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Oversight of our ESG framework is part of the mandate of our Board of Directors’ Corporate Governance and Nominating Committee (CGNC). The CGNC reviews the progress made on our sustainability strategy and stays informed of ESG trends, risks, and opportunities through management engagement and reporting. As of February 28, 2023, members of the CGNC include the Chair of the Board and six other independent Board members.
Given the importance of sustainability to Manulife and the Board’s role in overseeing Manulife’s ESG framework, we ensure our Board members have a fundamental understanding of ESG matters and have the skillsets to address critical ESG issues. Board members gain experience through ongoing education sessions and reports on ESG strategy, trends, risks, and opportunities and all members are encouraged to attend sessions on ESG matters at meetings of the CGNC. Internal sustainability experts and external consultants who are subject matter experts upskill and educate our Board on current and emerging issues, topics and regulations that are relevant to our business and operations.
The CGNC’s oversight of our ESG framework complements the work of the Executive Sustainability Council (ESC). The ESC consists of our Global Chief Sustainability Officer (CSO) along with nine members of our Executive Leadership Team (ELT), including our Chief Executive Officer (CEO). The Chair position, currently held by our Global Chief Marketing Officer, is held on a two-year rotational basis. The ESC meets monthly and is responsible for establishing the enterprise’s sustainability ambition, guiding the development and execution of the sustainability strategy, and providing recommendations and direction on matters related to ESG. In addition to the ESC, we have business segment level committees that execute asset-class-specific sustainability objectives.
The CSO chairs Manulife’s ESG Centre of Expertise (CoE), which consists of corporate function and business unit sustainability leads tasked with integrating sustainability into our business practices. This group’s responsibilities include leading the development and implementation of the sustainability strategy. Additionally, the CoE ensures integration of sustainability into business unit strategies, policies, and procedures. The CoE also shares information, builds knowledge across functions and business units, advises on sustainability matters, and provides support and capacity building to business units.
Manulife’s ESG Leaders Group consists of senior leaders from multiple businesses and functional areas who are accountable for driving change and progress on our Impact Agenda and broader ESG performance. This body meets monthly to discuss the implementation of new practices and emerging industry trends.
Manulife’s Global Climate Change Taskforce consists of representatives from multiple businesses and functional areas. It drives the development of the climate strategy, risk management activities on climate-related matters, performance tracking, and disclosures. The Climate Change Taskforce supports execution of Manulife’s Climate Action Plan and includes business segment representation.
To continue our work to protect and preserve the environment, support health and well-being, and drive inclusive economic opportunity in the communities where we live and work, we collaborate with other like-minded organizations that feel passionately about our causes. Our strategy is to work together with those from diverse backgrounds and in different industries. It is a well-rounded approach that checks off proactive milestones, so we are all held accountable in our journey towards a sustainable future.
The following are our Sustainability related policies and position statements that guide our work:
Manulife will not knowingly make direct investments in companies that manufacture cluster munitions where we have discretion to do so. This policy applies to policyholder funds (Manulife’s “General Account” funds) and third-party client funds of Manulife Investment Management. This policy does not apply to investments where we do not have investment discretion such as index investments, unaffiliated fund mandates and client-directed managed accounts.
Manulife uses an independent third party to maintain an exclusion list of companies that manufacture cluster munitions. The exclusion list is updated on a quarterly basis.
In 2019, we conducted a materiality assessment to deepen our understanding of stakeholders’ expectations regarding Manulife’s sustainability strategy and performance. We continue to assess the relevancy of the material topics identified with our key stakeholders on an annual basis. Their feedback affirms that we are on the right track and continues to provide insight into how we can actively address key topics through our business and operations. See our ESG Report for the updated mapping of material topics.
The following table identifies our key stakeholder groups, how we typically engage with them, and their primary topics of interest, as identified through the materiality assessment and our ongoing stakeholder interactions.
Stakeholder group |
Ways we engage |
Consumers/ |
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Employees |
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Shareholders/ |
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Regulators |
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Industry associations |
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Civil society/ NGOs |
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Suppliers/ Vendors |
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Communities |
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In early 2019, Environmental, Social and Governance (ESG), oversight was added to the charter of the Board’s Corporate Governance and Nominating Committee. The Committee reviews our sustainability strategy progress and stays informed of ESG trends, risks and opportunities through management reporting. Members of the Committee include the Board Chair and five independent Board members.
The Committee’s oversight of ESG complements the work of the Executive Sustainability Council (ESC). The ESC, which consists of eight members of our executive leadership team, is responsible for establishing the enterprise’s sustainability ambition, guiding the development of the sustainability strategy and providing recommendations and direction on matters related to sustainability. In addition to the ESC, we have a subsidiary-specific committee that executes asset class specific sustainability objectives.
The following are our Sustainability related policies and position statements that guide our work:
Manulife will not knowingly make direct investments in companies that manufacture cluster munitions where we have discretion to do so. This policy applies to policyholder funds (Manulife’s “General Account” funds) and third-party client funds of Manulife Investment Management. This policy does not apply to investments where we do not have investment discretion such as index investments, unaffiliated fund mandates and client-directed managed accounts.
Manulife uses an independent third party to maintain an exclusion list of companies that manufacture cluster munitions. The exclusion list is updated on a quarterly basis.