Voya Financial

Voya Financial assigns decision-making and oversight responsibility for its sustainability strategy to the highest governance body and responsibility for implementing this strategy is delegated to specific functions, teams, or committees within the institution.

In addition, it monitors its Scope 1-2 emissions, discloses its lobbying expenditures and has a publicly available policy statement committing to respect human rights.

Voya Financial’s materiality assessment focuses on three topics: sustain, grow, escalate, but lacks a description of the process for prioritising material impacts. Recommendations include disclosing third-party assurance of target reporting, linking senior executive remuneration to sustainability targets, and detailing an engagement approach that supports environmental transitions and social best practices. While there is a list of external affiliations, there is no evidence of disclosed trade associations. It is recommended to monitor scope 3 categories, transparently detail footprint calculation methodology, establish a transition plan, and ensure scope 1-3 emissions align with interim targets.

Additionally, the institution has a publicly available policy statement committing to respect specific workers’ rights but could reference all ILO fundamental rights at work. It has the opportunity to disclose a policy expecting suppliers to respect ILO-declared human rights and to clarify how it determines a living wage in its operational regions. Moreover, it should include risks associated with ILO fundamental rights in its risk assessment with a process for mitigating identified risks and for identifying social risks related to the net zero transition, providing examples of actions taken on salient human rights issues from 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.