Sustainability strategy
We've been in business for over 185 years, so focusing on the long term comes naturally. Acting with integrity, being a responsible business, playing an important role in the communities where we work… they're all fundamental parts of how we do business.
A new strategy
In 2010, we started a group-wide programme to transform our business. We introduced a new leadership structure, invested in developing our people and focused on improving performance at all levels of the business, by being transparent about performance standards and rewards.
We also developed a new sustainable business strategy that puts how we manage our economic, environmental and social impacts firmly at the heart of our business. It's the next step on our journey. It builds on what we've already achieved and ties our responsibilities to our customers, shareholders, people and communities more closely to our long-term business objectives.
To make sure we're getting it right, we listen to our stakeholders and act on what's important to them - which is good for the long-term sustainability of our business and also helps us make a meaningful contribution to society too. The new strategy was approved during 2010 and work to implement it throughout the organisation will continue during 2010.
Our new strategy addresses five material issues:
- listening and responding to our customers
- operating and growing responsibly
- developing and engaging our people
- protecting our environment
- contributing to our communities.
Focusing on financial capability
The global financial crisis made many people look closely at what businesses do for society. We know that only 53% of people aged 18–65 are saving. And only one in six people think they are saving enough for retirement. We want to change this.
But this isn't just about having the right products or distribution channels – it's about confidence in dealing with money matters. So we're finding ways to help people get to grips with long-term financial planning, become more informed and more confident. In 2011, we'll be stepping up this commitment by focusing more of our community programmes on helping people manage their money better. We also know that being employed helps people feel more confident about their financial future, so we'll be helping more people gain employment skills too.
In 2009, we set up Standard Life Charitable Trust (SLCT). At first, SLCT will help people most in need of support to develop the skills that will help them manage their finances. SLCT will initially focus on four groups: young people, lone parents, young offenders and the Armed Forces.
The Trust aims to support initiatives and programmes that make lasting and sustainable changes, visit our SLCT page to find out more.
Our sustainability business strategy is now directly related to our overall goals and we believe it can help deliver value to our shareholders. It takes a long-term view - concentrating on what's important to our customers as well as to our business. It's an ambitious strategy that will impact all areas of our business as it is implemented.
More specifically, in 2011, we will embed our Sustainability strategy across the business and:
- develop a new Group Community Investment framework
- refocus some of our community programmes on improving financial capability
- identify projects and initiatives for the Standard Life Charitable Trust that help those most in need of support develop skills to manage their finances
- listen to more feedback from our customers and make changes to improve our services.
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