How we manage corporate responsibility

 

We believe that CR is best managed on the ground by our people running the businesses. It is our people who are closest to, and therefore best understand, our stakeholders. However, we are also very aware of the need for good governance which is why global CR priorities, polices and standards are set, and monitored, by the Group.

Governance

The Board

Paul Manduca, Chairman, Prudential plc, is the Board sponsor for CR.

The Board regularly reviews the Group’s CR performance and scrutinises and approves the Group CR report and strategy on an annual basis.

Code of Business Conduct

Consideration of environmental, social and community matters is integrated in our Code of Business Conduct, which is published on our corporate website. Our code is reviewed by the Board on an annual basis and sets out the ethical standards expected of our employees, agents and others working on behalf of the Group. It is in force across the Group and compliance by all businesses is mandatory. It is also integrated within the Group Governance Manual and is covered by the annual compliance certification process. We have translated the Code into Chinese, Korean, Thai and Bahasa.

Supply chain management

It is our policy to work in partnership with suppliers whose values and standards are aligned with our Group Code of Business Conduct.

Procurement practices in Prudential UK have been successfully accredited with the Chartered Institute of Purchasing and Supply certification, an industry benchmark of recognised good practice.

Environment, health and safety

Each of our businesses has senior representatives who provide leadership for environment, health and safety, and who attend twice-yearly meetings of our Environment, Health and Safety Council.  The Council is responsible for ensuring increased awareness of EHS arrangements, supporting implementation for company-wide initiatives and ensuring that EHS activity plans are appropriate and implemented.

All business units have to comply with relevant EHS requirements which are detailed in the Group Governance Manual. View our Health & Safety Policy.

In 2015 we retained compliance with ISO 14001 environmental management system and OHSAS 18001 health and safety systems standards at all our UK sites. View our Environment Policy

Stakeholder engagement

We recognise the importance of maintaining a regular dialogue with our stakeholders and responding to their concerns. We conduct regular customer research and measure customer satisfaction. We participate in industry-wide surveys and conduct our own stakeholder research. Our businesses regularly survey their employees. We have frequent dialogue with politicians and other public representatives, and we actively engage with shareholders, analysts and potential investors through an active schedule of investor communications. View our Code of Business Conduct.

Local governance

In M&G, Jackson and Prudential UK there are governance committees in place – with senior management representation – that agree strategy and spend. In Asia the Prudence Foundation has been established as a unified charitable platform to align and maximise the impact of community efforts across the region.

Group Corporate Responsibility team

The Group CR team is responsible for collating data and information for internal and external reporting; publishing the annual CR report; managing Group-wide and Group Head Office community investment and volunteering programmes; overseeing CR risk and issues management processes and benchmarking.

External reporting

We publish a CR Review in our Annual Report as well as a printed annual CR summary. Information about our CR principles and policies as well as case studies showing our principles in practice are available on our corporate website.

Combating financial crime

Prudential values its reputation for ethical behaviour and for financial probity and reliability, forbidding corruption and the paying or receipt of bribes.

Prudential seeks to comply with high standards of anti-money laundering, counter-terrorist financing practice and economic sanctions in all countries and territories in which we operate. Failure to comply with international standards and Group policies to prevent financial crime, including fraud, could lead to criminal prosecution, fines or reprimands by regulators. Prudential takes these matters extremely seriously and has established strong policies and procedures to manage these issues, including awareness raising and training, record keeping and compliance monitoring.