Property and casualty insurer Definity Financial Corporation has released its 2023 Environmental, Social, and Governance (ESG) Report alongside its Public Accountability Statement for the same year.
Highlights from the 2023 ESG Report include a significant increase in the representation of women in senior leadership roles, with the proportion of women at the vice president level and above rising to 24% from 19% the previous year.
The report also notes a more than twofold increase in employee volunteer hours, reflecting a deepening commitment to community engagement.
Financial contributions through the Definity Insurance Foundation included a $250,000 donation to Green Communities Canada. This contribution completed a $500,000 total donation to the Living Cities Canada Fund, which supports green infrastructure initiatives.
Overall, the company’s community support exceeded $2.6 million, with significant allocations directed towards initiatives focused on inclusion, diversity, equity, accessibility, and climate resilience.
In terms of environmental impact, Definity reported a 25% reduction in Scope 1 and 2 greenhouse gas emissions compared to 2019 levels, aligning with its long-term reduction goals. The firm has also been active in supporting national efforts towards climate resilience and adaptation, including backing Climate Proof Canada’s advocacy work.
Definity’s establishment of a Climate Centre of Excellence also marks a strategic move to integrate climate considerations into product development and risk management practices, alongside an enhancement of Definity’s ethical data usage framework to ensure fairness in predictive modelling.
Definity said its reports underscore its ongoing commitment to integrating ESG principles into its business strategy to bolster sustainability and maximize business value.
Rowan Saunders (pictured), president and chief executive of Definity, expressed his vision for the company’s role in societal betterment, stating: “At Definity, we recognize the crucial role we play in building a better world by helping our clients and communities adapt and thrive. This purpose is an ongoing reminder of our responsibility to be a positive force for all our stakeholders.
“I am pleased to share our 2023 ESG Report with you, with deeper insight into the progress we are making as we continue to invest in creating a sustainable future.”
What do you think about this story? Share your thoughts in the comments below.
