CSR governance.
Groupwide governance
Our CSR Programme contributes to the delivery of three key objectives:
- Managing Environmental, Social and Governance (ESG) risk.
- Building a reputation for strong ESG management with our stakeholders.
- Bringing in knowledge from Third Sector partners, contributing to research into
our current and potential future marketplaces.
The CSR Committee governs the strategy and implementation of public targets and
meets at least four times a year.
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Membership
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The Board of Legal & General Group Plc determines membership of this Committee.
To ensure compliance with the principles of good corporate governance, the membership
of this Committee is as follows:
- T J Breedon – Group Chief Executive (Chairman of CSR Committee).
- J Godfrey – Director of Corporate Communications.
- G Hoskin – International CEO.
- E MacLean – Group HR Director.
- N Manns – Unite National Officer.
- G Precey – Head of CSR.
- K Gregory – Acting Chief Executive, LGIM.
- P.Scott – Group Risk & Compliance Director.
Membership shall consist of not less than three members.
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Secretary
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The Assistant Company Secretary, or nominated deputy, shall act as secretary to
the Committee.
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Quorum
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Quorum shall be any three members.
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Minutes
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Minutes of the meetings of the Committee shall be provided to the Board of Legal
& General Group Plc.
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Purpose
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The responsibilities of the Committee shall be:
- To develop and review the Group CSR strategy and policies in relation to Group-wide
ESG Risks and opportunities identified through engaging with the companies stakeholders.
- To manage the Group stakeholder engagement process and ensure that results are incorporated
into the decision-making process.
- To monitor progress of the CSR sub-committees, including review of minutes.
- To monitor results of external benchmarking surveys.
- To ensure the CSR programme is communicated appropriately to internal and external
stakeholders and in particular to review and approve the annual CSR report.
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Scope of Authority
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To provide direction and oversight for the Group’s Corporate Social Responsibility
('CSR') programme. This includes strategic or policy aspects of CSR,
major expenditure or budget aspects, reporting or communications issues of a strategic
nature. The CSR Committee also takes note of work performed by the sub-committees.
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Relationships
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The following committees are sub-committees of the CSR Committee:
- Group Health and Safety Committee.
- Group Environment Committee.
- Sustainable Property Committee.
- Group Ethics Committee.
- Group Equalities Committee.
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Reporting and Outputs
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The Chairman of the Committee shall report to the Board on any significant issues
or corrective actions.The CSR strategy is signed off by the Board on an annual basis.
This means our Chairman and non-executive directors engage with our CSR agenda at
least once a year, though ESG issues are elevated to Board level during the course
of the year as appropriate.The CSR Committee is responsible for monitoring and delivering
against public targets. The CSR Committee are responsible for setting the Guiding
Principles for the Business and reporting back to the Chief Risk Officer for any
implications to the Capital Risk Process.
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Our approach to governance has continued to evolve in 2010. We believe that good corporate governance underpins the long-term success of the Company. It is an important part of the way we develop our products, select our suppliers and business partners and interact with the companies we are shareholders of.