New York-listed insurance giant Prudential Financial has joined sustainability advocacy group Ceres’ company network, in a sign that it plans to further integrate environmental and social performance into its operations.
Prudential, which has around $961bn (€732.8bn) in assets under management, is the third insurance company to join the 65-member network, along with Allstate and The Co-operators. Other financial services firms that are members include State Street Corp., Legg Mason Inc., Citi, Bank of America and Canada’s Vancity.
The membership also includes blue-chip companies such as Coca-Cola, General Motors and Ford Motor Co.
New Jersey-based Prudential, which is not linked to the UK firm of the same name, offers mutual funds and investment management for individuals and institutions.
“In joining the Ceres company network, Prudential has committed to improving its sustainability disclosure and performance by engaging with investors, environmental groups and other stakeholders,” Ceres said.The group’s president, Mindy Lubber, said the company has made “encouraging steps” on reporting, governance and identifying sustainability leadership among its constituents.
Prudential has expanded the remit of its Corporate Governance and Business Ethics Committee to include environmental, social and governance issues.
“We strive to create long-term value for our stakeholders through strong business fundamentals and our long-standing commitment to high standards of governance and transparency in our reporting,” said Prudential’s chief governance officer and corporate secretary Peggy Foran.
Foran, who is known for her governance work at pharmaceuticals maker Pfizer, is a former co-chair of the Council of Institutional Investors.
Prudential is also a member of the Ceres-led Investor Network on Climate Risk (INCR), a network of 100 institutional investors with collective assets totaling more than $10trn. Ceres announcement