HOW WE MANAGE
CORPORATE
RESPONSIBILITY

CR is a philosophy that is firmly embedded in Prudential’s operations around the world as an integral part of the way we do business. It is led from the top of our organisation, with Harvey McGrath, Chairman Prudential plc, as Board sponsor.

CR framework

Our CR framework is designed to drive sustainability performance, provide greater focus to our programmes and activities, and enable a more consistent approach to our reporting. We refined the framework in 2010 to four areas of focus:

  • Fair and transparent products meeting customer needs
  • Best people for the best performing business
  • Protecting the environment
  • Supporting local communities

The Board

The Board discusses the Group’s CR performance and strategy at least once a year and also reviews and approves the Group CR Report.

Responsibility Committee

Below the Board, the Responsibility Committee comprises senior representatives from relevant Group functions and each of our core businesses. This committee is responsible for monitoring the Group’s CR activities and for raising issues that need to be addressed.

Group corporate responsibility team

The Group corporate responsibility team is responsible for: collating data and information for internal and external reporting; publishing the annual CR report; overseeing CR risk and issues management processes; and conducting research to ensure our activities remain aligned with issues relevant to our business.

Text version of Group corporate responsibility team - opens in a new window

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 studies. 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.

Reporting

We produce an annual online CR report and a PDF version. In 2011 we are moving to more regular online reporting of our CR activities via our corporate website.

Code of Business Conduct

Prudential’s Group Code of Business Conduct (the Code) 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. The Responsibility Committee reviews the Code to ensure that it remains relevant. 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.21

Supply chain management

Prudential recognises that its own social, environmental and economic impacts go beyond the products and services it supplies to include the performance of its suppliers and contractors.

It is our policy to work in partnership with suppliers whose standards are consistent with the Code. We are also committed to helping our suppliers reduce their impact on the environment.

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

Environment, health and safety

Each of our businesses has a senior representative who provides leadership for environment, health and safety, and who attends twice-yearly meetings of our Environment, Health and Safety Council. In a similar way, global operational environment, health and safety issues are addressed through a Health and Safety Forum and Environmental Sustainability Group attended by Business Unit representatives who have a key environment, health and safety mandate.

There were no environmental, health and safety breaches in 2010 and we successfully retained compliance with OHSAS 18001 occupational health and safety management system standard at all UK sites.

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.

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