Our sustainability governance framework enables us to achieve our sustainability objectives across our global franchise, facilitating easier and more strategic decision-making within the context of our business objectives.
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 reporting. Members of the CGNC include the Chairman of the Board and six independent Board members. Board members also receive ongoing education through presentations and information packages about emerging issues and topics relevant to our business and operations and the regulatory environment to enhance their knowledge and understanding of ESG matters.
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. Meeting on a monthly basis, the ESC 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 subsidiary-specific committees that execute asset-class-specific sustainability objectives.
The CSO chairs Manulife’s Sustainability 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; ensuring integration of sustainability into business unit strategies, policies and procedures; and advising on sustainability matters and providing support and capacity building to business units.
Led by the CSO, 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 our climate action plan and includes representation from subsidiary-specific working groups.