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Our commitments
Businesses have a responsibility to act ethically and safely and to ensure they have a positive impact on society and the environment. As a large financial institution, we can have an impact on the environment, both directly from our operations and indirectly through our value chain.
Our social and environmental policy creates a framework for understanding and managing our direct and indirect social and environmental impacts, risks and opportunities, supporting and informing our role in the community.
We have continued to enhance our governance and approach by developing commitments and targets that are aligned to our safer communities business plan and will help ensure we are supporting people and communities to be more resilient and increasingly feel they are ready for anything. We will hold ourselves accountable by monitoring our performance against these targets and reporting back on our progress and challenges through our Annual Review and Safer Communities Report.
Safer communities measure
IAG’s Safer Communities Measure, formerly the Shared Value Measure, supports decision making and tracks our community impact against our purpose. The Measure includes three key metrics: community impact, employee engagement and business impact. We have a Safer Communities Measure target of 70 for the 2020 financial year. The Measure score for FY20 is 61.4. The slight uplift from FY19 can be attributed to an increase in rolling Group eNPS. Highlights we’ve seen also include an uplift in volunteering across Australia and New Zealand throughout the year, an increase in IAG’s overall RepTrak Pulse score, and continued high performance on IAG’s CO2 emissions. In FY21 we will be reviewing the inputs to the measure to ensure they measure the impact of IAG’s enterprise wide safer communities plan.
Our commitments
| OUr objective | Our Commitment | Measure | Progress |
|---|---|---|---|
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Make your world a safer place |
Create safer, stronger and more confident communities through business, employee and community programs |
% progress against shared value measure (SVM) |
Target: 70 by 2020 Result: FY20 - 61.4 (FY19 - 58.3) Progress update: The Safer Communities Measure (SCM) tracks community impact, employee involvement and business impact. Eight indicators feed into this measure including the perception of safety and resilience of people who interact with our programs, employee engagement with Safer Communities work and customer advocacy scores. The slight uplift from FY19 can be attributed to an increase in rolling Group eNPS. Highlights we’ve seen also include an uplift in volunteering across Australia and New Zealand throughout the year, an increase in IAG’s overall RepTrak Pulse score, and continued high performance on IAG’s CO2 emissions. In FY21 we will be reviewing the inputs to the measure to ensure they measure the impact of IAG’s enterprise wide safer communities plan. Status: |
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Reduce our lost-time injury frequency rate (LTIFR) annually |
Number of lost-time injuries per one million hours worked |
Target: Australia - 1.47 in FY19 & FY20; Result: Australia - 1.47 (FY19 1.20); New Zealand - 0.20 (FY19 0.56) Progress update: As a purpose led organisation our People Leaders implement targeted initiatives specific to their identified safety risks. IAG has provided coaching and education to our people leaders on the importance of providing suitable and alternative opportunities and duties for our injured people. This early intervention support, coupled with improved identification and management of key safety risks, has attributed to the reduction in Lost Time Injuries. FY20 results for both Australia and New Zealand were within our stated targets and, importantly, within risk tolerance limits. Status: |
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Realising the benefits of a diverse and inclusive workforce |
Increase the number of women in senior management (WISM) to 40% in Australia and 50% in New Zealand by 2020 |
% of women in senior management |
Target: 40% by 2020 Result: FY20 - 40.72% (FY19 - 37.1%) Progress update: Our target was to have women hold 40% of senior leadership roles across our company by 2020. We are delighted with our progress and achievement this year and recognise we still have further to go. As a result, we have set ourselves the stretch target to have women hold 50% of senior leadership roles by 2023. Status: |
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Increase Aboriginal and Torres Strait Islander employment to represent 2% of the Australian workforce by 2021 |
Number of Aboriginal & Torres Strait Islander employees |
Target: 2% Aboriginal and Torres Strait Islander employment by 2021 Progress update: We are taking a number of steps to help us grow our representation of First Nations employees. This year, we established an IAG First Nations employee network group to create a greater sense of belonging and inclusivity for our First Nations people. We have also committed to delivering an internal mentoring program for Indigenous employees in 2021, to provide ongoing personal and professional support, which will in turn support the development and retention of our First Nations people. Status: |
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Continuous improvement in environmental performance |
Maintain carbon neutrality commitment |
Carbon neutral status |
Target: Maintain carbon neutral status Result: FY20 - 100% (FY20 - 100%) Progress update: We remain carbon neutral by purchasing offsets from projects in our markets that help us make communities safer and more resilient. The continued reduction in our emissions is supporting a decline in the carbon credits required for offsetting. To further reduce our reliance on carbon offsetting to maintain carbon neutrality, we have commenced plans for a rooftop solar photovoltaic system to generate renewable energy onsite, with installation occurring during winter 2020. Status: |
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Long term emission reduction targets in line with our vision on climate change |
Introduction of science-based emission targets for Scope 1 and 2 activities |
Target: 27,359 tonnes CO2-e by 2020, and 19,493 tonnes CO2-e by 2025 Result: FY20 - 21,278 tonnes CO2e (FY19 - 26,457 tonnes CO2e) Progress update: IAG has committed to reducing emissions in line with the Paris Agreement and has set science-based emission reduction targets. Using FY18 as a baseline, the targets for scopes 1 & 2 are a 20% reduction by 2020, 43% by 2025, 71% by 2030, and 95% by 2050. While the large year-on-year decrease can be partially attributed to COVID-19 restrictions with our workforce moving quickly to work from home, IAG’s activities in consolidation of its property portfolio, transitioning key offices to activity-based working, implementation of energy efficiency activities and the increasing fuel efficiency of fleet vehicles also continued to drive down scope 1 and 2 emissions. Status: |
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Continuous improvement in reducing our environmental footprint |
Reduction in waste creation and water use |
Result: FY20 - 497 tonnes of waste; 27,108 kilolitres of water (FY19 - 663 tonnes of waste; 44,450 kilolitres of water) Progress update: IAG is committed to reducing the amount of resources we use and waste we create. We measure and disclose our performance in water usage and waste generated in the Safer Communities section of www.iag.com.au. We continue to trend downwards in these metrics through our activities in consolidating our property portfolio and increasing efficiencies. The context of COVID-19 has also precipitated a sharp decline in our environmental footprint as offices were closed. Status: |
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Demonstrating leadership through our sphere of influence |
Maintain an effective management system to manage and monitor environmental, social and governance risks in our supply chain and work with our partners to enhance social outcomes and resilience |
Maintenance of effective policies, processes and tools for risk management and monitoring Positive impacts on ESG topics via supply chain |
Target: Responsible Business Assessment conducted across all material, high & medium risk rated suppliers by end of FY21 Result: FY20 - in progress (FY19 - in progress) Progress update:Group Procurement Policy and Supplier Code of Conduct are now in place and require ESG risk assessments to be completed as part of procurement activity. The code includes IAG’s minimum expectations of suppliers in relation to environmental, social and governance issues and in turn lays out our commitments in this area. A third party risk stream within our Risk Intelligence program is developing an approach to embed and systemise assessments. Status: |
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Increase the number of Aboriginal and Torres Strait Islander Supply Nation suppliers used across IAG to a minimum of 45 suppliers by 2022 |
Number of Aboriginal and Torres Strait Islander suppliers |
Target: A minimum of 45 Aboriginal and Torres Strait Islander suppliers by 2022 Result: FY20 - 36 (FY19 - 26) Progress update: Currently procuring with 36 Aboriginal and Torres Strait Islander businesses (Tier 1 and 2). Increase has come through Diversity Marketplace and better data capture. Status: |
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Affordable and transparent protection for all |
Leverage customer insights, agile methods and a data-driven approach to develop and test solutions that respond to evolving customer needs and help enhance resilience and social inclusion |
Number of products, services or innovative solutions launched |
Result: FY120 - in progress (FY19 - in progress) Progress update: In March 2020, we launched our Financial Inclusion Action Plan (FIAP), designed to make insurance in Australia more accessible. The FIAP focuses on how IAG can better identify and support people who may experience financial exclusion due to culture, language, gender, disability or other life circumstances. It is also focused on ensuring IAG’s customers are treated equitably and fairly through our Customer Equity Framework. Status: |
Key
