Responsible and ethical business
IAG’s exposure to economic, environmental and social sustainability risks and opportunities is managed by relevant parts of the business and supported by IAG's Safer Communities team, a team of shared value and sustainability subject matter experts. Sustainability performance is formally reported to the Board twice a year, with ad hoc updates as required.
Safer Communities Steering Committee
The Safer Communities Steering Committee is an internal governance body that supports the Group Executive, People, Performance and Reputation to shape IAG's response to risks through its approach to shared value, sustainability and broader community activity. The Safer Communities Steering Committee fulfils the role of a sustainability committee for IAG. It meets quarterly, is chaired by the Group Executive, People, Performance and Reputation, and comprises senior leaders from across the business.
Climate Risks & Opportunities Steering Committee
The Climate Risks & Opportunities Steering Committee ensures appropriate Group Executive and senior leadership oversight of IAG’s approach to identifying, understanding and managing financial risks and opportunities from climate change, and guidance on climate-related financial disclosures. It is chaired by the Group Executive People Performance and Reputation and comprises of senior leaders with representation from across the Group. Committee is reviewed regularly in line with organisational changes.
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.