Responsible and ethical business
The IAG Board has overarching responsibility for all approaches to addressing social and environmental issues under the safer communities framework, this includes the delivery and execution of shared value and responsible business governance, strategy and disclosure. A Shared Value Advisory Council (SVAC) fulfils the role of a sustainability committee for IAG and provides advice and input to our approach to safer communities, sustainability and broader community activity. We also have a Customer Advisory Board and Ethics Committee to guide how to engage with our customers and partners.
Shared Value Advisory Council
The Shared Value Advisory Council SVAC is chaired by the Group Executive Office of the CEO, and is comprised of Senior Leaders from across the business, including the Group Executive People Performance and Reputation and the Chief Customer Officer.
In 2016 we established an Ethics Committee to help us maintain our focus on the important role culture plays in how a business operates and performs. We have appointed renowned ethicist, Dr Simon Longstaff (Executive Director, Ethics Centre), to lead the IAG Ethics Committee and provide a valuable external perspective. The Ethics Committee is one mechanism to monitor ethical and social risks affecting the insurance industry and inform how IAG addresses such risks.
Consumer Advisory Board
Also in 2016, we established the IAG Consumer Advisory Board (CAB), a biannual forum, led and chaired by IAG’s CEO, to facilitate engagement with industry leaders and senior representatives of our customers. The CAB aims to provide an opportunity for genuine and constructive dialogue about general insurance, customer service and consumer protection, as well as issues of significance to IAG’s consumer insurance and commercial insurance lines. Representatives on the CAB include consumer advocacy group CHOICE, Consumer Action Law Centre, The Brotherhood of St Lawrence, Good Shepherd Microfinance, Financial Rights Legal Centre, University of Technology Sydney, NSW Council of Social Service and WEstjustice. Examples of issues considered by the CAB include insurance access and affordability, mental health and vulnerable customers, Indigenous insurance issues and dispute resolution.
Reconciliation Action Plan Steering Committee
The Reconciliation Action Plan (RAP) Steering Committee provides strategic advice, support and direction to the Indigenous Engagement team, ensuring that the targets and actions outlined in the RAP are on track and assisting with the internal advocacy and engagement of leaders across the business. Further, we will launch a new RAP in 2019 that will establish new targets and initiatives, such as expanding our indigenous supplier engagement.
More information on our governance and management of economic, environmental and social sustainability risk can be found in the risk management area of our site.