UN PRINCIPLES FOR SUSTAINABLE INSURANCE
SUNCORP GROUP FY20 DISCLOSURE Introduction 2019-20 has been an extraordinary year for communities in Australia and New Zealand, with the impacts of the COVID-19 pandemic and summer of natural hazard events continuing to shape our society and economies. We know that a commitment to long-term, sustainable growth for our customers and shareholders requires consideration and management of the environmental, social and governance (ESG) risks and opportunities faced by our business and communities now and into the future – considerations that are inherently linked to Suncorp’s purpose to build futures and protect what matters.
ESG topics addressed by the Board and the Suncorp business this year included remuneration practices, conduct and culture, responsible investment, underwriting and supply chain, climate change and natural hazard resilience, financial inclusion and support for customers experiencing vulnerability, and inclusion and diversity. In response to the COVID-19 pandemic, Suncorp closely oversaw measures to protect the health, safety and wellbeing of our people and customers and ensured ongoing investment in the community.
This document summarises how Suncorp is integrating ESG considerations throughout our insurance business in alignment with the UN PSI, referencing relevant pages from Suncorp’s FY20 Responsible Business Report.
NOVEMBER 2020 UN PRINCIPLES FOR SUSTAINABLE INSURANCE – SUNCORP GROUP FY20 DISCLOSURE PAGE I OF IV
About Suncorp Group
Suncorp is an ASX-listed company and financial services provider, comprising three core businesses – Insurance (Australia), Banking & Wealth and Suncorp New Zealand.
Insurance (Australia) delivers home and contents, motor, caravan, compulsory third party, workers’ compensation, commercial and health insurance under our portfolio of Principle 1: We will embed in our decision-making environmental, brands. Suncorp’s banking business is focused on lending, social and governance issues relevant to our insurance deposit gathering, and transaction account services to business. personal, small and medium size enterprise (SME), commercial and agribusiness customers. The wealth portfolio Principle 2: We will work together with our clients and business develops, administers and distributes superannuation partners to raise awareness of environmental, social products. Suncorp’s New Zealand business distributes and governance issues, manage risk and develop solutions. consumer, commercial and life insurance products through intermediaries and corporate partners as well as insurance Principle 3: We will work together with governments, regulators and personal loans directly to customers via partnerships with and other key stakeholders to promote widespread the New Zealand Automobile Association. action across society on environmental, social and governance issues.
For more information about our approach to corporate Principle 4: We will demonstrate accountability and transparency responsibility and ESG integration, visit: in regularly disclosing publicly our progress in https://www.suncorpgroup.com.au/corporate-responsibility implementing the principles.
NOVEMBER 2020 UN PRINCIPLES FOR SUSTAINABLE INSURANCE – SUNCORP GROUP FY20 DISCLOSURE PAGE II OF IV
Suncorp’s progress against UN PSI Principles Reference: Suncorp Responsible Business Report 2019-20
PAGE RESPONSIBLE BUSINESS UN PSI COMMENTARY REPORT SECTION PRINCIPLE
ii Contents 4 Lists Suncorp’s disclosures, including Corporate Governance, Task Force on Climate-related Financial Disclosures (TCFD), Tax Transparency, Proxy Voting Summary, Financial Inclusion Action Plan, Climate Change Action Plan, Reconciliation Action Plan, and Environmental Performance Plan.
1 Suncorp at a glance N/A Company profile page.
2-3 Highlights; 2020 Performance 1, 4 Includes key ESG metrics, targets and performance demonstrating how Suncorp is embedding and tracking ESG considerations in decision against Targets making.
4 Message from our Chairman 1, 3, 4 Chairman’s note features Suncorp’s commitment to continue to improve business practices and work with stakeholders to build resilience.
5-10 Our Stakeholders: 1, 2, 3, 4 Articulates how Suncorp collaborates with a broad range of stakeholders to identify and manage business risks and opportunities, to advocate Engagement and Materiality for positive outcomes and to ultimately create long-term value. Outlines the stakeholder groups Suncorp engaged with on ESG topics in 2019-20, our materiality assessment approach, and materiality assessment results. Tables on pages 9-10 define Suncorp’s ten most material topics and summarises Suncorp’s approach to each, including where the impact occurs – customers, investees, suppliers, employees, and community.
11-14 Our Responsibility: Corporate 1, 3, 4 Features Suncorp’s Corporate Responsibility Principles and maps each principle to eight UN Sustainable Development Goals. A governance Responsibility Principles, section outlines how Suncorp’s Board provides governance structure for effective and responsible decision making within the organisation. The Governance, Commitments commitments and frameworks section outlines External ESG Ratings and Benchmarks that Suncorp participates in, as well as ESG-related and Frameworks Memberships and Organisations Suncorp is a signatory to (including UN PSI).
15-20 CR Principle: Trust and 1, 2, 3, 4 This section details how Suncorp builds trust and is open and transparent in engagement with stakeholders. It includes detailed information on Transparency how Suncorp is strengthening conduct and culture, remunerating fairly and transparently, engaging with government and industry to advocate for positive customer and community outcomes, and managing and protecting consumer data. It lists foundation policies and documents (Corporate Governance Statement, Code of Conduct, Whistleblower Policy, Political Engagement Position Statement, and Suncorp Group Privacy Policy). Suncorp’s performance including metrics and targets is detailed on page 20.
NOVEMBER 2020 UN PRINCIPLES FOR SUSTAINABLE INSURANCE – SUNCORP GROUP FY20 DISCLOSURE PAGE III OF IV
PAGE RESPONSIBLE BUSINESS UN PSI COMMENTARY REPORT SECTION PRINCIPLE
21-25 CR Principle: Responsible 1, 2, 3, 4 This section details how Suncorp is being responsive and is providing suitable, fair and affordable products and services that meet the needs of Financial Services our customers and helps to build their financial resilience. It includes detailed information on how Suncorp is providing customers with access to affordable financial services that meet their needs, including how we’re improving our business practices, and supporting customers through the COVID-19 pandemic and other vulnerabilities. Lists foundation policies and documents (Suncorp’s Office of the Consumer Advocate, Responsible Banking and Insurance Policy, Financial Inclusion Action Plan, and Natural Disaster Customer Response Plan), and Suncorp’s performance, metrics and targets on page 25.
26-29 CR Principle: Sustainable 1, 2, 3, 4 This section details how Suncorp manages its impacts to ensure the sustainable growth of both Suncorp’s business and the communities in Growth which it operates. It includes detailed information on Suncorp’s progress in responding to climate change, including climate change scenario analysis and disclosures, reducing operational environmental impacts, and how Suncorp is working with stakeholders to build natural hazard resilience in communities. Suncorp’s responsible underwriting, investment and supply chain initiatives are detailed, including modern slavery, impact investing and fossil fuel phase-out commitments. It lists foundation policies and documents (Climate Change Action Plan, Responsible Investment Policy, Responsible Banking and Insurance Policy, Sensitive Sector Guidelines, and Supplier Code of Practice). Suncorp’s performance including metrics and targets is detailed on page 29.
30-34 CR Principle: Resilient People 1, 2, 3, 4 This section details how Suncorp is working to build the financial, social and natural hazard resilience of employees and communities, foster an and Communities inclusive culture and diverse workforce, and support employees in the causes they care about and actively promote their involvement in the community. It includes detailed information on how Suncorp is investing in the community and measuring social impact, respecting human rights, fostering flexibility, inclusion and diversity, and building a purpose-driven culture. It lists foundation policies and documents (Safety & Wellbeing Policy, Equal Employment Opportunity and Diversity Policy, and Community Investment Strategy). Suncorp’s performance including metrics and targets is detailed on page 34.
35-41 Performance: Detailed 1, 4 This section provides detailed non-financial metrics and targets. It includes metrics and progress under the following sections: Customer Metrics, Targets satisfaction and advocacy; Customer complaints and dispute resolution; Financial inclusion and resilience; Accessibility; Employee safety and wellbeing; Employee diversity and inclusion; Employee learning and development; Community investment and volunteering; Operational environmental sustainability and greenhouse gas emissions; Responsible supply chain; Responsible investment.
NOVEMBER 2020 UN PRINCIPLES FOR SUSTAINABLE INSURANCE – SUNCORP GROUP FY20 DISCLOSURE PAGE IV OF IV
Responsible Business
Report 2019–20 Building futures and protecting what matters
Suncorp Group Limited ABN 66 145 290 124 OUR BUSINESS OUR STAKEHOLDERS OUR RESPONSIBILITY OUR PERFORMANCE ) 2019–20 (TCFD Suncorp Climate-Suncorp Related Disclosures Disclosures Related
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1 PAGE PAGE Plan 2018–20 Plan Suncorp Tax Transparency Report 2018-19 2018–19 2019–20
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Suncorp assessors at Batemans Bay, assessors Bay, at Batemans Suncorp
at a glance Suncorp ResponsibilityCorporate Principles Highlights02 against targets performance 2020 our Chairman Message from Stakeholder engagement Materiality07 responsibilityCorporate governance Commitments and frameworks and transparency Trust Responsible financial services Sustainable growth peopleResilient and communities summary performance Five-year Contact information OUR BUSINESS OUR OUR RESPONSIBILITY OUR OUR STAKEHOLDERS OUR PERFORMANCE OUR Contents COVER IMAGE: IMAGE: COVER New South Wales, following the bushfires in January 2020. in January the bushfires following South Wales, New OUR BUSINESS Photographed February 2019 February Photographed Suncorp 2019–20 Responsible Business Report Responsible 2019–20 Suncorp
1 Dividends paid paid Dividends during 2019–20 taxIncome paid to Reinvested fund growth Claims paid to paid Claims customers salaries, Employee superannuation benefits and other and Suppliers paid fees other 3 4 2 $13.8bn Revenue 2019–20 Revenue $1.8bn $2.0bn $0.9bn $0.3bn $0.1bn $8.7bn How Suncorp contributes contributes Suncorp How to the economy 1. Net of interest expense 2. Insurance claims paid to claims Insurance 2. expense of interest Net 1. not salaries operating that are expenses All 3. customers retainedChange in 4. benefits employee or other profits not distributed as dividends
employees $96 billion assetsin group More than More 13,500
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building futures futures building Our Purpose: what matters and protecting GROUP SNAPSHOT SNAPSHOT GROUP Suncorp Group Limited offers insurance, and banking insurance, LimitedSuncorp Group offers Australia's some of and services through products wealth most recognised financial brands. Zealand’s and New
at a glance at a Suncorp Suncorp 01 OUR BUSINESS
Suncorp 2019–20 Responsible Business Report Responsible 2019–20 Suncorp % m 4 Acceptance of Code Supplier Practice of 100 Excess Common Excess 1 capital Tier Equity 823 m $ Investment in Investment local communities 10.3 $
3 m % 7. 2 Reduction in gas greenhouse emissions year-on-year Net profit after profit Net tax 913 $ % High performer High performer retention 93 2
% cents per share 98 Invoices paid Invoices days within 30 1 Total dividends to dividends Total shareholders ordinary 36 bn 8.7 Claims paid Claims to customers $
Our value chain chain Our value and environment Our financial performance people and society Our customers, Our customers,
1. Insurance claims paid to customers 2. From receipt of a valid invoice. Excludes New Zealand and suppliers with payment terms beyond 30 days. 3. Based on Scope 1 and Scope 2 emissions 4. Material/strategic suppliers with spend >$500K in the reporting period. with spend in the reporting >$500K suppliers and Scope 1 Scope 4. Material/strategic 2 emissions on Based 3. days. 30 beyond terms payment with suppliers and Zealand invoice. Excludes New of a valid receipt claims paid to1. Insurance customers 2. From
Excludes New Zealand. Excludes Suncorp Insurance Ventures. Excludes Insurance Suncorp Excludes Zealand. New Highlights 02 OUR BUSINESS PROGRESS TARGET TO Suncorp 2019–20 Responsible Business Report Responsible 2019–20 Suncorp 1.2 71% 51% +5.2 98% 44% 99% 40% 7.2% 0.8% 6.7% 2019–20 2019–20 PERFORMANCE 3 1
6 2019–20 TARGET 2019–20 At or below Finance Industry At Average Group 98% proportion year-on-year Increase reduction by 2030 absolute 51% 95% funds of total shareholders’ 5% 40% 0.7%2022 by pre-tax profit 2018–19 from Improve of +5.0) (Score 50% 45% 4 5 2 METRIC Lost-time injury frequency rate injury Lost-time Code of Conduct training completionCode of Conduct rate training within Level 2 complaints resolved (Australia) days 30 Scope 1 and Scope gas 2 greenhouse emissions Women on the Board Women Community investment Consumer Net Promoter Score (Australia) Score Promoter Net Consumer days Invoices paid within 30 invested low-carbon in social and Funds impact investments in leadership Women in senior leadership Women Performance below targetPerformance
RESILIENT PEOPLE AND COMMUNITIES COMMUNITIES AND PEOPLE RESILIENT SUSTAINABLE GROWTH GROWTH SUSTAINABLE RESPONSIBLE FINANCIAL SERVICES FINANCIAL RESPONSIBLE TRUST AND TRANSPARENCY TRANSPARENCY AND TRUST We respect in the and invest human rights We wellbeing of our people and resilience and our people for and there are communities. We our communities in times of need. We seek to and optimise economic, innovate We outcomessocial and environmental throughout chain. our business and value We put our customers at the heart of everything at put our customers We good choices.we do and help them make We with access customers provide to affordable services meet that their needs.financial We are committed are and doing to building trust We in open and transparent are We thing. the right with our stakeholders. our dealings
Performance met or exceeded targetPerformance
1. As per targets published in the 2018–19 Responsible Business Report 2. Complaints resolved within 30 days from first date received, managed by Internal Customer Relations team. Exceeds 45-day ASIC requirement 3. From 2017-18 baseline for Suncorp baseline for corporate 2017-18 From 3. Customer Relations received,team. managedrequirement ExceedsInternal date by first 45-day ASIC from days within 30 2. Business Report Responsible resolved Complaints in the 2018–19 published 1. As per targets definition 6. Based on of industrycombinedaverage Investor Coalition 5. Based on Global Ventures Insurance beyond with terms and Suncorp days 30 and suppliers invoice. Excludes Zealand New of a valid receipt 4. From Zealand and New in Australia operations peers published for 2018–19
SUNCORP'S CORPORATE RESPONSIBILITY PRINCIPLES RESPONSIBILITY CORPORATE SUNCORP'S 2020 performance against targets against performance 2020 03 OUR BUSINESS Suncorp 2019–20 Responsible Business Report Responsible 2019–20 Suncorp
CHRISTINE MCLOUGHLIN CHRISTINE CHAIRMAN 2020 21 AUGUST We take our responsibilities as a large business seriously and are and are seriously business as a large take our responsibilities We outcomes stakeholders. to all improve for ways for looking always resilience long-term Building we deepened year This our understanding and of the strategic and opportunities risks presented by the changing financial insights The scenario analysis. comprehensive climate through severity posed manageus help will gained risks increasing the by act opportunities, on new and and emerging hazards, of natural emissions economy. to transition support a net-zero an orderly to approach building and considered taken a careful has Suncorp of climate change, as well as risks toresilience the physical the impacts reducing to of economic ensure risks, and transition our business is sustainable into the future. continue to inWe advocate by government investment greater for provide also resilience will which building, hazard effectivenatural much-needed environment, economic stimulus in the current communities.particularly in our regional to our most material takes actionsThe address our organisation combined issues, with our advocacysocial and environmental well critical to remains Suncorp ensuring change, are for positioned all company the benefit for of to resilient be a more its stakeholders. Improving our business practices our business practices Improving Our ability to due in faced to respond this year was the challenges customer balances and appropriately that part to a culture large community outcomes, management. and risk financial performance pandemic, with the significant impacts dealing In of the COVID-19 and safety our immediate of our peoplethe health priority. was moved quickly to also support with relief our customers We measures. packages and other support strengthened for we have this year, broadly More customers transparency introduced and greater hardship, facing and enhanced has underpinned This protections customers. for to Codeour transition of Practice Insurance the updated General and the commencement & Insurance Banking of our Responsible implementation.Policy continuesSuncorp to creates change that welcome regulatory advocate regularly outcomes with We improved customers. for on matters impacting and regulators our business government change with a focus on ensuring that stakeholders, and key does unintended have not consequences This consumers. for on the our advocacy included a submission to Treasury year, Commission the Royal flowing from implementation of reforms ), Commission Services Financial and into Banking (the Royal and reporting, breach provisions, focusing the anti-hawking on codes. of industry the enforceability a priority remain and culture Conduct our conduct by improving and culture trust Strengthening conducted We employee an a priorityremained this year. our Code of assessment,engagement and culture refreshed and compliance and risk Conduct, culture our risk strengthened of our non-financial transparency and increased capability, performance metrics. and leave initiated of pay During the year Suncorp a review of historical early analysis data entitlements. Regrettably, and rostering indicated inconsistencies to the Group’s in relation Committee Risk the review is overseeing systems. Board pay The and is committed to a timelyprocess, and accurate remediation which will be communicated with employees and shareholders upon completion.
The past 12 months have brought extraordinary challenge challenge extraordinary brought The past 12 months have and uncertainty people and communities for the across impacting was the lives drought globe. As a relentless also dealing with now are we families, regional many of global pandemic the immediate the COVID-19 impacts of customers, on our people, disasters of and summer and communities, implications our and the long-term for economies and environment. further highlight the importantThese events Suncorp role in supporting the immediate both and long-term plays communities and the economy. our customers, of recovery what matters Our purpose and protect – to build futures respond. we – is at the heart how of
our Chairman Message from Message from 04 Our Stakeholders
05 Suncorp 2019–20 Responsible Business Report Stakeholder This year we engaged with our key stakeholder groups on the following economic, environmental, social and governance topics.
engagement STAKEHOLDER HOW WE ENGAGE SUMMARY OF TOPICS RAISED GROUP
Customers Daily interactions via contact centres, branches Support for customers impacted by disasters and COVID-19, customers and digital platforms, customer surveys, dispute experiencing vulnerability, financial resilience, business continuity, Suncorp collaborates with a broad range of stakeholders resolution processes and dealings with the customer experience, cyber and data security, scam and fraud awareness to identify and manage business risks and opportunities, Suncorp Group Customer Advocate and support, elder financial abuse, digital capability and innovation. to advocate for positive outcomes and to ultimately create Employees Internal communication channels, annual executive Employee health, safety and wellbeing, business continuity, workforce long-term value. OURSTAKEHOLDERS town halls and regular employee engagement planning, engagement and employee experience, remuneration practices, surveys and pulse-checks, business leader conduct and ethics, digital capability, resource use and efficiency, diversity OUR APPROACH presentations and webcasts and inclusion, reconciliation and cultural learning, cyber security.
Stakeholder engagement is highly valued by Suncorp as an Shareholders, Meetings, executive and director roadshows, Impacts of natural disasters, COVID-19 and business continuity, remuneration important means of building trust and confidence; it helps investors, full and half year results presentations practices, non-financial performance and targets, climate change business us make informed and balanced decisions and determine analysts and (including webcasts), analyst briefings and and customer impacts, modern slavery, responsible investment, responsible credit rating conferences, annual credit rating reviews and underwriting and lending, conduct and culture. our approach to addressing topics most material to us and agencies the Annual General Meeting our stakeholders. Federal, state Meetings and conferences, submissions The Royal Commission recommendations implementation, natural We use a process of ongoing formal and informal engagement and local to inquiries, background briefings and hazard resilience, disaster response, climate change, conduct and culture, methods, which are based on a set of principles that ensure we government correspondence fairness and value, affordability and accessibility, support for people and are proactive, respectful, transparent and uphold the highest communities experiencing vulnerability. of ethical standards. They also ensure we are disciplined and Regulators Regular liaison meetings, industry conferences, Climate-related financial risk, transparency and disclosure, conduct and considered in the way we manage the engagement, with clear regular meetings with executives and directors, annual culture, fairness and value, responsible lending and underwriting, modern relationship owners. Our approach evolves in line with our prudential consultations and ongoing site visits slavery, financial soundness, compliance requirements and technology risk.
strategy and emerging trends and issues that may impact our Industry Committee and working group participation, Disaster response, response to COVID-19, support for people experiencing business and the community. associations informal interactions, Australian Banking vulnerability, climate change business and customer impacts, responsible Association Council membership, Insurance Council supply chains and modern slavery, cyber and data security. We identify key stakeholders based on the level of interest and of Australia, Insurance Council of New Zealand and impact they have on our business, as well as the opportunity to Financial Services Council Board membership collaborate for more positive outcomes. Suppliers and Formal and informal meetings, contract renewals Impacts of COVID-19 and business continuity, digital capability, partners and risk assessments responsible supply chain and modern slavery, cyber and data security.
Media Media releases, background briefings, direct Business continuity, conduct, culture, natural hazard resilience, disaster engagement and one-on-one interviews, social response, affordability and accessibility, cost of living, support for people media channels and informal interactions experiencing vulnerability, community investment, workforce planning.
Consumer Customer issues management and interactions via Support for vulnerable people, affordability and accessibility, fairness and advocacy the Suncorp Group Customer Advocate, meetings value, disaster response, financial resilience, natural hazard resilience, groups and conferences, industry forums and the annual conduct and ethics, responsible banking and underwriting, customer Consumer Advocate Day experience.
Community Meetings and conferences, industry collaborations Financial resilience, natural hazard resilience, digital capability, support partners and and community partnerships for people experiencing vulnerability, disaster preparedness and response, NGOs talent attraction, diversity and inclusion, reconciliation, cultural heritage and environmental preservation, social inclusion and community investment.
Universities, Joint research projects, meetings, conferences and Climate change business and customer impacts, responsible investment, academics presentations responsible underwriting and lending, natural hazard resilience, cyber and climate security and scams, responsible supply chain. specialists
06 Suncorp 2019–20 Responsible Business Report Materiality Our updated materiality assessment
OUR APPROACH RESPONDING TO OUR CHANGING OPERATING this year is based on: Suncorp proactively manages the material economic, ENVIRONMENT social and environmental risks and opportunities identified This year has seen unprecedented change in our region and by our key stakeholders and our business. globally, resulting in new material topics, as well as a shift in the Identification importance and impact of several topics identified in our last Regular materiality assessments help us identify and prioritise materiality assessment. — a review of global megatrends, media and peer the topics of most significance for our business, ensuring activities across Australia and New Zealand,
they reflect the needs and expectations of our stakeholders, Changes from our 2018–19 assessment include: OURSTAKEHOLDERS including industry trends and society, both now and in the future. The results of our — the emergence of new material topics including business materiality assessment inform our corporate responsibility continuity and product innovation, and a heightened focus on — incorporation of stakeholder expectations and approach, strategic priorities and reporting. Suncorp’s material employee health and wellbeing, support for people experiencing responses to COVID-19 and the Australian bushfire topics are managed through the lens of our four key Corporate vulnerability, financial resilience, workforce planning and digital crisis including from investors, analysts, customers, Responsibility Principles, which help guide our decision making capability as a result of the COVID-19 pandemic government and community representatives, consumer and balance customer outcomes, financial performance and advocates, NGOs, partners, suppliers and peers risk management. — the heightened importance to stakeholders of natural hazard resilience, support for people experiencing vulnerability, and — a review of our performance in key sustainability This year we built upon the comprehensive materiality climate change impacts on our business, customers and rating benchmarks assessment conducted in 2019, to reflect changes to our communities, since the summer of disasters operating environment and emerging priorities resulting from — feedback from formal and ongoing informal the unprecedented events of the COVID-19 global pandemic — human rights, including modern slavery as a new material stakeholder engagement throughout the year and the Australian bushfire crisis. topic for Suncorp to address, particularly in response to the (as outlined in table on page 6) introduction of the Modern Slavery Act in Australia. — employee engagement and culture assessment The most material topics based on their importance to responses stakeholders and the potential impact on our business are outlined on the next page (see diagram) .
Prioritisation
— an internal materiality survey of business representatives and management to identify and prioritise environmental, social and governance topics
Validation
— validation of the most significant topics via an internal management group and input from senior leaders
07 Suncorp 2019–20 Responsible Business Report Materiality
Our most material environmental, social and governance topics
Fairness and value
Conduct and ethics Affordability and accessibility OURSTAKEHOLDERS Transparency and disclosure Support for vulnerable people
Cyber and data security Financial resilience
Remuneration practices Customer experience
Digital capability and product innovation TRUST AND RESPONSIBLE TRANSPARENCY FINANCIAL SERVICES
Responsible investment, underwriting and lending Employee health, safety and wellbeing RESILIENT PEOPLE SUSTAINABLE Responsible supply chain AND COMMUNITIES GROWTH Business continuity and Human rights including workforce planning modern slavery
Talent attraction and retention Resource use and efficiency
Diversity, inclusion and employee Natural hazard resilience experience
Climate change: Indigenous engagement business impacts
Community investment Climate change: customer and community impacts
Topic increased in importance New topic for 2020
08 Suncorp 2019–20 Responsible Business Report Materiality
WHERE THE Addressing our most material environmental, social and governance topics IMPACT OCCURS
The following table defines our ten most material topics and summarises our response to each. 1
TOPIC OUR RESPONSE Suppliers Our people Investees Customers Community
CONDUCT AND ETHICS — Refreshed Code of Conduct Ensuring ethical and appropriate behaviour and — Introduced Ethical Decision-Making course for leaders Trust and Transparency practices of directors, management and employees. — Established Data Ethics Principles and Data Ethics Advisory Committee — Developed Risk Culture Principles OURSTAKEHOLDERS TRANSPARENCY AND DISCLOSURE — Published performance against non-financial targets and set 2020–21 targets Committing to the disclosure of economic, social and — Published performance of sustainability assessments and participated in the Dow Jones Sustainability Index, CDP, environmental risks, opportunities and performance. London Benchmarking Group (LBG) and Workforce Gender Equality Agency (WGEA) benchmarking exercises Ensuring product and service information is easy to — Updated materiality based on emerging priorities and changes to our operating environment locate and understand. — Published 2019–20 Climate-related Financial Disclosure, Tax Transparency Report, and Proxy Voting Principles and Summary — Improved transparency of premium changes through General Insurance Code of Practice implementation — Became a signatory to the United Nations Environmental Programme Finance Initiative (UNEP FI) Principles for Responsible Banking — Integrated the UNEP FI Principles for Sustainable Insurance
FAIRNESS AND VALUE — Transitioned to updated General Insurance Code of Practice Ensuring products and services provide fair value — Further implemented Banking Code of Practice Responsible Financial Services and balance the needs of different stakeholder — Commenced implementation of Responsible Banking & Insurance Policy groups. — Responded to COVID-19, including customer relief and retention packages — Engaged with our stakeholders and advocated for better customer and consumer outcomes
SUPPORT FOR VULNERABLE PEOPLE — Extended a suite of hardship and relief measures in response to COVID-19 and the Australian bushfires, Providing support to people experiencing a period of and donated to a range of community groups to support those most vulnerable or ongoing vulnerability in their life. This may include — Implemented Customers Experiencing Vulnerability Strategy, Standards and Guidelines, including people impacted by financial hardship, domestic Domestic and Family Violence statement violence, financial abuse, illness or a disability, — Continued financial inclusion and customer vulnerability training for Australian employees and extended to or faced with barriers due to ethnic/cultural New Zealand teams or socio-economic characteristics. — Expanded community sector partnerships to improve external referral pathways
FINANCIAL RESILIENCE — Launched AAMI-branded micro-enterprise business insurance Improving the capability, resources and access to — Piloted Financial Literacy workshops with Multicultural Australia clients to build financial resilience and economic suitable insurance, banking and wealth products participation for culturally diverse communities and services for our customers and community — Worked with Thriving Communities Partnership on a research report to better understand role of essential services to enhance their ability to withstand and adapt to in recovering from a natural disaster financial shock or adversity. — Worked in partnership on a Sorry Business financial hardship solution to address challenges faced by Indigenous Australians when paying for the funerals of loved ones
DIGITAL CAPABILITY AND PRODUCT INNOVATION — Rapidly deployed new digital solutions for customer experience, claims handling and employee communication Keeping pace with the increasing digitisation and during COVID-19 response demand for personalised financial products and services.
1. Companies that Suncorp has invested in through its investment portfolios 09 Suncorp 2019–20 Responsible Business Report Materiality
WHERE THE Addressing our most material environmental, social and governance topics IMPACT OCCURS 1
TOPIC OUR RESPONSE Suppliers Our people Investees Customers Community
NATURAL HAZARD RESILIENCE — Continued advocacy through our Natural Hazard Resilience Strategy Helping our customers and communities build — Expanded Storm Ready Streets community engagement across Queensland Sustainable GrowthSustainable resilience to natural hazards including floods, storms — Completed first phase of climate change scenario analysis to understand community resilience to insurable and bushfires, while also appropriately pricing risk and uninsurable risk and maintaining insurance affordability in high-risk OURSTAKEHOLDERS communities.
CLIMATE CHANGE: BUSINESS IMPACTS — Continued to implement our Climate Change Action Plan Addressing the impacts of climate change on — Published Climate-Related Financial Disclosures Suncorp's operations and business activities. — Developed a Renewable Energy Strategy and joined RE100 — Refreshed our Environmental Performance Plan
EMPLOYEE HEALTH, SAFETY AND WELLBEING — Responded to COVID-19, including new social distancing and hygiene protocols Protecting and maximising the physical and mental — Strengthened Safety and Wellbeing Policy Resilient People And Communities health, safety and wellbeing of our workforce. — Supported safety and wellbeing for expanded work-from-home arrangements — Introduced unlimited paid Emergency Response Volunteer leave — Conducted Gender Equality and Gender Equity Pay Review — Introduced Employee Assistance Program specialists for Indigenous employees — Established two new Employee Resource Groups — Refreshed Employee Giving program
BUSINESS CONTINUITY AND WORKFORCE — Responded to COVID-19, including crisis response, scenario planning and stress testing PLANNING — Deployed Business Continuity Plans (BCPs) for all business units Ability to respond to and ensure core business — Deployed BCPs with all overseas outsource partners operations are not severely impacted by an — Deployed work-from-home arrangements for the majority of our people, with increased technology infrastructure unplanned incident, crisis or major disruption. It swiftly put in place to meet capacity needs includes planning for and addressing impacts on — Enabled business-critical work to continue at our workplaces through COVID-19 safety measures our workforce as a result of changed conditions, — Reviewed long-term people and workplace plans technology and demographic trends. — Expanded Future Ready learning program
1. Companies that Suncorp has invested in through its investment portfolios
10 Suncorp 2019–20 Responsible Business Report Our Responsibility
Photographed October 2019
11 Suncorp 2019–20 Responsible Business Report Corporate Responsibility Principles
Suncorp aims to optimise economic, social and environmental transparency about our operations and performance underpins outcomes for stakeholders, which is core to strengthening trust our ongoing ability to maintain our social licence to operate. and building a resilient, responsible and sustainable business. SUSTAINABLE Our Board-approved Corporate Responsibility Principles DEVELOPMENT GOALS For Suncorp, this approach helps us live our company’s purpose (the Principles) guide our approach to governance and risk Suncorp is committed to to build futures and protect what matters. Our commitment management, policy development, business decision making, driving awareness and to continuously improve our business practices and increase and disclosure of non-financial performance. action in support of the United Nation’s Sustainable Development Goals (SDGs), which are a set of 17 goals RESILIENT PEOPLE AND COMMUNITIES that define global sustainable The Principles we aspire to: We respect human rights and invest in the development priorities and wellbeing and resilience of our people and aspirations for 2030. The communities. We are there for our people SDGs call for action to and our communities in times of need. address significant economic, social and environmental OUR RESPONSIBILITY challenges such as poverty, TRUST AND TRANSPARENCY inequality, improving health and education and climate We are committed to building trust action. Suncorp’s responsible and doing the right thing. We are open and transparent in our dealings with business activity contributes our stakeholders. to eight of the 17 SDGs as outlined here. Read more about our contribution to the RESILIENT PEOPLE SUSTAINABLE GROWTH SDGs at AND COMMUNITIES suncorpgroup.com. We seek to innovate and optimise au/corporate-responsibility/ economic, social and environmental our-approach/sustainable- outcomes throughout our business and development-goals value chain.
TRUST AND RESPONSIBLE FINANCIAL SERVICES TRANSPARENCY We put our customers at the heart of everything we do and help them make good choices. We provide customers RESPONSIBLE SUSTAINABLE with access to affordable financial services that meet their needs. FINANCIAL SERVICES GROWTH
12 Suncorp 2019–20 Responsible Business Report Corporate responsibility governance
The Suncorp Board stewards corporate governance, culture, Mr Lindsay Tanner, a Non-executive Director of the Suncorp Suncorp’s Group CEO chairs the Diversity Council, which strategy, and our social licence to operate. Our governance Group Limited Board, chairs Suncorp’s Customer Committee, oversees how we foster diversity and inclusion initiatives and structure provides for effective and responsible decision- which oversees and aligns initiatives that underpin our priority tracks our progress against the objectives and targets set out making within the organisation. to deliver great customer outcomes and experiences. The in our Diversity & Inclusion Plan and Diversity Policy. The Customer Committee met three times during 2019–20. Diversity Council met quarterly during 2019–20. OUR APPROACH Ms Sally Herman, a Non-executive Director of the Suncorp Group Suncorp’s Group CEO chairs the Non-Financial Risk Committee, Suncorp’s Board believes high standards of governance and Limited Board, chairs Suncorp’s Risk Committee, which provides which oversees non-financial-related risks and mitigation corporate responsibility are essential for achieving business oversight of all categories of risk, including risk culture. It approves strategies. This committee was formed in April 2019 and objectives, sustaining long-term financial performance and creating and oversees the processes used to identify, evaluate and manage convenes monthly. value for our customers, shareholders and key stakeholders. risk. The Risk Committee met seven times during 2019–20. The Group Data Council governs data ownership and The Board and its five Committees regularly review the Several Executive Leadership Team sub-committees help accountability across Suncorp, acting as a point of escalation corporate governance framework and associated policies and govern Suncorp’s corporate responsibility commitments. for data-related decisions and maintaining a focus on data as a practices to ensure they keep pace with regulatory change, strategic asset. This year an advisory committee was established Suncorp’s Group CEO chairs the Corporate Responsibility Council, industry best practice and community expectations. to oversee the implementation of our Data Ethics Principles. which formally oversees our corporate responsibility commitments Collectively, the Board is responsible for approval of objectives,
and the development of strategies to address economic, social OUR RESPONSIBILITY strategies and policies to address economic, social and and environmental risks and opportunities. The Corporate environmental risks and opportunities for Suncorp. This includes Responsibility Council met three times during 2019–20. new policy development and the setting of metrics and targets for non-financial performance reporting. In 2019–20, prominent environmental, economic, social and governance topics addressed by the Board included remuneration GOVERNANCE OF CORPORATE RESPONSIBILITY COMMITMENTS practices, conduct and culture, responsible investment, underwriting and lending, climate change and natural hazard resilience, financial inclusion and support for customers SUNCORP GROUP LIMITED BOARD experiencing vulnerability, and inclusion and diversity. In response to the COVID-19 pandemic, the Board closely oversaw measures
to protect the health, safety and wellbeing of our people and People and Audit Risk Customer Nomination customers and ensured ongoing investment in the community. Remuneration Committee Committee Committee Committee Committee GOVERNANCE STRUCTURE Throughout 2019–20 our governance arrangements have been EXECUTIVE LEADERSHIP TEAM consistent with the ASX Corporate Governance Council’s Corporate Governance Principles and Recommendations (3rd edition). Detailed information on Suncorp’s corporate governance framework Corporate and developments during the year is provided in the 2019–20 Diversity Group Data Non-Financial Responsibility Council Council Risk Committee Corporate Governance Statement, available at suncorpgroup. Council com.au/about/corporate-governance
13 Suncorp 2019–20 Responsible Business Report Commitments and frameworks
MEMBERSHIPS AND SIGNATORIES
Commitments and United Nations Global Compact (UNGC) Suncorp has been a signatory to the UNGC since June 2019. We use the framework to help frameworks drive sustainable business practices in the areas of human rights, labour, environment and anti- corruption and align our activity to broader societal goals. Over the past year, Suncorp has actively participated in a range of capability building and networking programs hosted by the UNGC.
United Nations Environmental Programme Finance Initiative (UNEP FI) IMPROVING OUR PRACTICES UNEP FI is a partnership between UNEP and the global financial sector to mobilise private sector finance for sustainable development. Suncorp is a signatory to all three UNEP FI We value being benchmarked on the progress of our work frameworks, which are aimed at integrating sustainability into financial market practice. and our performance as we strive to deliver better economic, governance, social and environmental outcomes. Principles for Responsible Investment (PRI) Suncorp has been a signatory to the PRI since 2019, joining more than half the world’s institutional investors who apply the Principles to their investment decisions. EXTERNAL ENVIRONMENTAL, SOCIAL AND GOVERNANCE (ESG) RATINGS During the year Suncorp completed its first PRI Transparency Report, available at AND BENCHMARKS unpri.org/signatory-directory/suncorp-group/4682.article Sustainability ratings and industry benchmarks enable us to improve our performance and transparency. We take part in a wide range of external assessments and benchmarking initiatives including: Principles for Sustainable Insurance (PSI) Suncorp became a signatory to the PSI in 2019, with the aim of working with the industry and other stakeholders to reduce risk, develop innovative solutions, improve business performance, and contribute to environmental, social and economic sustainability. Dow Jones Sustainability Index (DJSI): In 2019, Suncorp actively participated in the - Corporate Sustainability Assessment and improved its score by 25 points, scoring Principles for Responsible Banking (PRB) 57 out of 100 points. This year the threshold for inclusion in the Australian Index was 67. Launched in September 2019, Suncorp became Australia’s first non-major Bank to endorse and become a signatory to the PRB, which aim to accelerate the banking industry’s contribution OUR RESPONSIBILITY CDP: Suncorp has participated since 2011 as both a responding company and as an to achieving the UN Sustainable Development Goals and the Paris Agreement. Suncorp will asset owner and manager. In 2019, we received a B- rating, an improvement from complete its first self-assessment over the coming year. a C the year prior. Task Force on Climate-related Financial Disclosures (TCFD) In 2018, Suncorp became one of the first 250 companies globally to become a signatory to the FTSE4Good Index: Suncorp has been included in the Index since 2013. FTSE4Good Financial Stability Board’s TCFD. The framework guides Suncorp’s financial risk disclosures that are reviews publicly available information on listed companies and screens for performance associated with climate change, including physical, liability and transition risks. Our Climate-related against ESG standards. Financial Disclosure is available at suncorpgroup.com.au/corporate-responsibility/reports
RE100 Sustainalytics: Suncorp has participated since 2016. This year, Suncorp received an This year Suncorp became a member of the RE100 global corporate renewable energy initiative ESG risk rating score of 20.5/100 (where 0 equals low risk and 100 equals high risk). that brings together hundreds of businesses committed to 100 per cent renewable energy in an aim to accelerate a global shift to clean energy and zero carbon grids.
London Benchmarking Group (LBG) Morgan Stanley Capital International (MSCI): During the year, Suncorp achieved an Suncorp has been a member of LBG Australia and New Zealand since 2009. LBG provides the A rating from MSCI ESG Research, an uplift from our previous BBB rating. global standard for measuring and benchmarking corporate community investment.
Workforce Gender Equality Agency (WGEA) Institutional Shareholder Services (ISS): Suncorp has participated in the ISS ESG This year, Suncorp was recognised as an Employer of Choice for Gender Equality by WGEA, an QualityScore assessment since 2017 and currently scores a 2 for ‘E’ (environmental), Australian Government statutory agency, for the seventh consecutive year, demonstrating our ongoing 1 for ‘S’ (social) and 1 for ‘G’ (governance), where one equals lower governance risk and commitment to advancing gender equality and promoting inclusion at all levels of our organisation. Our 10 equals higher governance risk. annual WGEA reports are available at suncorpgroup.com.au/corporate-responsibility/reports.
Chartered Institute of Procurement and Supply (CIPS) Suncorp has been recognised on the CIPS Global Corporate Ethical Register over the past year for our commitment to safeguarding against unethical conduct in procurement. We complete an annual capability assessment and formal submission to achieve ongoing recognition.
14 Suncorp 2019–20 Responsible Business Report Trust and OUR FOUNDATIONS
Corporate Governance transparency Statement Outlines Suncorp’s approach to corporate governance and its principal governance practices. suncorpgroup.com.au/about/ We are committed OUR APPROACH corporate-governance to building trust We take the trust our stakeholders place in us and our Code of Conduct and doing the right role in society seriously. We proactively engage with our Sets out the standards of behaviour thing. We are open stakeholders to understand the things that matter most, we expect from our people, and and advocate for change. We are increasing the transparency guides how we work together, make and transparent in of our business operations and performance, and the decisions and meet our customers’ needs. It is guided by our cultural decisions we make. our dealings with principles of doing the right thing, our stakeholders. being courageous, and caring for MEETING CUSTOMER AND COMMUNITY EXPECTATIONS others. suncorpgroup.com.au/ Being responsive to changing community concerns and about/corporate-governance expectations is central to earning the trust required to maintain Suncorp’s social licence to operate. The significant events during Policies to support regulatory compliance 2019–20 have only served to heighten our focus on meeting Ensures our people and systems the immediate needs of our people, customers and community, comply with the requirements
while ensuring we build a resilient, sustainable organisation that of a highly regulated industry. OUR RESPONSIBILITY creates long-term value for all. suncorpgroup.com.au/about/ corporate-governance We maintain a sharp focus on strengthening our conduct and culture to ensure good outcomes for customers and Whistleblower Policy remain committed to working with regulators to implement Outlines the confidential service changes following the recommendations outlined in available to all our people and the Royal Commission. suppliers to raise concerns of suspected or actual misconduct. suncorpgroup.com.au/uploads/ INCREASING TRANSPARENCY Whistleblower-Policy_8.pdf Increasing the transparency of Suncorp’s business activity and non-financial performance is key to meeting stakeholder Political Engagement Position expectations. We communicate openly and comprehensively Statement about our corporate responsibility commitments, approach Commits us to high ethical standards in our approach to political and performance. This year, for the first time, we report on engagement. suncorpgroup.com.au/ our performance against the customer, people, community, about/corporate-governance environment and value chain targets we published in 2018–19. See page 3 for our 2019–20 performance against targets. Suncorp Group Privacy Policy Details how we collect, use, disclose, store and secure personal information. Our people complete mandatory privacy training annually. suncorpgroup.com.au/about/ corporate-governance/privacy-policy Keith Howard, Suncorp Customer Support Specialist
15 Suncorp 2019–20 Responsible Business Report Trust and transparency
TAX TRANSPARENCY REPORT OUR PROGRESS Suncorp New Zealand’s Conduct Uplift Program continued to Suncorp’s Tax Transparency improve conduct capability across the business, with more than Report 2018–19 details our tax contributions and overall 2021 TARGET Suncorp continued to strengthen our practices and culture 70 measures implemented resulting in enhanced product and approach to tax strategy: 98% of employees complete and embrace regulatory change to deliver better outcomes system training, improved readability of our policies and customer suncorpgroup.com.au/ Code of Conduct training for our customers and the community, and build a resilient, communications, and a deeper understanding of customer corporate-responsibility/ annually sustainable business. outcomes and experiences. reports STRENGTHENING CONDUCT AND CULTURE Code of Conduct
During 2019–20 Suncorp sharpened its focus on managing This year Suncorp refreshed its Code of Conduct to be easier conduct risk and developing a risk culture that embeds risk to understand and more reflective of the current regulatory awareness, transparency and accountability at every level, and environment. Our refreshed Code of Conduct helps bring our exemplifies responsible and ethical behaviour. Doing the right purpose to life and is guided by our cultural principles. It is thing by our people, our customers, our shareholders and the aligned to our Risk Culture Principles, the General Insurance Code community is our priority, and core to sustaining long-term of Practice and the Banking Code of Practice, with strengthened financial performance. focus on supporting customers experiencing financial difficulty or vulnerability, transparent customer communications, and taking Culture assessment ownership of good customer and community outcomes.
This year Suncorp undertook an independent Group-wide Suncorp Tax Transparency Report 2018-19 PAGE 1
Changes to elevate the importance and weighting of the risk culture assessment to better understand our current culture category in the Group Scorecard structure were approved by and identify opportunities to shift the culture to more effectively the Board. Throughout the year, all executive and non-executive OUR RESPONSIBILITY deliver on our strategy. The survey highlighted the willingness of employees’ performance assessments included confirmation our people to do the right thing by our customers and build trust, of their adherence to the behavioural standards outlined in and the care they have for each other. More than 89 per cent Suncorp’s Code of Conduct. of people noted that compliance requirements were a priority, while the survey also identified areas for improvement such as In 2019–2020, Suncorp’s Consequence Management Framework delivering greater clarity and connection to our strategy, and was introduced to strengthen the link between conduct and driving a deeper understanding of how our risk practices support individual performance and reward outcomes. During the year, growth and innovation. there were 239 Code of Conduct breaches identified that resulted in formal consequences, including 66 employees leaving Suncorp, Conduct risk 28 employees receiving nil variable rewards; and the remaining 145 employees receiving a minimum 20 per cent reduction in Robust management of conduct risk is central to driving the variable rewards. right behaviours at both an individual and organisational level, ensuring we act in the interests of customers and the community Ethical Decision-Making and confidence in our organisation is maintained. This year we continued to improve our governance, systems, processes, During 2020 Suncorp partnered with the Ethics Centre to create an reporting and people practices as key enablers to identifying and Ethical Decision-Making Masterclass for all leaders. The program managing conduct risk. complements Suncorp’s Code of Conduct, and helps participants develop and apply ethical knowledge and skills to all decision We also embedded our online tool, which enables employees making. It positions leadership as an ethical practice, enhances to raise issues by lodging risk incidents. Risk culture principles, awareness of ethical blind spots and biases, and provides tools which outline attributes and behaviours of the risk culture we for navigating daily decisions. Using a scenario-based approach, expect from everyone at Suncorp, have been incorporated into key leaders apply an ethical lens to navigate complex decisions and are policies and governance, including Suncorp's Code of Conduct. encouraged to consider the impacts on a range of stakeholders.
16 Suncorp 2019–20 Responsible Business Report Trust and transparency
We advocate for:
Competition and fair outcomes REMUNERATION PRACTICES EMBRACING REGULATORY CHANGE
Natural hazard resilience Suncorp is committed to a fair, transparent and responsible Suncorp continued to actively respond to the changing and disaster preparedness remuneration framework. The Board ensures Suncorp’s regulatory requirements faced by the financial services industry remuneration arrangements are strategically aligned and during 2019–20 and embraced the opportunity to improve Financial inclusion and economic opportunity reinforce executive accountability, responsible business practices, customer value, enhance our risk management approach and effective risk management, as well as drive a company culture. better meet community expectations. Social connection and Suncorp’s 2019-20 Remuneration Report is available at support Under Suncorp’s customer and regulatory engagement suncorpgroup.com.au/investors/reports program, solid progress has been made in responding to Inclusion and diversity the findings of the Royal Commission, and Risk Governance Pay and leave entitlements review Self-Assessment outcomes. Scorecards and remuneration In late 2019, Suncorp initiated an internal review of pay and frameworks have been updated and the Non-Financial Risk leave entitlements, with early analysis of historical data Committee has invested in greater compliance resourcing and indicating inconsistencies in relation to the Group’s rostering improved incident management and risk practices. and pay systems. This may have led to errors in payments Suncorp is compliant with the Sedgwick Remuneration of overtime, shift penalties and public holiday loadings. The Review Recommendations1 from 1 July 2020, excluding analysis to date identifies potential instances of underpayments Recommendation 18 relating to Mortgage Broker remuneration and overpayments. The review is ongoing. given the Government’s policy reform. The Board Risk Committee is overseeing the review and is The COVID-19 pandemic has resulted in the deferral of several convening regular meetings to closely monitor progress; key regulatory reforms by the Australian government and OUR RESPONSIBILITY ensure remediation processes are timely and accurate and regulators, including the implementation of commitments made are communicated with employees and shareholders upon following the Royal Commission, and Design and Distribution completion; and ensure new processes are sufficiently robust Obligations. Suncorp remains well positioned to meet the new so that this does not reoccur. proposed implementation timeframes, where clarity has been ADVOCATING FOR THE THINGS THAT MATTER provided on the requirements. In 2020, Suncorp integrated its approach to advocacy as a Banking Executive Accountability Regime core pillar of our company strategy. We promote regular, two- Suncorp continues to support the principles of the Banking way dialogue about our opportunities and challenges with our Executive Accountability Regime (BEAR), a regulatory initiative stakeholders, which helps inform the decisions we make and that helps drive greater clarity of accountability and good enables us to understand what matters most. We advocate for governance practices across the Australian banking sector. effective responses to the topics of most significance to our Accountability statements outlining the individual accountabilities stakeholders and business with a focus on affecting positive for relevant Suncorp executives and Board members have been change. Our advocacy and our actions as an organisation work lodged with the Australian Prudential Regulatory Authority together to build the resilience of our customers, communities, (APRA). All Accountable Persons have a BEAR-compliant people and industry by focusing on financial, social and natural remuneration structure. The Suncorp Executive Leadership hazard resilience. Being transparent and actioning evidenced- Team have had this structure since 1 July 2018. Further detail based insights from customers, governments and community is provided in the Remuneration Report in the 2019–20 Annual groups to create measurable impacts underpins our approach. Report, available at suncorpgroup.com.au/investors/reports
1. This refers to Stephen Sedgwick’s retailbankingremreview.com.au Retail Banking Remuneration Review dated 19 April 2017.
17 Suncorp 2019–20 Responsible Business Report Trust and transparency
Breaches and remediation Data Ethics Principles Suncorp is committed to treating all customers fairly. We maintain, In 2019–20, Suncorp developed a set of Data Ethics Principles monitor and continuously improve our processes and practices to which reflect the Australian Government’s AI Ethics Principles. identify, assess and rectify any breaches that do occur, ensuring The Principles support Suncorp’s Enterprise Risk Management we learn from mistakes and remediate impacted customers in a Framework, Privacy Policy and Code of Conduct to protect the timely manner. We continue to focus on our product design and rights of our stakeholders when we collect, use and retain their distribution strategies to enhance customer value and experience. data. A Data Ethics Advisory Committee has been formed to Data Ethics integrate the Principles into our business practices. This year, Suncorp New Zealand established a customer Principles: remediation programme and is currently assessing and Cyber security and financial crime Generate net benefits remediating a limited number of situations affecting customers. As the digital environment evolves, Suncorp continues to evolve Protect human rights With oversight from the Australian Securities & Investments its capabilities in protecting our customers from the threat of Fairness Commission (ASIC), Suncorp finalised the remediation of cyber and financial crime. Our dedicated Financial Crime and customer outcomes on the quality of advice provided by our former Transparency and Anti-Money Laundering / Counter-Terrorism Financing systems financial planning business, Guardian Advice. We also completed explainability leverage world-class detection and prevention technologies. a review and remediation program related to the sale of consumer Contestability credit insurance to home and personal lending customers. This year, we invested in advanced data analytics and fraud- detection technology to ensure we can intervene early and Accountability In line with statutory requirements and regulator expectations, disrupt criminal activity, before it impacts our customers. in 2019–20 Suncorp reviewed its approach to grandfathered We also enhanced our policies and practices, including commissions. Effective 1 October 2019, Suncorp Financial OUR RESPONSIBILITY the development of an Anti-Bribery & Corruption Policy for Services elected to cease receipt of grandfathered commissions, employees and further alignment of our investigation practices ENGAGING WITH GOVERNMENT AND INDUSTRY with appropriate benefits passed on to its members. with updated industry Codes of Practice. Suncorp Portfolio Services Limited (SPSL), our wholly owned Suncorp proactively participates in government inquiries and superannuation company with an independent Board, ceased Suncorp supports law enforcement and intelligence agencies public policy advocacy on key reforms affecting our business all payments of grandfathered commissions to independent to help address cyber crimes. We run ongoing employee and as well as our customers. Through our engagement with financial advisers on 30 June 2020. customer education programs on cyber security risks and government we seek to deliver enhanced outcomes and positive work with community groups to support customers impacted changes for our customers and other stakeholders. In July 2020, the APRA announced the outcome of its review and by financial crimes and scams. This year we collaborated with licence conditions on the superannuation licence held by SPSL We are committed to conducting these activities transparently, Queensland University of Technology in industry-leading scam arising from a review of the period 2013–2017. The condition ethically and honestly. In accordance with our Political Donations research, which we’ve extended to industry working groups. requires SPSL to document how it considers and prioritises Policy Statement, Suncorp does not make any cash donations to We also invested in scam-intervention techniques to reduce members interests when making decisions that materially affect political stakeholders or organisations. the impact on our customers, including enhanced support for their interests. APRA’s investigation did not conclude that SPSL victims of identity theft. During the year, Suncorp made 20 submissions to government breached the Superannuation Industry (Supervision) Act 1993. inquiries, consultation processes or draft legislation in Australia More information on Suncorp’s approach to data governance and and New Zealand. All of our publicly available government cyber security is available in our 2019–20 Corporate Governance MANAGING AND PROTECTING DATA submissions can be found at suncorpgroup.com.au/news/ Statement at suncorpgroup.com.au/about/corporate- Managing and protecting data is critical to maintaining the trust public-submissions governance and confidence of our stakeholders. In response to growing We continue to work through our industry associations including customer expectations, increasing use of digital channels by our the Australian Banking Association (ABA), the Insurance Council customers and the changing regulatory environment, Suncorp of Australia (ICA), the Insurance Council of New Zealand, and continues to strengthen its approach to managing data and the Financial Services Council in Australia and New Zealand, to invest in leading technologies to protect customers. address systemic issues, improve standards and ensure better outcomes for our customers and stakeholders.
18 Suncorp 2019–20 Responsible Business Report Case Our engagement with government Study and industry this year focused on Read more about Suncorp's the following issues response to COVID-19 at suncorpgroup.com.au/news/ suncorp-coronavirus-updates
COVID-19 pandemic: Suncorp worked through our Increasing competition in the banking sector: Suncorp, industry associations – the ABA and ICA – to develop along with other regional banks, continues to advocate and implement support packages for our small business for greater competition in the Australian banking sector. banking and insurance customers impacted by COVID-19. We believe addressing the structural inequalities faced We also worked with the relevant authorities to allow our by smaller banks in the banking system will help to impacted wealth customers access to their superannuation improve competition and provide better access to banking under the Australian Government’s early release of products for all consumers. superannuation initiative. Compulsory third-party (CTP) scheme reform: We Royal Commission into Banking, Superannuation and continue to advocate for better insurance cover for Financial Services Industry: Suncorp is well progressed consumers and fairer competition in CTP schemes in implementing the Royal Commission reforms relevant across the country. Scheme reform allowed competitive to our business and customers. During the year, Suncorp underwriting with a limited number of insurers in South provided input into the Australian Government’s Australia from 1 July 2019, with AAMI quickly establishing consultation on Royal Commission recommendations a market-leading position. In the Australian Capital Territory, – including those relating to the hawking of financial a new scheme that offers insurance cover for all people
products, claims handling as a financial service, deferred injured in motor accidents was approved for implementation OUR RESPONSIBILITY sales models and the enforceability of industry codes. from 1 February 2020, providing treatment, care and income benefits for up to five years. We continue to push During 2019–20, Suncorp executives appeared before for reform that will provide coverage for all Queenslanders the House of Representatives Standing Committee on injured in motor accidents through engagement with the Economics as part of its Review of the Four Major Banks government and other stakeholders. In New South Wales and other Financial Institutions. Our former we work with the government to ensure the stability of the CEO Banking & Wealth appeared in November 2019 scheme and improve customer outcomes. and former CEO Insurance in April 2020. New industry codes: Suncorp was actively involved in Insurance affordability: Suncorp continues to advocate updating the Banking and General Insurance Codes for measures that will improve the affordability and of Practice in Australia. We implemented the updated accessibility of insurance, especially for those who live ABA Banking Code of Practice on 1 July 2019 and have in areas of high natural disaster risk. During the year we continued to enhance processes, products and services to continued to participate in the Australian Competition and provide greater rights and protections to our customers. Consumer Commission’s Northern Australia Insurance The transition to the 2020 General Insurance Code of Inquiry process. We also made submissions to the Royal Practice commenced on 1 January 2020. Implementation Commission into National Natural Disaster Arrangements, of new requirements regarding vulnerable customers and the NSW Government’s Independent Bushfire Inquiry, the financial hardship was brought forward to 1 July 2020, to Victorian Inspector-General for Emergency Management’s assist customers impacted by COVID-19. Suncorp is on Inquiry into the 2019–20 Victorian Fire Season, and the track to implement the new requirements in accordance Senate Finance and Public Administration References with the required timeframes. Committee’s Inquiry into Lessons to be learned in relation to the 2019–20 bushfire season.
19 Suncorp 2019–20 Responsible Business Report OUR RESPONSIBILITY % 98 training annually training Code of Conduct Code Conduct of Trust and transparency and Trust of employees complete employees of 2020-21 TARGETS 2020-21 Suncorp 2019–20 Responsible Business Report Responsible 2019–20 Suncorp Continue to evolve non-financial Continue to non-financial evolve performance metrics and targets and disclose performance move to for Develop roadmap integrated reporting and external of non-financial assurance performance Continue work with industry with industry Continue work to in response and government pandemic COVID-19 and insights measurement Explore into licence social to operate and with customers and trust stakeholders the revised implement Fully Code of Practice Insurance General business activity align Further to the United Global Nations Compact and Sustainable as well as the Development Goals, Responsible for UNEP FI Principles Investment, Banking Responsible Insurance and Sustainable FUTURE ACTIVITY FUTURE % % 99 effective global effective tax 2019–20 rate 28.5 of employees completed employees of Code of Conduct training Code Conduct of 2019–20 PERFORMANCE METRICS 2019–20 Disclosed ESG ratings agency ratings scores Disclosed ESG Established Risk Culture Principles Culture Risk Established and Data Data EthicsEstablished Ethics Principles CommitteeAdvisory leaders course for Launched Ethical Decision-Making performance against targets key for Published metrics non-financial Report Transparency Tax 2018–19 the Suncorp Published Sustainability in the Dow Jones Participated Index assessment Commenced transition to the revised General Insurance Insurance Commenced General to transition the revised relating the provisions with Australia, in Code of Practice to support experiencing customers and vulnerability for delivered violence already family implemented and Code of Practice Banking Further supported Program Reform the ABA Banking our Code of Conduct Refreshed Commenced implementation Banking of our Responsible Policy & Insurance Banking Responsible for Signed FI Principles the UNEP Co-developed implemented and of extensive range with packages customer and relief response COVID-19 the ABA and ICA economic,Reviewed material our assessment of the topics and environmental social governance, considering major events in 2020 PERFORMANCE HIGHLIGHTS TRANSPARENCY AND DISCLOSURE AND TRANSPARENCY Communicate on our transparently performance Respond strategically strategically Respond to material socialeconomic, and topics environmental CONDUCT AND ETHICS AND CONDUCT Engage meaningfully meaningfully Engage with our stakeholders OBJECTIVE OUR PERFORMANCEOUR 20 Responsible OUR FOUNDATIONS Suncorp’s Office of the Customer financial services Advocate Champions the voice of the customer across the organisation and reviews complex and sensitive complaints to ensure a quick resolution for our customers. We put our customers OUR APPROACH suncorp.com.au/contact-us/customer- relations at the heart of Suncorp takes its responsibility as an essential services everything we do and provider seriously. We are committed to being responsive Responsible Banking and and providing suitable, fair and affordable products and Insurance Policy help them make good services that meet the needs of our customers and help Outlines our organisational-wide build their financial resilience. We grow our business commitment to improving our business choices. We provide practices and decision-making, ensuring customers with inclusively and serve the whole community. environmental, social and governance considerations are made and commits access to affordable us to delivering products and services UNDERSTANDING WHAT OUR CUSTOMERS VALUE financial services that that are fit-for-purpose, accessible and Delivering value and meeting the needs of our customers affordable, as well as remunerating and incentivising with customers’ best meet their needs. consistently through quality, personalised services is core to interests in mind suncorpgroup.com. Suncorp’s strategy. Each day we play an important role in our au/uploads/Responsible-Banking- customers’ lives, helping them build - and sometimes rebuild Insurance-Policy-Public.pdf - their futures, and protect what matters. We are focused on
gaining a better understanding of what our customers need Financial Inclusion Action Plan OUR RESPONSIBILITY and expect from us as at every interaction and conduct more Outlines our actions to build the than one million surveys each year to gather feedback on financial resilience and wellbeing of our customers and the broader community. their experiences with us. We also track how likely it is for suncorpgroup.com.au/corporate- them to recommend our brands via the Net Promoter Score responsibility/responsible-financial- (NPS) survey. The insights we receive help us to improve our services/financial-resilience products and services to better meet our customers’ needs and determine where controls need to be in place to ensure Access to affordable services mistakes are not repeated. A suite of products designed to meet the needs of low-income earners. Our promotion, distribution and INVESTING IN DIGITAL AND DATA CAPABILITY communication channels ensure customers can easily access the right Suncorp is adapting to the changing landscape and products. suncorpgroup.com.au/ consumer expectations by investing in technology such corporate-responsibility/responsible- as artificial intelligence AI( ), robotics and telematics to financial-services/access-to- affordable-services improve access, quality, simplicity, personalisation, design
and delivery of products and services for our customers. Natural Disaster Customer We are prioritising digital initiatives for our customers, and Response Plan designing simpler, more efficient processes for our business. Details our approach to supporting We leverage comprehensive security capabilities to protect our customers in the event of major customers from cybercrime, and use data to proactively natural disasters and weather events. suncorpgroup.com.au/cr/natural- support our customers, including those at risk of hardship. disaster-response Our Data Ethics Principles guide our use of data.
21 Suncorp 2019–20 Responsible Business Report OUR PROGRESS introduced paid emergency volunteer leave for those assisting as part of the volunteer group relief efforts.
RESPONDING IN TIMES OF NEED While the COVID-19 pandemic added to the challenges faced by bushfire-affected customers, we have maintained our focus This year Suncorp responded to large-scale natural disasters in getting them back on their feet as quickly as possible. We including the Australian bushfires, floods and storms, and the implemented WebChat capabilities, extended online claims COVID-19 pandemic, which together have seen many of our functionality, used drones to complete roof inspections and customers and communities impacted throughout the year. offered virtual claims assessments for commercial and consumer Suncorp remains committed to supporting both their immediate property customers to keep the process moving while protecting needs and long-term recovery. the health and safety of all involved. As at 30 June 2020, Suncorp Group had completed 88 per cent of COVID-19 PANDEMIC home and 86 per cent of motor insurance claims for customers As the COVID-19 pandemic emerged, Suncorp quickly evolved its impacted by the summer bushfires. ways of working, activating its business continuity plan to protect its people, customers and business. New solutions and a suite IMPROVING OUR BUSINESS PRACTICES of support packages were offered to ensure customers remain protected and their financial needs are met during these challenging In 2019–20, we transitioned to the improved General Insurance circumstances. As at 30 June 2020, we provided discounts and Code of Practice and made further enhancements in the Bank premium waivers to 11,000 home insurance customers and 20,000 to support customers and commenced implementation of our OUR RESPONSIBILITY motor insurance customers, and supported 14,400 home and Responsible Banking & Insurance Policy. business loan customers under temporary deferral arrangements. In early June, the Bank commenced three-month check-ins with Insurance impacted home loan customers and by 31 July 2020, approximately Suncorp worked closely with the Insurance Council of Australia 51 per cent of accounts receiving temporary deferral arrangements to shape the updated General Insurance Code of Practice and were returning to normal repayments. As at 30 June 2020, the led the industry in implementing improvements ahead of the Wealth business had facilitated approximately $99 million of early 1 July deadline. Key improvements include: superannuation payments to around 13,000 members. As at 31 July, — transparency of premium changes for retail and small business a further $66 million of early superannuation payments had been customers and simpler communications that help consumers facilitated to 8,300 members. More than 38,000 online applications understand any changes in their policies and premiums for hardship and support were received from customers. We work closely with consumer advocates to assist customers whom have — enhanced support for customers experiencing vulnerability suddenly found themselves in a vulnerable position, many for the and hardship through process improvements, system updates first time in their lives. and specialist training for our teams, suppliers and distributors — launch of a Domestic and Family Violence statement that AUSTRALIAN BUSHFIRE CRISIS includes greater protections for survivors with measures to The bushfire crisis over the Australian summer saw widespread protect the contact details and addresses for joint policy Case destruction across the country, impacting Suncorp customers, holders and the garaged address of any mobile assets held Study employees and communities. Suncorp’s national resources, by the survivor including support teams, assessors and builders, were deployed — specialist support services for customers who are subject to Read more about Suncorp's to affected communities as soon as it was safe to do so, with response to the Australian domestic and family violence, including fairer claims outcomes measures put in place to assist our banking and insurance bushfires atsuncorpgroup. for those impacted by violence, addictions or mental illness. com. au/news/australian- customers, including financial relief and on-the-ground claims bushfire-updates support. We provided wellbeing support for our people and
22 Suncorp 2019–20 Responsible Business Report Responsible financial services
Bank Our dedicated customer vulnerability specialist teams assisted This year, a retirement simulator digital tool was introduced for Following implementation of the Australian Banking more than 2,000 insurance and banking customers, providing current and future superannuation customers to assess their Association’s Banking Code of Practice (Code) on 1 July 2019, flexible, tailored, end-to-end case management for customers retirement outcomes and develop appropriate superannuation Suncorp has continued to enhance its processes, products requiring additional support, including referral to qualified social strategies. We also introduced an online tool to help members and services to provide greater financial protections to our workers and specialist services. This year Suncorp’s Office of better understand the impacts of any early release of customers. During 2019–20 Suncorp: the Customer Advocate reviewed 68 complex customer cases superannuation on their balance. that were escalated to them. — ceased charging default interest on agricultural loans while Suncorp continued to invest in AI and machine learning to help farmers are affected by drought or natural disaster Complaints management inform accurate pricing for its insurance products, including advanced modelling for bushfires, storms and cyclones. — extended protections to small business loan guarantors and Despite increased numbers of insurance claims as a result of clarified the restrictions on non-monetary defaults on small the Australian bushfires, floods and storms, and the ongoing business loans financial pressures of drought and impacts of the COVID-19 pandemic, Suncorp maintained its focus on delivering better — removed fees relating to informal overdrafts and dishonoured customer experience and complaint service levels, resolving transactions on basic, low fee or no fee accounts for 95 per cent of our complaints received by our customer-facing concession card holders, with basic accounts unable to teams within five business days. The New Zealand business become overdrawn in most situations used analysis of external dispute resolution outcomes and — removed account-keeping fees associated with personal industry themes to strengthen its complaints reporting. and business deposit accounts. Suncorp is investing in an enterprise-wide approach to
complaints management, including improved systems and OUR RESPONSIBILITY Supporting Customers Experiencing Vulnerability capability building across the Group to enhance the quality of This year, Suncorp made solid progress in improving support our controls and data and the delivery of timely and meaningful for customers experiencing vulnerability, a core element of our outcomes for our customers. Financial Inclusion Action Plan and a focus for recent industry code of practice updates following the Royal Commission. INVESTING IN DIGITAL AND DATA To support the implementation of Suncorp’s Responsible Banking This year, Suncorp advanced its digital capability and experience & Insurance Policy, a Customer Vulnerability Standard and for customers, with the COVID-19 pandemic prompting fast- supporting guidelines were developed to help our teams navigate tracking of digital solutions. We introduced a dedicated digital complex issues facing customers including financial hardship, hub for those impacted by the pandemic, delivered an automated domestic and family violence, scams and fraud, and financial online application process for customers to make hardship elder abuse. Our guidelines and information on financial hardship, applications, and extended the capabilities of WebChat and our domestic and family violence and general support services for intelligent virtual assistants to respond to customer queries. customers in need is available on our brand websites. Our ongoing investment in automation boosted our ability to We continued to build awareness and capability across our deliver in a consistent and timely manner for our customers workforce through our dedicated vulnerability training, with and meet their increased demand for digital solutions. These more than 11,000 employees, suppliers and distributors trained measures also enhanced our support for customers impacted to date. This year, all New Zealand employees completed by bushfires and storms across Australia. At the height of the the vulnerability awareness training, with advanced training bushfire and storm season, almost 34 per cent of claims were undertaken by customer facing teams and key leaders. A made online. This year, digital self-service transactions increased centralised Community of Practice was established to share by 25 per cent year on year, and claims lodged online increased learnings and build knowledge and skills about specific areas of by 19 per cent. vulnerability, with expert coaching sessions delivered to provide deeper insights into complex issues.
23 Suncorp 2019–20 Responsible Business Report Engagement and advocacy: building financial Suncorp Group Customer Advocate, Matt Leslie resilience and advocating for things that matter
Suncorp participates in a wide range of industry roundtables Strengthening access to essential services and community forums to share best practice and discuss Suncorp’s AAMI brand has partnered on the development of a solutions. This year we hosted events to hear important new initiative with Global Sisters, a not-for-profit organisation insights from consumer advocates and our customers. that supports women who are often financially excluded to We also advocated for greater awareness and measures to become financially independent. Together we have tailored the protect customers against scams and worked to build the AAMI products to be suitable for micro enterprises requiring a financial resilience of our community. simple, low cost insurance solution. The product enables ‘Sisters’ within the community to access public and product liability, and Consumer Advocate Day 2020 property cover for business equipment and stock, as they build In March 2020, Suncorp hosted its annual Consumer Advocate their enterprises. It includes lower priced premiums, one excess- Day in Melbourne with more than 35 consumer advocates free claim per period of insurance, and a dedicated support team representing a wide range of community groups in attendance. to help eligible customers through the process. The offering The event provided an opportunity for two-way dialogue between will help remove some of the barriers that have prevented this Suncorp leaders and consumer advocates, who share important community from accessing business insurance and achieving insights into the issues impacting people in the communities financial independence in the past. we serve. Hosted by Suncorp’s Group Customer Advocate and Suncorp also joined forces with Thriving Communities attended by Suncorp’s senior executives, this year the discussions Partnership to release the research report: Disaster Planning centred on protection for customers experiencing vulnerability, and Recovery Collaborative Research Project. The report focuses regulatory reform and the impacts of climate change. on the experiences of people and local businesses in Townsville OUR RESPONSIBILITY immediately following the devastating North Queensland Monsoon Driving industry change to address scams Disaster in 2019. The community’s experiences post event will FINANCIAL INCLUSION ACTION PLAN To better protect our customers against the rise of scams in assist in forming a valuable understanding of how different Suncorp's Financial Inclusion Action Plan underpins our Australia, this year Suncorp took the lead in the banking sector interactions with essential services and other organisations can commitment to grow inclusively and build the financial to work with Queensland University of Technology’s (QUT) vitally affect people’s recovery following a crisis. Read the report at resilience and wellbeing of our customers and broader community. Find at: suncorpgroup.com.au/corporate- School of Justice and Dr Cassandra Cross, an expert in the thriving.org.au/what-we-do/disaster-planning-and-recovery field of fraud and scams. Suncorp and QUT hosted a responsibility/responsible-financial-services/ financial-resilience Scam Prevention Workshop that brought together more than Financial education for our newest Queenslanders 50 experts from across the justice, finance and government This year Suncorp continued to work in partnership with sectors to explore the impact scams have on Australians and Multicultural Australia to build the financial resilience of refugees how we can work together to better protect customers from the and new migrants living in Queensland. We piloted a financial threat of this criminal activity. Learn more at suncorpgroup. literacy program with 39 clients in Toowoomba and Brisbane, com.au/news/community/suncorp-qut-scam-prevention- which was adapted for their needs and designed to help them workshop navigate financial services in Australia.
Collaborating for Financial Inclusion Building financial fitness in New Zealand Suncorp is an active member of the Financial Inclusion Action This year Suncorp New Zealand worked with ANZ to host more than Plan initiative and Thriving Communities Partnership (TCP), 110 of our people at a series of Financial Fitness workshops, designed both aimed at bringing together government, community and to help them better understand and manage their financial future. In businesses to help drive greater inclusion, support and financial addition, Suncorp New Zealand participated in the Insurance Council wellbeing for all Australians. of New Zealand’s annual Insurance Day event during Money Week, spending the day with 40 Pasifika school students to help them learn about risk and how insurance can help protect people.
24 Suncorp 2019–20 Responsible Business Report OUR RESPONSIBILITY Maintain proportion year-on-year of Level 2 Level of year-on-year Responsible financial services financial Responsible Suncorp 2019–20 Responsible Business Report Responsible 2019–20 Suncorp complaints resolved in 30 days in 30 complaints resolved 2020-21 TARGETS 2020-21 risk risk 3 Continue to evolve Customers Experiencing Vulnerability Strategy and Strategy ExperiencingContinue to Customers evolve Vulnerability Roadmap Continue to Standards and Guidelines to implement support customers violence,experiencing including domestic vulnerability and family wellbeing and accessibility and hardship, vulnerability financial issues and Insurance Business Savings Continue product development of Sorry consumers Islander Strait and Torres Aboriginal for assessments Continue to Responsible implement and review Policy Insurance & Banking Sensitiveand develop Sector Guidelines Conduct portfolio ESG FUTURE ACTIVITY FUTURE 2 1 4 % % 71 95 5,389 AAI Insurance Super balance 12,294 25,079 25,079 117,329 117,329 resolved in 5 days resolved Level 1 complaints Level financial hardship Level 2 complaints Level resolved in 30 days in 30 resolved members with Everyday with Everyday members Essentials bank accountEssentials customers with Everyday with Everyday customers customers assisted duringcustomers customers with Essentials by by with Essentials customers 2019–20 PERFORMANCE METRICS 2019–20 risk 3 assessments Expanded community sector referral external to improve partnerships experiencing customers for pathways vulnerability Literacy Piloted Financial workshops clients to Australia with Multicultural resilience and economic build financial diverse participation culturally for communities Enterprise Launched AAMI Micro with Global in partnership Insurance Sisters Implemented Experiencing Customers Standards and Strategy, Vulnerability Guidelines and inclusion Continued financial for customer training vulnerability and extended employees toAustralian teams New Zealand Commenced implementation of Policy & Insurance Responsible Banking to responsible our approach tostrengthen services financial practices Scoped design of portfolio ESG Integrated systemsprocesses and to complaints processesfurther improve PERFORMANCE HIGHLIGHTS FINANCIAL RESILIENCE AND SUPPORT FOR VULNERABLE PEOPLE PEOPLE VULNERABLE FOR SUPPORT AND RESILIENCE FINANCIAL CUSTOMER EXPERIENCE, FAIRNESS AND VALUE AND FAIRNESS EXPERIENCE, CUSTOMER Improve the financial Improve and financial inclusion our customers of resilience Improve the satisfaction and Improve customers our of advocacy OBJECTIVE 1. Handled by customer-facing teams. Excludes New Zealand 2. Managed by Customer Relations Team. Excludes New Zealand 3. ESG – environmental, social and governance 4. Excludes New Zealand and Australian Life Business. General Insurance ‘Peace of Mind’ ‘Peace Insurance General Life Business. and Australian 4. Excludes and governance social New Zealand – environmental, ESG 3. Excludes Zealand New 2. Managed Excludes teams. Team. by Customer Zealand New Relations 1. Handled by customer-facing support calculated a policy at level OUR PERFORMANCEOUR 25 Sustainable growth OUR FOUNDATIONS
Climate Change Action Plan Details our actions for for managing climate-related risks and opportunities, including our Environmental Performance Plan to proactively reduce our environmental footprint. suncorpgroup. We seek to OUR APPROACH com.au/corporate-responsibility/ innovate and To create sustainable value, Suncorp adapts to evolving sustainable-growth/reducing- environmental-impacts optimise market conditions. We take a long-term view and actively respond to changes in the economy, society and the Responsible Investment Policy economic, environment. We manage our impacts to ensure the Describes our approach to the long-term social and sustainable growth of both our business and the communities sustainability of investment returns and in which we operate. management of environmental, social and environmental governance risks and opportunities in our outcomes RESPONDING TO CLIMATE CHANGE AND MANAGING OUR investment portfolios, our approach to impact investing and the governance of ENVIRONMENTAL FOOTPRINT throughout our proxy voting activity. suncorpgroup.com. business and Suncorp conducts business in a way that protects and sustains au/corporate-responsibility/sustainable- the environment. We continue to reduce our environmental growth/responsible-banking-insurance- value chain. impact and be transparent about our environmental performance. investing Climate change presents strategic and financial risks and Responsible Banking and Insurance opportunities for our organisation and our community. Suncorp
Policy OUR RESPONSIBILITY is committed to playing our part in reducing carbon emissions, Outlines how we integrate environmental, preparing for the physical impacts of climate change and social and governance considerations supporting the transition to an economy that achieves net-zero into business practices and decision emissions by 2050. making. suncorpgroup.com.au/uploads/ Responsible-Banking-Insurance-Policy- Public.pdf COLLABORATING FOR ACTION Suncorp works with and participates in industry initiatives to Sensitive Sector Guidelines address climate change including the Climate Measurement Ensure consistent decision making across Standards Initiative, Climate-KIC, Insurance Council of Australia our investment, banking and insurance portfolio on issues including fossil fuels, Climate Change Action Committee, Business Council of tobacco and controversial weapons. Australia Adaptation and Resilience Working Group, ABA suncorpgroup.com.au/corporate- Sustainability Working Group and the Actuaries Institute responsibility/sustainable-growth/ Climate Change and Affordability Working Group. Suncorp responsible-banking-insurance-investing is also collaborating with the newly established Minderoo Foundation Wildfire and Disaster Resilience Program. Suncorp Supplier Code of Practice New Zealand is a member of the Sustainable Business Outlines the standards expected of our suppliers in Australia and New Zealand, Council and Climate Leaders Coalition. We are a signatory ensuring our supply chain is cost effective, to the Principles for Responsible Investment, Principles for innovative, responsible, fair and manages Sustainable Insurance and Principles for Responsible Banking, ethical business practices, human rights international frameworks committed to driving collective action risks and workplace conditions, product safety and impacts on the environment and sustainable practices across the finance sector. appropriately. suncorpgroup.com.au/ about/procurement
26 Suncorp 2019–20 Responsible Business Report Sustainable growth
2030 TARGET 51% absolute reduction in Scope 1 and Scope 2 GHG Our progress — Creating a sustainable workplace: We are developing emissions1 programs and inspiring spaces that engage and enable our Suncorp continues to proactively address climate-related people to have a positive environmental impact. risks and opportunities and embed environmental, social and governance considerations across our value chain. This year we partnered with our suppliers on sustainability innovation: with our fleet vehicle provider to switch to CLIMATE-RELATED FINANCIAL DISCLOSURES fuel-efficient hybrid cars and use telematics to encourage good Suncorp continues to integrate climate change considerations driving behaviours; our building managers to install rooftop into governance, risk management and strategy processes in solar in two locations; and our event venues to reduce waste. line with the Financial Stability Board’s Task Force on Climate- We worked with Qantas Future Planet to make our annual related Financial Disclosures framework (TCFD), to which Business Leaders’ Summit carbon neutral and Simply Cups to Suncorp became a signatory in 2018. introduce coffee cup recycling at all major commercial offices. This year Suncorp further investigated the emergence of To fulfil our target to reduce emissions by 51 per cent by 2030, climate-related risks and opportunities through scenario analysis we developed a Renewable Energy Strategy which saw of different emission concentration pathways and at fixed Suncorp join RE100 and commit to purchasing 100 per cent points in time. A copy of our full TCFD report is available at renewable electricity by 2025. suncorpgroup.com.au/corporate-responsibility/reports. BUILDING NATURAL HAZARD RESILIENCE REDUCING ENVIRONMENTAL IMPACTS Suncorp continues to help our customers and communities be
This year Suncorp continued to reduce operational emissions aware, protected, and prepared for natural disasters, and to better OUR RESPONSIBILITY and waste, set renewable energy targets and refreshed our adapt to our changing climate. We do this through our advocacy Environmental Performance Plan (EPP) for our Australian and and collaboration with key industry, government and community New Zealand operations. This three-year plan set our priorities stakeholders and through products that recognise and reward in becoming a low-emissions and resource-efficient organisation customers’ own resilience building. Suncorp’s Natural Hazard focusing on: Resilience Program focuses on: — Reducing emissions: We are accelerating efforts to reduce — Deepening climate change and natural hazard risk insights Suncorp’s emissions and overall costs, aligned with global and risk intelligence action on climate change — Engaging with stakeholders and contributing to the — Reducing waste: We are developing a group-wide approach development of community-level risk reduction to resource efficiency and measurement which minimises — Extending our capability and product solutions. waste and maximises opportunities for reuse and recycling During the year, Suncorp partnered with researchers to deepen climate change and natural hazard risk insights to enable stronger risk selection and pricing. We were a leading voice in CLIMATE CHANGE advocating for greater government investment in infrastructure Case ACTION PLAN to protect communities from natural hazards. Through our Study Suncorp’s Climate Change Action Storm Ready Streets program we worked with community Plan matures our assessment, partners to raise awareness of natural disaster risk and rewarded management and disclosure of climate Queensland households, residents and businesses that actively Read more about Suncorp's change risks and opportunities. prepared for extreme weather. We continued to offer our Storm Ready Streets Find at suncorpgroup.com.au/ program at suncorpgroup. corporate-responsibility/reports Cyclone Resilience Benefit to homeowners, with 45,749 com.au/news/community/ customers receiving insurance premium reductions. suncorp-storm-ready- streets-community-program 1. From 2017–18 baseline for Suncorp corporate operations in Australia and New Zealand. Calculated using science-based target methodologies.
27 Suncorp 2019–20 Responsible Business Report Sustainable growth
Case Study
Learn more about the Synergis Disability Housing RESPONSIBLE UNDERWRITING, LENDING AND Impact investing Fund at suncorpgroup.com. INVESTMENT In support of our Responsible Investment Policy, Suncorp proactively au/news/news/suncorp- seeks opportunities to engage in social impact investing that invests-in-Synergis-NDIS- disability-housing Sensitive Sector Guidelines meets both our investment and social impact assessment criteria. In 2020, we strengthened our Fossil Fuels Sensitive Sector In 2019–20, Suncorp expanded its social impact investments by Guideline to cease underwriting, financing or directly investing becoming one of the first investors in the Synergis Disability Housing in new oil and gas projects, phase out underwriting and Fund, which aims to address the substantial undersupply of housing financing oil and gas by 2025, and directly investing by 2040. for people living with a disability. It's estimated that 12,000 National This builds on our commitment to phase out of existing thermal Disability Insurance Scheme (NDIS) participants currently have coal by 2025. no access to much-needed specialist disability housing. Under Suncorp's Responsible Investment Policy, our external We remain committed to investments in renewable energy investment managers are required to apply a shadow carbon infrastructure and low-carbon solutions that deliver both financial price to their analysis of investment opportunities to manage and environmental outcomes. During the year, Suncorp’s $15 million the risk of stranded assets as we transition to a net-zero commitment to the Palisade Renewable Energy Fund became fully emissions economy. drawn down. Palisade completed the development of a large-scale RESPONSIBLE SUPPLY CHAIN As at 30 June 2020, fossil fuel extraction and electricity solar energy project in Townsville and progressed the Granville Addressing modern slavery generation activities made up less than 0.1 per cent of general Harbour wind project in Tasmania. As at 30 June 2020, Suncorp’s insurance gross written premium. Fossil fuel exposure is less investment in low-carbon solutions was $236 million. Suncorp continues to proactively respond to the Modern Slavery Act 2018 (Cth), by identifying and managing the direct and
than 0.5 per cent of our insurance and shareholder investment The transition to a net-zero emissions economy offers increased OUR RESPONSIBILITY indirect risk of human rights abuses, such as modern slavery assets, and less than 1.5 per cent of total investment assets opportunity for low-carbon investment. Suncorp actively and child labour, throughout our value chain. This includes our under management (i.e. inclusive of wealth and investment participates in a global working group with the Science Based people, our customers, suppliers and their workforces, as well as assets managed on behalf of third parties). Targets to develop standards for the measurement of Scope 3 monitoring financial transactions and reporting any suspicions of carbon emissions in the financial sector. Suncorp's commercial lending portfolio has no exposure to criminal activity associated with them. fossil fuels via either extraction or power generation. Suncorp Proxy Voting Governance will continue to underwrite, lend to and invest in companies In 2019–20, Suncorp commenced the inclusion of modern slavery whose business is clearly consistent with the transition to a Suncorp is committed to ensuring all proxies are voted in a risks and controls into existing systems and processes with initial net-zero emissions economy by 2050. manner consistent with Suncorp’s Responsible Investment Policy focus on procurement, outsourcing and investments. We engaged and Corporate Responsibility Principles. human rights specialists to lead modern slavery training for key Under our Tobacco and Controversial Weapons Guidelines, teams across our business to drive awareness about the issue and In 2019–20, Suncorp undertook a continuous improvement- we continued to exclude tobacco, recreational cannabis, land legislation, and build capability in identifying, managing, mitigating focused review of our Proxy Voting Principles, with a mines, cluster munitions, biological and chemical weapons and reporting risks of modern slavery. We also participated in the strengthened commitment to the independence of the Chair, from our investment portfolios. development of the ABA’s Modern Slavery guidance for member properly constituted polling on substantial matters, and Our Responsible Investment Policy commitments to uphold the banks. Suncorp has developed processes to identify and improve communication about the Principles that will guide how we United Nations Universal Declaration of Human Rights also saw how we operate and partner to reduce instances of modern vote on shareholder sponsored resolutions. We also finalised several companies excluded from our investment portfolios. As slavery. Suncorp is establishing modern slavery contract clauses and published our Proxy Voting Summary, which includes our a result of improvements in eliminating human rights abuses in in all new supplier agreements, including a requirement for key Principles. This year, Suncorp voted all eligible proxy resolutions, supply chains and through the Responsible Cobalt Initiative in suppliers to complete annual statements of exposure and risk voting at 336 meetings on 2,766 resolutions in 21 countries. particular, the exclusion of some companies was lifted this year, management. Since becoming a signatory to the Principles for Responsible although much work remains in eliminating child labour and Suncorp will publish a Modern Slavery Statement in 2020–21 Investment (PRI) in 2019, Suncorp completed its first PRI forced labour from value chains. and report on how we are identifying and addressing the risks Transparency Report this year, available at unpri.org/signatory- of modern slavery in our operations and supply chain, across directory/suncorp-group/4682.article. Australia and New Zealand.
28 Suncorp 2019–20 Responsible Business Report OUR RESPONSIBILITY 3 1 2 % % % 5 51 95 Sustainable growth Sustainable within 30 days within 30 of invoices paid invoices of Net-zero emissions by 2030 by emissions impact investments Scope 1 and Scope 2 absolute in reduction in social and low carbonin social and low GHG emissions by 2050 by GHG emissions Scope 1 and Scope 2 GHG of total shareholders’ funds funds totalof shareholders’
2020-21 TARGETS 2020-21 Suncorp 2019–20 Responsible Business Report Responsible 2019–20 Suncorp ate including Conduct portfolio ESG risk Conduct portfolio risk ESG assessments Slavery a Modern Publish Statement addresses that in our risk modern slavery chain operations and supply Refresh our Climate Change Change our Climate Refresh Action Plan Continue climate change scenario analysis of discovery phase Finalise Resilience Hazard Natural to product, expand Program customer and community solutions to reduce risk Continue carbon reduction est initiatives in real efficiency, energy consolidation, and vehicle fleet Implement Renewable Energy Strategy Energy Renewable Implement Plan Performance Environmental refreshed Implement
FUTURE ACTIVITY FUTURE of material and of % % 1 % proxies voted proxies
100% 100% 4.6 14.4 23.5 consumption 45,749 99.4% Supplier Code of Practice Code of Supplier in social and low carbonin social investments and low premium reduction from from reduction premium reduction in electricityreduction of new and new of Cyclone Resilience Benefit Resilience Cyclone customer policies received policies received customer hybrid cars and telematics cars hybrid reduction in land transport in land reduction 1 and Scope 2 GHG emissions emissions from fuel-efficient fuel-efficient from emissions cumulative reduction in Scope reduction cumulative of total assets under management (AUM) totalof (AUM) assets management under
strategic suppliers in Australia accepted in Australia suppliers strategic 98% covered by Responsible Investment Policy Investment Responsible by covered 2019–20 PERFORMANCE METRICS 2019–20 91% $238m Published our Proxy Voting Principles Voting our Proxy Published Summary Voting our Proxy and published Finalised new Embedded in all Code of Practice Supplier and engaged agreements material existing supplier in Australia suppliers social for Fund Committed $2 million to Synergis specialist disabilityimpact housing through Developed a Renewable Energy Strategy Strategy Energy Developed a Renewable and joined RE100 Plan Performance our Environmental Refreshed Estate Resource Real Launched Guidelines for EfficiencySustainableEvents and Reducedtransport land emissions through fuel-efficient and hybrid cars telematics Good for and Here Continued Sustainable Suncorp staff programs engagement Integrated the UNEP FI Principles for for Integrated FI Principles the UNEP Insurance Sustainable Continued to Change our Climate implement Action Plan Continued advocacy and community engagement Resilience Strategy Hazard our Natural through phase of climate change Completedfirst scenario analysis Met targetsMet to reduce Scope 1 and Scope 2 GHG carbon reductionemissions through initiatives
PERFORMANCE HIGHLIGHTS RESPONSIBILITY IN OUR VALUE CHAIN VALUE OUR RESPONSIBILITY IN ADDRESSING CLIMATE CHANGE CHANGE CLIMATE ADDRESSING Optimise our social and environmental impact across chain our value Reduce Suncorp Reduce Suncorp gas greenhouse emissions (GHG) Prepare for for Prepare a net-zero emissions economy Build customer customer Build and community to resilience disasters natural RESOURCE USE AND EFFICIENCY AND USE RESOURCE OBJECTIVE Reduce Suncorp’s environmental footprint 1. From 2017–18 baseline for Suncorp corporate operations in Australia and New Zealand. Suncorp previously published a target to reduce emissions intensity for our industrial operations (Suncorp Insurance Ventures). As Capital S.M.A.R.T. and ACM Parts were sold sold were Parts and ACM S.M.A.R.T. As Capital Ventures). Insurance to emissions intensity (Suncorp reduce operations a target published for our industrial previously Suncorp Zealand. and New in Australia corporate operations baseline for Suncorp 2017–18 1. From terms with payment and suppliers Excludes New Zealand invoice. Ventures. Excludes Insurance Suncorp of a valid receipt and will no longer be 2. tracked From is no longer relevant Ventures Insurance this intensity-based for Suncorp target Octoberon 31 2019 definition. Investor Coalition Based on Global 3. beyond days. 30 OUR PERFORMANCEOUR 29 Resilient people and communities OUR FOUNDATIONS
Safety and Wellbeing Policy We respect Our approach Promotes a culture of integrated, human rights Suncorp is committed to building the financial, social and systematic management of safety and wellbeing. natural hazard resilience of our people and communities. and invest in suncorpgroup.com.au/corporate- We aspire to have an inclusive culture and diverse workforce. responsibility/resilient-people- the wellbeing We support our people in the causes they care about and and-communities/employee- and resilience of actively promote their involvement in the community. safety-and-wellbeing
our people and INVESTING IN THE COMMUNITY Equal Employment Opportunity and Diversity communities. We We work in partnership with a range of community organisations Policy are there for our and encourage our employees to be active in the community Fosters inclusion by providing an people and our through our Brighter Futures employee giving program which environment where everyone can promotes relationship-building, giving and volunteering be themselves and feel valued, involved and respected for their communities in opportunities, with matched-giving by Suncorp. perspectives and contribution. times of need. suncorpgroup.com.au/corporate- RESPECTING HUMAN RIGHTS responsibility/resilient-people- OUR RESPONSIBILITY Suncorp remains committed to human rights and is a signatory and-communities/diversity-and- inclusion to the United Nations Global Compact which commits to supporting and protecting human rights, eliminating all forms Suncorp Group Enterprise of forced and compulsory labour and the effective abolition of Agreement child labour. Suncorp’s Responsible Banking and Insurance Provides minimum terms and Policy, Responsible Investment Policy, Code of Conduct and conditions of employment in Supplier Code of Practice help us operationalise our human Australia that support a culture that makes Suncorp a great place rights commitments. to work. suncorpgroup.com.au/ corporate-responsibility/resilient- FOSTERING FLEXIBILITY, INCLUSION AND DIVERSITY people-and-communities/ At Suncorp, we build inclusion by providing an environment enterprise-bargaining where everyone can be themselves and feel valued, involved and Community Investment respected for their perspectives and contribution. Flexibility is an Strategy important part of Suncorp’s culture and even before COVID-19 Aims to make a positive impact more than 80 per cent of our workforce took advantage of on the financial, social and flexible working practices on a regular basis. As a result, natural hazard resilience of the Suncorp has a more engaged workforce, reduced absenteeism communities in which we operate. suncorpgroup.com.au/corporate- and workplace stress, and a greater ability to respond to the responsibility/resilient-people- changing environment. and-communities/community- investment
30 Suncorp 2019–20 Responsible Business Report Resilient people and communities
2022 TARGET 0.7% pre-tax profit invested in the Our progress Staying connected through COVID-19 community Suncorp is building resilience for the major changes our The health and safety of our people and our customers is our people and communities face. This includes preparing for priority. We moved the majority of Suncorp’s workforce to the workforce of the future, driving an inclusive and diverse work from home as the COVID-19 pandemic emerged, using workplace, and investing in the financial, social and natural our digital capabilities and well-established flexible working hazard resilience of our customers and the community. arrangements. We rapidly deployed computer equipment, remote access and digital licences to ensure our people were properly BUILDING A PURPOSE-DRIVEN CULTURE equipped, could continue to work and serve our customers, and felt connected and supported. We implemented new social During 2019–20, we refreshed our purpose to clearly articulate distancing protocols and hygiene practices, especially for our why we exist: building futures and protecting what matters. store teams who continued to serve our customers in our retail Suncorp’s culture reflects the commitment of our people and is locations. We deployed a wide range of leadership and resilience centred on three key principles: tools and training, regular pulse-checks on the wellbeing and Doing the right thing: We are a high-performing team safety of our people, and new digital communication channels to that prioritises honest and fair conduct. We manage risks keep our people informed. while delivering results. Caring for others: We are collaborative, inclusive Workforce of the future and we care about our customers, our people and the Suncorp’s Future Ready learning program supports our people communities in which we operate. We are supportive to manage their career and build skills for the future working of each other to safely achieve our goals. environment. In 2019–20, more than 1,100 employees participated OUR RESPONSIBILITY in Introductory Pathways and Accelerated Pathways for eight key Being courageous: We are purpose-led and embrace capabilities. Future Ready has also hosted 50 Thrive personal accountability. We are customer-driven and adapt to resilience workshops and 30 My Future Career workshops. evolving stakeholder needs, speaking up when it’s needed. This year 81 per cent of Suncorp’s employees participated in our engagement and culture survey with our engagement score lifting to 67 per cent. Our people highlighted strengths such as our flexible and inclusive work environment, our customer- centric culture and genuine care displayed by our leaders for their teams, while greater focus is needed on supporting our people through change and innovation and ensuring the right resources are available to achieve the best outcomes.
LEADING OUR PEOPLE THROUGH CHANGE As a large employer, Suncorp supports our workforce to build the skills needed to succeed in the future, ensuring they have the right capabilities to thrive in the economy of the future. Our learnings in responding to the COVID-19 pandemic are informing our workforce planning and new ways of working, so we are in the best possible shape as we emerge from the crisis.
31 Suncorp 2019–20 Responsible Business Report Resilient people and communities
COMMUNITY INVESTMENT Supporting our communities through COVID-19 In 2019–20 Suncorp invested $10.3 million in our communities. As a result of COVID-19, Suncorp donated $1 million to This includes $4.4million in strategic community partnerships, The Smith Family in Australia to help combat the growing digital $1.3 million in support for communities impacted by COVID-19, divide being faced by vulnerable school students and families. $1 million in matching for employee giving and $1.8 million in The donation saw 650 digital inclusion packs delivered to kids other vital cash contributions. in need across the country, giving them access to a device, the internet and support they need to remain connected to their teachers and classmates. Suncorp New Zealand donated NZ$100,000 to Shine to help children affected by domestic TOTAL COMMUNITY INVESTMENT $10, 317, 049 violence stay connected with their schools and online learning. We adapted the way we engage our customers through our Annual cash contributions $7,224,210 partnership with Netball Australia providing virtual netball clinics for young Australians, and through our partnership with COVID-19 cash contributions $1,320,000 Financial Basics Foundation to provide free access to the financial literacy program Suncorp ESSI Money Challenge. Management costs $1,081,279
Volunteering time $691,560 Local charity partnerships This year, Suncorp employees selected 14 local charities to partner with across Australia and New Zealand to address issues OUR RESPONSIBILITY Bushfire relief and recovery they care most about in the communities where they live and work. These charities provide support for those experiencing Suncorp donated $560,000 to support the immediate and long- mental health issues, homelessness, family violence, cancer, term needs of communities affected by the 2019–20 bushfires childhood illness, and drought. across Australia. More than 2,000 Suncorp employees donated $80,000 of their own money which was double matched by Measuring social impact Suncorp. Teams also volunteered to pack food hampers which provided relief to firefighters on the frontline. Suncorp introduced This year Suncorp commissioned a review of current research on unlimited paid emergency response leave for employees who the most effective interventions for building the social, financial and are members of volunteer organisations, to ease the financial natural hazard resilience of individuals and communities. This will challenges for those who volunteer during an emergency or natural inform the development of Suncorp’s theory of change and impact disaster. Suncorp also offers several other flexible leave options and measurement framework and provide Suncorp and its community counselling for employees who live in bushfire-affected areas. partners a consistent approach to enhance the measurement of outcomes achieved for individuals and communities. Case BUSHFIRE DONATIONS Study
$200k to the Foundation for Rural and Regional Renewal This year Suncorp employees raised more than $1 million $100k to the Australian Red Cross for important causes – and to volunteer firefighting organisations in New South Wales, Suncorp matched it, bringing $100k Victoria, South Australia, Queensland and Western Australia the total to more than $2 million. Read more at $160k to double match our Employee donations suncorpgroup.com.au/news/ news/suncorp-matches-1- million-in-employee-giving
32 Suncorp 2019–20 Responsible Business Report Resilient people and communities
INCLUSION AND DIVERSITY enAble was formed to support people with disability and accessibility requirements. It empowers members to achieve Advancing Reconciliation their best, showcase their abilities, helping to improve the This year, Suncorp strengthened its partnership with experience for people with disabilities at Suncorp. Clontarf Foundation, hosting career exposure days and work ARISE was formed to advocate for ethnic diversity within experience opportunities to improve education and employment Suncorp and to ensure our teams at all levels reflect the outcomes for young Indigenous men. Suncorp attended communities in which we operate. Clontarf’s employment forums where students broaden their Suncorp’s existing ERGs span Veterans, Reserves and Defence Our employees marched proudly with the Broken Heel horizons, learn new skills and discover a range of career Families; Women Connect; Evolve; Life-X for mature-age workers and Festival float at Mardi Gras options. Suncorp leaders also participated in immersive cultural Amplify; Suncorp’s LGBTIQ+ community and their allies. experiences with the Clontarf Academies, deepening their understanding of the work Clontarf does to prepare students Gender equality for transition from school to employment. Suncorp employed Suncorp continues to take great pride in being an industry leader a Clontarf Foundation graduate into its store network this year. for workplace gender equality, with a focus not just on leadership roles but all levels across our organisation. In 2019–20, Suncorp Cultural diversity was recognised as an Employer of Choice for Gender Equality Through Suncorp’s partnership with Multicultural Australia, by the Workplace Gender Equality Agency for the seventh more than 56 employees participated cultural awareness consecutive year. training, cultural immersion, career mentoring and volunteering
opportunities, which all help our people to better serve our Gender pay equity review OUR RESPONSIBILITY diverse customers and work within diverse teams. We also Following ongoing role pay equity and gender pay equity gap supported employment pathways for Multicultural Australia’s analysis conducted across the organisation, this year Suncorp clients through job readiness and career mentoring sessions introduced a target to reduce the gender pay gap by five percentage delivered to more than 400 people this year. points over five years. Suncorp actively reviews role pay equity throughout the year and actions any issues identified through Davor Strbac has won Veteran Employee of the Year Awards our remuneration review process. at the Prime Minister’s Veterans Employment Award This year, Suncorp’s partnership with Multicultural Australia received the Minister’s Choice Award for Outstanding Engagement at the Multicultural Queensland Awards for its contributions to promoting diversity and inclusion. Suncorp New Zealand was awarded the Excellence in Workplace Diversity and Inclusion from the Australia and New Zealand Institute of Insurance and Finance.
Employee Resource Groups Suncorp’s Employee Resource Groups (ERGs) are networks created by our people, for our people. They foster a diverse and inclusive workplace and bring employees together around a common purpose, interest or background. This year Suncorp formed two new ERGs:
Clontarf Foundation International Women's Day
33 Suncorp 2019–20 Responsible Business Report OUR RESPONSIBILITY % women in women leadership in FY23 women by senior leadership on women the Board % % % 0.7 Group average Group Lost-time Injury Frequency Rate at or Frequency the community 2022 by below Finance Industry Financebelow Industry pre-tax profit invested in pre-tax invested profit 50 48 40 Suncorp 2019–20 Responsible Business Report Responsible 2019–20 Suncorp Resilient people and communities people Resilient 2020-21 TARGETS 2020-21 Test and deploy a theory of a theory and deploy Test change and impact measurement toframework enhance social in our impact measurement community partnerships Launch and implement Launch and implement Reconciliation our refreshed Action Plan Employment Indigenous Progress Pathways Continue education and campaign on gender awareness equitypay gap and the gender pay Embed our purpose principles and cultural and adaptive Continue proactive safety and wellbeing programs to risk, responsive are that including continued COVID–19 impacts FUTURE ACTIVITY FUTURE 1 hours m % % % 1.2 51 67 1.2 1,616 10.3 $ $ 11,526 Women in leadership in Women employee engagement employee per full timeper full equivalent of our peopleof identify as volunteered by our people by volunteered invested in the communityinvested Lost-time Injury Frequency Rate Lost-time Frequency Injury Aboriginal and Torres Strait Islander Strait and Torres Aboriginal invested in learning and development and development in learning invested 2019–20 PERFORMANCE METRICS 2019–20 Developed an evidence of a theory base for framework change and impact measurement Refreshed local communityRefreshed partnerships employee giving as part of Brighter Futures program Introduced unlimited response paid emergency of volunteer members for organisations leave Refreshed our Reconciliation ActionRefreshed Plan training Leading Inclusively Delivered Groups Resource new Employee Formed peoplefor disability with and accessibility culturally and those from requirements, backgrounds diverse Expanded our Future Ready program Ready program Expanded our Future Refreshed our purpose statement our purpose Refreshed and principles launched cultural Conducted employee engagement and pulse surveys Supported safety and wellbeing rapidly for arrangements, home expanded work from instituted protocols and workplace health new and launched resilience safety measures, totools in response COVID–19 and training PERFORMANCE HIGHLIGHTS COMMUNITY INVESTMENT DIVERSITY, INCLUSION AND EMPLOYEE EXPERIENCE EXPERIENCE EMPLOYEE AND INCLUSION DIVERSITY, OBJECTIVE WELLBEING AND SAFETY HEALTH, EMPLOYEE Build the skills our skills the Build people need today for and the jobs the future of Build the financial, social the financial, Build hazard and natural our people of resilience and communities Ensure our workplace our workplace Ensure and our is inclusive reflects workforce our of the diversity community Minimise the risk of of Minimise the risk and illness and injury maximise the safety our of and wellness people OUR PERFORMANCEOUR 1. Based volunteer on paid employee time 34 Our Performance
35 Suncorp 2019–20 Responsible Business Report OUR PERFORMANCE - 68 7.8 9.9 8.2 1.67 346 9.21 1.96 10.6 1.08 52.5 52.5 6.02 81.19 12.18 79.8 79.8 30.7 1,279 2016 85.18 2016 2016 9,031 1,038 15,671 13,570 95,748 54,280 - 73 7.9 1.11 8.4 11.8 11.5 377 1.77 1.93 9.23 81.9 81.9 6.20 52.7 2017 2017 2017 32.5 32.5 1,075 14.82 1,285 9,456 83.84 89.30 19,158 97,109 13,790 55,324 8 73 7. 7 8.0 12.1 448 1.84 1.94 10.6 1.08 54.7 9.07 85.8 6.39 95.2 32.0 82.17 2018 2018 2018 14.59 Suncorp 2019–20 Responsible Business Report Responsible 2019–20 Suncorp 1,292 85.20 1,059 1,059 9,559 9,559 13,973 58,716 18,945 18,945 99,333 99,333
1 8 70 1.3 11.6 8.4 175 0.18 989 12.3 1.85 81.2 1.90 1.90 9.27 29.8 29.8 5.93 56.2 90.5 9,811 13.47 2019 2019 2019 13.54 13.54 1,293 86.24 17,491 13,133 59,293 96,235 1 - 4 52 36 7.2 11.1 5.9 8.9 823 32.1 913 1.68 1.9 57.3 60.7 60.7 9.23 5.89 9.34 0.95 1,276 71.93 2020 2020 2020 59.01 9,9 11,776 12,784 95,744 58,005 ) 2 ) 3 ($) ($) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) ($m) ($m) ($m) ($m) ($m) ($m) ($m) (cents) (cents) (cents) (cents) (million) (% RWA (times PCA Market capitalisationMarket Dividend payout ratio (including special dividend) ratio payout Dividend Dividend payout ratio (excluding special dividend) (excluding ratio payout Dividend Special dividend per ordinary share, fully franked share, Special per dividend ordinary Ordinary dividend per ordinary share, fully franked fully franked share, per dividend ordinary Ordinary Number of ordinary shares at end of period at shares Number of ordinary Ordinary share price end of year at share Ordinary SHAREHOLDER SUMMARY Bank common equity tier 1 capital ratio General insurance group total capital group insurance ratio General Group excess to commonGroup equity tier 1 capital target Net tangibleNet assets backing per share Net assetsNet Total assets Total FINANCIAL STRENGTH FINANCIAL Effective income taxrate Bank cost to income ratio Bank net interest margin Bank net interest Bank total lending Underlying insurance trading result trading Underlying insurance Reported result insurance trading General insurance gross written premium gross insurance General Net profit after profit Net taxattributable shareholders to Basic earnings per share Basic earnings Basic cash earnings per share per share Basic cash earnings Return on average total on average assets Return Return on average shareholders’ equity shareholders’ on average Return Cash return on average shareholders’ equity shareholders’ on average return Cash PERFORMANCE Shareholder 1. 2020 impacted by the sale of Capital S.M.A.R.T and ACM Parts, which resulted in a $285 million gain. 2019 Impacted by the sale of the Australian Life Business, which resulted in which resulted Life Business, Impacted of the Australian by the sale 2019 million gain. in a $285 which resulted Parts, and ACM impacted S.M.A.R.T of Capital by the sale 1. 2020 assets Risk-weighted Amount 3. Capital million loss 2. Prescribed a $910 Performance summary Performance Note: has some been performance impacted by COVID-19 36 OUR PERFORMANCE Performance summary Performance Suncorp 2019–20 Responsible Business Report Responsible 2019–20 Suncorp ------
77 79 75 -1.3 +6.2 2016 2016 ------77 80 74 -2 +5.9 -0.6 2017 2017 ------1 12 77 76 92 83 20 80 +7.3 349 +2.7 2018 2018 3,011 4,322 4,322 14,324 113,210 14 41 21 81 18 15 13 -6 10 77 77 78 73 45 58 95 416 +2.1 565 +5.0 2019 2019 1,952 3,657 6,059 13,028 142,399 Commenced disclosure in the current reporting period in the current Commenced disclosure - - - 7 0 71 14 76 78 97 22 23 95 39 48 48 96 30 531 677 +9.1 +5.2 2020 2020 6,492 4,483 2,340 15,435 175,475 11 (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) (%) 7 7,10 7,10 12 7,9
7 7 7,8 7,8 12 14 4 4 4 4 6 6 5 6 6 5 13 - Insurance early resolution rate early resolution - Insurance - New Zealand - Australia - New Zealand - Bank early resolution rate - Bank early resolution Banking & Wealth Australia Australia & Wealth Banking Australia Insurance Proportion determined in the customer’s favour determined in the customer’s Proportion Number per 100,000 accountsNumber per 100,000 policies Number per 100,000 Number per 100,000 accountsNumber per 100,000 policies Number per 100,000 Proportion resolved by agreement with the customer by agreement resolved Proportion - New Zealand - Consumer Australia - Consumer - Business Australia - Business Australia - Business - New Zealand - Banking & Wealth Australia & Wealth - Banking Australia - Insurance - New Zealand - Insurance Australia - Insurance - New Zealand - Banking & Wealth Australia & Wealth - Banking - Consumer Australia - Consumer DISPUTE RESOLUTION AND COMPLAINTS Net Promoter Score Promoter Net
Customer ADVOCACY AND SATISFACTION CUSTOMER Complaints referred by customers to the Privacy Commissioner by customers to the Privacy referred Complaints AFCA Sent on time results AFCA - - -
- - -
Level 2 complaints resolved in 30 days in 30 Level 2 complaints resolved days in 21 Level 2 complaints resolved bodies by customers to dispute external resolution referred Complaints - - in 5 days Level 1 complaints resolved
Customer complaints Customer satisfaction 2019 numbers reflect both Financial Ombudsman Service and AFCA reporting 13. From Complaints closed at decision with decision outcome in AFCA Benchmarking (Jun-19 to May-20). to May-20). Complaints closedat decision with decision outcome Benchmarking From in AFCA 13. (Jun-19 reporting Ombudsman ServiceFinancial numbers reflect and AFCA both 2019 May-20) to to Benchmarking case managementComplaints progressed in AFCA From (Jun-19 14. reporting Ombudsman ServiceFinancial numbers reflect and AFCA both 2019 by ICR 11. Includes complaints received by multiple external dispute schemes (e.g. AFCA, SIRA, OAIC, IFSO) 12. From Complaints received in AFCA Benchmarking (Jun-19 to May-20). to May-20). Benchmarking (Jun-19 in AFCA received Complaints From 12. SIRA, IFSO) OAIC, AFCA, dispute complaints external by multiple Includes schemes (e.g. received by ICR 11. 4. Source: DBM Consumer Atlas, 12-month rolling as at June 2020 5. Historical data relates to Asteron Life brand. NPS and Customer Satisfaction are now measured across Vero and Vero across now measured and Customer are Satisfaction NPS to Life brand. 5. Historical Asteron data relates 2020 June as at rolling 12-month 4. Source: Atlas, DBM Consumer 9. Handled by customer- consumer travel 8. Includes excluding insurance policies, Excludes New Zealand 6. Excludes AA reporting 7. Insurance for future under revision and are Asteron received. date Exceedsrequirement. first Managed team Customer45-day(ICR Relations ASIC from ), to days by Internal 30 receipt from days updated 21 Metric teams from facing 10. 37 OUR PERFORMANCE ------47 38 1.8 13.0 2016 2016 2016 2016 2016 13,441 ------43 49 62 1.6 12.1 2017 2017 2017 2017 2017 1,055 13,374 13,374 - - - - 0 51 41 15 44 38 56 7.6 0.9 587 14.4 99.6 2018 2018 2018 2018 2018 Suncorp 2019–20 Responsible Business Report Responsible 2019–20 Suncorp 3,812 1,855 1,855 2,524 2,524 9,606 9,606 13,815 23,904 13,309 10,663 10,663 - 0 51 47 43 29 1.3 50 7.5 60 596 386 14.2 304 99.6 3.35 2019 2019 2019 2019 2019 4,257 3,464 2,440 10,375 10,769 13,440 13,040 26,233 1 0 51 67 43 68 44 40 1.2 7.2 334 986 12.6 309 99.6 3.83 2020 2020 2020 2020 2020 2,522 5,389 10,518 13,562 12,294 14,069 25,079 117,329 (%) (%) (%) (%) (%) (%) (million) 7 7,15 21. Variances in fixed pay of >5%, excluding superannuation. Based on like-for-like roles roles Based on like-for-like excluding superannuation. in fixed of >5%, pay Variances 21. 18 19 21 rate
16 20 17 Employees who did not disclose their gender paid who did not Employees median below the role - - Men paid below the role median paid below- Men the role - Women paid below the role median paid below the role - Women
Role pay equity pay Role Women in leadership roles in leadership Women Women in senior leadership roles in senior leadership Women Women on the Board Women DIVERSITY AND INCLUSION AND DIVERSITY Fatalities Lost-time injury frequency rate injury Lost-time Absenteeism Employee-initiated turnover Employee engagement Employee SAFETY AND WELLBEING AND SAFETY Employees covered by collective bargaining agreements covered by collectiveEmployees bargaining Maximum-term contractorMaximum-term headcount Casual headcount Casual Part-time headcount Part-time Full-time headcount Full-time Total employee headcount employee Total Full-time equivalent (FTE) equivalent Full-time employees People EMPLOYEES Digital users ACCESSIBILITY Everyday Essentials bank account bank Essentials customers Everyday Everyday Super with a balance members Everyday Essentials Insurance customers Insurance Essentials Reviews completedReviews the Customer by AdvocateOffice Customers assistedCustomers hardship times during financial of FINANCIAL INCLUSION AND RESILIENCE AND INCLUSION FINANCIAL 7. Excludes New Zealand 15. Excludes the Australian Life Business from 2019. General Insurance ‘Peace of Mind’ ‘Peace support Insurance calculated logged a policy have at that General Visitors level 16. 2019. Life Business from Excludes the Australian 15. Excludes Zealand New 7. Ventures Excludes Insurance Suncorp policy insurance app, authenticated applications banking 17. web and mobile self-service mobile banking, internet assets like into Suncorp's headcount Work-related 20. employees/average for permanent methodology days absence Unplanned previous using can 19. results be reports viewed in previous 2016 18. contractors external excluding fatalities 38 OUR PERFORMANCE Performance summary Performance Suncorp 2019–20 Responsible Business Report Responsible 2019–20 Suncorp ------91 10.7 2016 2016 2016 2016 1,385 8,866 3 ------2.3 95 625 10.6 2017 2017 2017 2017 9,835 ------99 96 11.1 701 2018 2018 2018 2018 1,947 1,947 10,109 10,109 13,840 13,840 1.1 92 84 94 99 96 2.7 11.4 100 703 838 2019 2019 2019 2019 9,160 1,663 16,536 97 93 98 99 99 84 1.2 2.8 11.9 692 1,616 1,018 2020 2020 2020 2020 10,317 11,526 (%) (%) (%) (%) (%) (%) (%) (%) (%) ($000) ($000) ($000) (hours) ($/FTE) 22 23 - Women - Men COMMUNITY INVESTMENT Formal learning and development learning Formal RETENTION AND ATTRACTION TALENT LEARNING AND DEVELOPMENT AND LEARNING completionCode of Conduct rate training Employees accessingEmployees work arrangements flexible Employees that identify that Employees a disability as having or over agedEmployees 55 years identify that and Employees as Aboriginal Islander Strait Torres
DIVERSITY AND INCLUSION AND DIVERSITY leave parental to work from Return Total community investment Total High performer retention performer High Community Total matched giving Total Volunteering 22. Includes matching for donations, fundraising, crowdfunding and personal volunteering 23. Based volunteering on paid employee volunteer 23. time and personal crowdfunding 22. fundraising, matching for donations, Includes 39 OUR PERFORMANCE ------60 185 900 2016 2016 3,810 2,785 5,306 28,378 ------51 157 659 2017 2017 2,971 4,519 2,542 25,480 Performance summary Performance 51 72 47 145 295 214 618 566 566 602 602 2018 2018 2,190 9,181 9,181 4,211 8,197 8,197 2,329 Suncorp 2019–20 Responsible Business Report Responsible 2019–20 Suncorp 3,038 1,382 1,382 3,870 13,051 2,228 12,358 40,310 23,741 23,741 54 43 49 551 183 133 133 467 446 1,151 1,314 3,741 2019 2019 8,747 1,953 7,089 2,247 2,027 3,836 10,767 12,583 22,160 36,668 37 26 95 45 132 951 103 373 337 363 803 1,332 3,231 2020 2020 1,305 2,091 1,600 4,372 8,733 2,796 3,067 21,323 32,852 (%) -e tonnes) -e tonnes) -e tonnes) -e tonnes) 2 2 2 2 (tonnes) (GJ/FTE) (km/FTE) (litres/FTE) ( kWh/FTE) (CO (CO (CO (CO 24
28 24 27 27 27 26,27 26,27
25 25 25 25 25 25 25 - Suncorp Insurance Ventures Insurance - Suncorp - New Zealand - Australia - New Zealand - Australia - Suncorp Insurance Ventures Insurance - Suncorp - New Zealand - Australia - Suncorp Insurance Ventures Insurance - Suncorp - New Zealand - Australia - Australia - New Zealand - Australia - New Zealand - Australia - New Zealand - Australia - Suncorp Insurance Ventures Insurance - Suncorp - Suncorp Insurance Ventures Insurance - Suncorp - New Zealand - Australia
Total greenhouse gas emissions gas greenhouse Total
Scope emissions gas 3 greenhouse
Scope emissions gas 2 greenhouse
Scope emissions gas 1 greenhouse GREENHOUSE GAS EMISSIONS GREENHOUSE GAS Proportion of officewaste diverted landfill Proportion from
Paper used for print and offices print and used for Paper
Air travel
Fuel used in company vehicles Fuel Total fuel usage Total
Electricity consumption Environment SUSTAINABILITY ENVIRONMENTAL 24. Environmental metrics are prepared on an 11+1 basis 25. 2019 numbers restated to reflect transition to improved methodology or updated data 26. To methodology to restated numbers to improved transition reflect or updated26. data basis 25. 2019 on an 11+1 prepared metrics are Environmental 24. Reflects the performance quarterly metrics of annualised FTE 27. as an average presented due to these metrics divestment are accommodate in 2020 variations large paper Based on emissions from 28. October on 31 up until the date of sale 2019 Parts and ACM S.M.A.R.T including Capital Ventures Insurance of Suncorp activities related and fuel and energy business air travel, waste generated in operations, consumption, 40 OUR PERFORMANCE Performance summary Performance Suncorp 2019–20 Responsible Business Report Responsible 2019–20 Suncorp ------2016 2016 ------2017 2017 - - - - 1 1 2 87 89 93 36 760 760 2018 2018 3,681 3,681 1,530 3,062 - 1 0 0 97 98 99 90 310 745 100 100 2019 2019 1,348 3,537 2,975 2 0 0 tes and pooled vehicles where Suncorp is not the Responsible tes is not pooled Suncorp and vehicles where 91 98 98 99 6.7 100 734 236 99.4 1,387 3,149 2020 2020 3,690 (%) (%) (%) (%) ($m) ($m) ($m) ($m) funds % of total (# excluded (# excluded ($m excluded ($m excluded shareholders' shareholders' (% total AUM) (% total AUM) positions held) positions held) 29,30 29 33 31 32 34 7,17 - New suppliers onboarded - New suppliers suppliers - Material SUPPLIERS RESPONSIBLE INVESTMENT RESPONSIBLE coverage Policy Responsible Investment Acceptance Code of Practice of Supplier Number of contracted suppliers days Invoices paid within 30 Total spend with suppliers (includes claims) spend with suppliers Total (includes claims) Spend suppliers with material Number suppliers of material Our Value Chain Value Our Proxies voted Proxies Low carbon investment Social carbon and low impact investments Assets managed by UNPRI signatories Social impact investment Compliance with Responsible with Responsible Compliance exclusions Policy Investment Entity 34. Based on Global Investor Coalition definition Coalition Investor Entity 34. Based on Global Ventures 29. Excludes taxes, fees, levies, reinsurance, debt recovery and government regulated services regulated recovery and government debt Excludes 29. taxes, reinsurance, levies, fees, Ventures Excludes Insurance Suncorp 17. Excludes New Zealand 7. invoice. of a valid receipt duly executed a current, holds contract Suncorp period 32. From Where with spend in the reporting 31. >$500K suppliers Strategic 30. to RI Policy terms beyond does apply manda 33. with payment passive days Excludes not 30 suppliers 41 To see more, go online suncorpgroup.com.au
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