Here for Good
For Suncorp New Zealand, corporate responsibility is about taking a long-term approach to running our business to ensure it is ‘Here for Good’. This means considering the social, environmental and economic risks and opportunities that we face as a business, so we can act now to create a better today.
Trust and Transparency
We are committed to building trust and doing the right thing. We are open and transparent in our dealings with our stakeholders.
We report our social, environmental and economic performance, and proactively address the issues that matter most to our stakeholders.
- Our Conduct and Culture program ensures the customer is at the heart of everything we do, allowing us to deliver better customer outcomes and experiences.
- Our Code of Conduct ensures we do the right thing by our people, customers, suppliers, partners, intermediaries, shareholders and to each other. It covers the way we act, and how we interact with others, and is underpinned by our policies, standards, procedures and guidelines.
- We report our corporate responsibility progress in the Responsible Business Report. This ensures we are transparent about our performance across our social, environmental and economic measures and targets.
- Collaboration is key to our success, which is why we’ve joined the Climate Leaders Coalition, Sustainable Business Council (SBC), Business New Zealand Major Companies Group (MCG), Insurance Council of NZ (ICNZ) and the Australian and New Zealand Institute of Insurance and Finance (ANZIIF).
- In 2019, Suncorp signed the UN Global Compact, Principles for Sustainable Insurance and Principles for Responsible Investment, an international network of institutional investors that works to understand the implication of environmental, social and governance factors.
Responsible Financial Services
We put our customers at the heart of everything we do and help them make good choices.
We support New Zealanders experiencing vulnerability by providing accessible insurance solutions while continuously developing products and services that foster financial inclusion.
- Our Financial Inclusion Action Plan supports our focus on improving products and services for customers experiencing vulnerability, keeping insurance accessible and growing New Zealand’s financial capability.
- To support ‘Money Week’ in 2019, Suncorp New Zealand hosted a series of Financial Fitness workshops to help our people better understand and manage their financial future. Suncorp New Zealand employees also attended ‘Insurance Day’, an annual event hosted by the Insurance Council of New Zealand, to help build the financial capability and resilience of 40 Auckland intermediated school students.
- We are enhancing our customer service processes to support New Zealanders experiencing vulnerability. We’re implementing our Customer Vulnerability Roadmap and we are currently developing community sector partnerships to enable our customers experiencing vulnerability to connect with advice and support. By March 2020, all Suncorp New Zealand employees will have completed training so they can effectively implement our approach to supporting customers experiencing vulnerability.
- We are working with our corporate and joint venture partners to develop new and accessible insurance offerings, like AA Small Business Insurance.
We seek to innovate and optimise economic, social and environmental outcomes throughout our business and value chain.
Our innovative insurance solutions support social and economic growth and a low carbon environment.
- We believe in conducting business in a way that protects and sustains the environment for current and future generations and are committed to reducing greenhouse gas emissions and preparing for the physical impacts of climate change. Suncorp New Zealand has published greenhouse gas emissions targets in line with New Zealand’s Climate Change Response (Zero Carbon) Amendment Act. With 2017-18 reporting as a baseline, Suncorp New Zealand has reduced its Scope 1 and Scope 21 emissions by 16% and is on track to meet our new target for our corporate operations of a 51% reduction in these emissions by 20302 and net-zero emissions by 2050.
- We have a Climate Change Action Plan to address the risks and opportunities of climate change to our operations, customers, suppliers, investments and community.
- We have a responsibility to continue to reduce our environmental impact and be transparent about our environmental performance. Our Environmental Performance Plan 2020-22 outlines a broad program of activity to reduce our environmental footprint.
- Our Responsible Investment Policy guides how we address environmental, social and governance risks and opportunities in our investment practices. In 2019, Suncorp New Zealand invested $6M in Housing New Zealand bonds, bringing our total wellbeing investments to $20M, emphasising our commitment to responsible investment goals.
- We are currently implementing our Supplier Code of Practice, which outlines our supplier expectations to ensure they are sustainable, responsible, fair and ethical in their business practices when they represent Suncorp New Zealand and our brands. The Code includes our expectations in terms of human rights, ethical business practices, community investment and impact on our environment.
- We are members of the Climate Leaders Coalition, to help New Zealand transition to a low emissions economy and create a positive future for New Zealanders, business and the economy.
1 Scope 1 are direct emissions from sources owned or controlled by Suncorp (e.g. emissions from manufacturing, burning of diesel fuel in trucks and fleet vehicles). Scope 2 are indirect emissions from Suncorp’s consumption of purchased electricity or other sources of energy generated by another upstream organisation (e.g. electricity purchased from energy companies).
2 Suncorp New Zealand, FY19.
Resilient People and Communities
We respect human rights and invest in the wellbeing and resilience of our people and communities.
We are helping to build a resilient workforce and society by ensuring our employees have access to learning opportunities to build their capability for the future, while also establishing community initiatives and partnerships that build economic prosperity and natural hazard resilience.
- Our Diversity and Inclusion plan is a roadmap to support gender equality, age and cultural diversity and inclusion within our workforce. In 2018 we established a partnership with the TupuToa internship programme. TupuToa is an NGO that partners with New Zealand corporates to find internship opportunities for Maori and Pasifika students. In 2019, Suncorp New Zealand was awarded Excellence in Workplace Diversity and Inclusion at the 2019 ANZIIF NZ Insurance Industry Awards. The award recognised our strategic focus on building an inclusive and diverse workforce to enable greater innovation, better responsiveness to customer needs, improved business performance and employee engagement.
- We have a clear strategy for giving our employees the opportunity to support their personal resilience including our Future of Work Academy, regular secondment and rotation opportunities and a comprehensive safety and wellbeing program.
- We support our people in the causes they care about. Our Brighter Futures programme enables our people to give back to their communities through matched giving, payroll giving, and free volunteer leave. In FY19, 165 days of volunteer leave were taken by our people to support local charities and community groups.
- We’re building social resilience by supporting our community partners, Grandparents Raising Grandchildren and Shine, which help to foster a more connected, diverse and inclusive society.
- In 2019, the Suncorp New Zealand, Vero and Asteron Life websites became Shielded Sites. Shielded Sites are a Woman’s Refuge initiative aimed at helping New Zealanders experiencing domestic violence safely gain support.
- We are committed to fostering a culture of inclusion for all employees where diversity of thought, experience and perspective is embraced. Our Employee Resource Groups (ERGs) are networks created by our people for our people. They foster an inclusive workplace by:
- Enabling us to embrace diversity of thought
- Improving engagement
- Providing thought leadership about specific demographics
- Providing support networks
- Fostering acquisition and retention of diverse talent.
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