Our priorities
We focus on the economic, social and environmental issues that are most important to our business and our stakeholders. We define our priorities as those issues raised frequently by our stakeholders, and critical to our business strategy and future commercial environment.
We want to concentrate our sustainability activities and reporting on the most important, or material, issues. That's why in 2010, we reviewed the process we use to identify these issues. We looked at:
- the risks and impacts to our business that people are most aware of, or that have the biggest effect on our group
- issues raised by our stakeholders
- sustainability reporting frameworks and guidance, both for our industry and globally
- future commercial opportunities such as new markets, or issues that may impact on our business over the long term
- examples of best practice in our sector.
| Material issues | ||
|---|---|---|
| Stakeholder priorities | Deepening customer relationships Operating and growing responsibly Supporting our people Protecting our environment Contributing to our communities |
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| Policymakers, NGOs, investors, employees, thought leaders, and others |  |
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| Critical to Standard Life's strategy | ||
| Business strategy, values and targets. Future commercial opportunities | |
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| Benchmarks | ||
| Global and industry guidance and frameworks on sustainability and sunstainability reporting practices | |
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The key issues identified were then mapped against our business strategy, values, objectives and targets, so that we could define our sustainability priorities. This review also provided us with the specific topics to cover in this report.
- High
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- Deepening customer relationships
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Customer trust
Our aim is to build customer confidence in us by treating customers fairly, communicating clearly and managing their money responsibly.
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Transparent products and services
We aim to communicate clearly and transparently about all aspects of our products and services including features, charges and performance.
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Customer relationships
We want our customers to become our greatest supporters, so we're listening and working hard to understand what's important to them, what they expect from us and where we can improve.
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Customer trust
- Operating and growing responsibly
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Risk management
We take risk very seriously. We manage our own risks through a group-wide enterprise risk management framework and manage each client's assets in a way that supports their attitude to risk.
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Responsible investments
We consider company policies and practices on environmental and social matters as an integral part of the investment process. Where possible, we encourage the companies we invest in to adopt best practice.
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Responsible business practices
We aim to run our business operations efficiently and effectively. This means ensuring that we have good governance and controls in place to manage things like risks, costs and data etc.
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Risk management
- Supporting our people
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Performance management
By linking performance with reward, we encourage individual accountability and responsibility across the group.
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Talent management
We've improved our leadership framework, become more proactive about recruitment and offer a wide range of training and development opportunities.
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Performance management
- Moderate
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- Protecting our environment
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Environment impacts
We aim to consume less of the world's resources, recycle more and sensitively dispose of what remains. We also encourage the companies we invest in to do the same.
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Climate change
By reducing energy use and business travel, we are committed to ensuring our business is sustainable and prepared for a low-carbon economy.
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Environment impacts
- Contributing to our communities
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Improving financial capability
We want to help people manage their finances so they can look forward to the future with confidence and optimism.
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Improving financial capability
- Moderate
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- Operating and growing responsibly
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Corporate governance
We are committed to high standards of corporate governance in directing the group's affairs and in its accountability to shareholders.
We also take our responsibilities as a shareholder very seriously and encourage best practice standards in how the companies we invest in manage social, environmental and governance issues.
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Corporate governance
- Low
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- Operating and growing responsibly
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Human rights
We fully support the UN's Universal Declaration of Human Rights and International Labour Organization's core conventions, and do all we can to follow them as part of how we do business.
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Economic issues
As a major business, we are mindful of the contribution we make to the economy in the areas we do business. We also think it's important to engage with government and policy makers on issues such as savings, pensions and taxation
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Human rights
Our material issues
What it means to us and our
stakeholders
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Deepening customer relationships
- Building trust by listening and responding to customers.
- Helping people to manage their money better and have confidence in their financial future
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- Operating and growing responsibly
- Supporting our people
- Protecting our environment
- Contributing to our communities
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