Marsh McLennan reveals report on ESG activities

On Friday, Marsh McLennan released a report on its environmental, social and governance (ESG) activities.

“As the world faces a host of urgent issues, including geopolitical instability, economic uncertainty, social inequities and the ongoing war in Ukraine, we continue to see significant opportunity to support colleagues, clients and communities with regard to environmental, social and governance issues,” said John Doyle, president and CEO of Marsh McLennan.

The report, titled Succeeding Together, included information on the following:

• Global female and US ethnically and racially diverse representation data for each of the last three years
• Marsh McLennan’s series of programs aimed at creating a diverse talent pipeline, including the Racial Inclusion and Social Equity (RISE) program, which welcomed Black fellows from more than 30 colleges and universities in the US, the UK and Canada, and the Black Leadership Program and Accelerated Leadership Program for current employees
• The statistical results of the company’s annual pay equity study
• Current progress in setting low-carbon transition strategies that will help the company achieve net-zero emissions across its operations by 2050, including sourcing 100% renewable electricity for its largest offices in the UK and Ireland

“We believe the ESG strategies that we adopt – and are proud to share in this report – create sustainable long-term value for our stakeholders,” said Kate Brennan, general counsel and executive sponsor of the Management ESG Committee at Marsh McLennan. “If you deconstruct the term ESG, each of the individual components are risks and opportunities that we carefully consider and responsibly manage, along with other risks.”

Across its four global businesses, Marsh McLennan also contributed to a wide array of ESG issues on behalf of clients and communities in 2022, the firm said. Highlights include:

• Employees across the world raising $1.4 million to support the people of Ukraine through three humanitarian organisations
• Developing the Marsh ESG Risk Rating tool to help clients assess ESG in their organisations
• Sharing Marsh and Guy Carpenter’s cyber insurance expertise with the US national cyber director to emphasise the importance of cyber insurance for security
• Publishing Mercer’s Stepping Up for Equity research to help employers create strategies for closing the career, health and wealth gaps of Black employees in the US
• Launching Oliver Wyman’s 3D carbon accounting service, which allows companies to quantify and better understand their emissions
• Mobilising the insurance sector behind climate resilience strategies during the UN Climate Change Conference (COP27)

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