At Prudential, corporate responsibility is not a function or a department; it is a philosophy embedded in our operations across the world as an integral part of the way we do business. This approach stems directly from our founding values of integrity, security and prudence. These values remain as strong today as ever and drive our commitment to the well-being of our customers, employees, agents and the communities in which we operate.
Our operating model allows each of our businesses, those who are closest to the customer and stakeholders, to manage their activities within the framework of a consistent, Group-wide approach. In order to guide our businesses to actively support their communities in line with our strategy, we have in place a Group Community Investment Policy.
As a Group, we direct our resources towards the issues that we believe are most relevant to our business and where we can make the most impact through our actions and expertise. As such, we have established four global areas of focus:
- Fair and transparent products meeting customer needs
- Best people for the best performing business
- Protecting the environment
- Supporting local communities
Our community investment strategy is closely aligned with our business objectives and with our stakeholders’ concerns and interests, aiming to protect and encourage more sustainable and resilient communities. Our programme is focused around four principal areas: social inclusion, financial education and life skills, disaster preparedness, and employee engagement.
We establish long-term relationships with our charity partners. Our programmes vary according to the needs and culture of each region and we provide support to charitable organisations through both funding and the experience and expertise of our employees.
The plc Board regularly reviews the Group’s community investment performance and scrutinises and approves the strategy on an annual basis. Paul Manduca, Chairman of Prudential plc, is the Board sponsor for corporate responsibility. Material Subsidiary Boards oversee Business Unit corporate responsibility initiatives. All Business Units submit comprehensive Board Reports to the Subsidiary Board and to the plc Board annually providing detailed information on major strategic initiatives.
We believe corporate responsibility is best managed on the ground by the people running our businesses in our respective markets. Prudential and Jackson have governance committees in place, with senior management representation, which regularly review all community investment activity and agree strategy and spend. In Asia, the Prudence Foundation has been established as a unified charitable platform to align and maximise the impact of community efforts across the region. The Foundation is governed by a statutory Board of Directors.
Community investment performance
We monitor community investment activities across the Group and review our programmes to ensure they are fit for purpose. Our corporate responsibility goes well beyond pure charitable cash donations and has evolved to focus on strategic, long-term programmes as well as significant in-kind support, including staff volunteering.