internationally recognised frameworks and disclose progress against the targets it has set for its insurance for offshore wind power plants. No evidence was found regarding Tokio Marine Holding’s approach to fossil fuels that spans across the fossil fuel value chain and its financing activities, such as the amount or share of finance it directs towards fuels, or its stance on financing companies with new fossil fuel projects. Regarding nature and biodiversity, the financial institution could commit to minimising its negative impacts or financing regenerative solutions. 

Tokio Marine Holdings could disclose the proportion of its total direct operations workforce for each employee category by age group. It also has an opportunity to establish a grievance mechanism accessible to all workers, external individuals and communities to raise human rights complaints or concerns. To provide transparency on financial inclusivity, the financial institution has an opportunity to disclose the amount of finance directed towards, for example, women-owned businesses, small- and medium-sized enterprises (SMEs) or low-income developing countries.