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Carbon Disclosure Project 2020

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Carbon Disclosure Project 2020 Carbon Disclosure Project 2020 Carbon Disclosure Project 2020 TABLE OF CONTENTS INTRODUCTION 3 EMISSIONS BREAKDOWN 65 Emissions performance 66 GOVERNANCE 6 Board oversight ENERGY 7 68 Management responsibility Energy 9 spend 69 Employee incentives Energy-related 10 activities 69 RISKS AND OPPORTUNITIESADDITIONAL 14 METRICS 70 Management processes Other 15 climate-related metrics 71 Risk disclosure 34 Opportunity disclosure VERIFICATION 35 74 Other verified data 76 BUSINESS STRATEGY 36 Business strategy: Financial CARBONservices 43 PRICING 77 Project-based carbon credits 78 TARGETS AND PERFORMANCEInternal 46 price on carbon 79 Emissions targets 47 Emissions reduction initiativesENGAGEMENT 50 85 Low-carbon products Value 53 chain engagement 86 Public policy engagement 93 EMISSIONS METHODOLOGY 56 Communications 99 Base year Industry emissions collaboration 57 101 Emissions methodology 57 PORTFOLIO IMPACT 102 EMISSIONS DATA Portfolio 58 alignment 106 Scope 1 59 emissions data Scope 2 emissionsSIGNOFF reporting 108 59 Scope 2 emissions data 60 Exclusions 60 Scope 3 emissions data 61 Emissions intensities 64 C0 Introduction Introduction (C0.1) Give a general description and introduction to your organization. Incorporated in 1925, Power Corporation of Canada (Power Corporation or the Corporation) is an international management and holding company that focuses on financial services in North America, Europe and Asia. Its core holdings are leading insurance, retirement, wealth management and investment businesses, including a portfolio of alternative asset investment platforms. Financial Services (approx. 98% of assets) Power Corporation holds substantial interests in the financial services industry through its controlling interest in each of Great-West Lifeco Inc. (Lifeco) and IGM Financial Inc. (IGM) (our major publicly traded subsidiaries). Lifeco is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. The company has operations in Canada, the United States and Europe through Canada Life, Irish Life, Empower Retirement and Putnam Investments. It is to be noted that on January 1, 2020, Great-West Life, London Life and Canada Life, and their holding companies, amalgamated into a single life insurance company – Canada Life. IGM is a leading wealth and asset management company supporting financial advisors and the clients they serve in Canada, and institutional investors throughout North America, Europe and Asia. IGM provides a broad range of financial and investment planning services to help Canadians meet their financial goals through multiple distinct businesses including IG Wealth Management, Mackenzie Investments and Investment Planning Counsel. Together, Power Corporation’s investments in the financial services sector represent approx. 98% of its consolidated assets. Other Businesses (approx. 2% of assets) Power Corporation also holds interests in other businesses as well as a portfolio of alternative asset investment platforms, which account for approx. 2% of its consolidated assets. Power Financial and the Frère Group of Belgium each hold a 50% interest in Parjointco N.V. (Parjointco), which holds their interest in Pargesa Holding SA (Pargesa), a publicly traded Swiss company with indirect interests in companies based in Europe held through Groupe Bruxelles Lambert (GBL). Power Corporation’s indirect economic interest in these companies as at December 31, 2019 is as follows: Imerys (7.49%); adidas (0.94%); Pernod Ricard (1.04%); SGS (2.32%); LafargeHolcim (1.05%); Umicore (2.50%); GEA Group (1.18%); Ontex (2.78%); Sienna Capital (13.88%); Webhelp (8.98%); and Parques Reunidos Servicios Centrales (3.19%). Earlier in 2020, Parjointco and Pargesa announced a transaction agreement to simplify the group structure. Parjointco launched a public exchange offer for all Pargesa shares they did not already own and under which Pargesa shareholders were to receive 0.93 shares of GBL for each Pargesa bearer share they hold. Following the transaction, it is anticipated that Pargesa will be delisted from the Swiss Stock Exchange. Parjointco is expected to maintain approx. the same economic equity interest in GBL of 28%. TABLE OF CONTENTS CARBON DISCLOSURE PROJECT 2020 › POWER CORPORATION OF CANADA 3 Power Corporation has also been investing in and developing its own non-financial sector investment platforms Sagard oldings and Power Sustainable Capital (which holds Power nergy). Power nerg currentl has investments in companies that develop, own, and operate solar and wind electricit generating assets in orth merica and companies in the sustainable sector Potentia enewables – a renewable energ producer (00%) autilus olar nerg, a U.. solar developer and asset manager focused on distributed and utilit- scaled generation solar proects (acquired in ul 209) Lumenpulse – a manufacturer of high-performance, specification-grade L lighting solutions (60.%) and Lion lectric – a manufacturer of zero-emission vehicles (44.%). n addition to the above, Power Corporation holds a .9% interest in China sset anagement Co. Power Corporation remains committed to continuing to reduce its impact on the environment, while woring with its group companies as a supportive shareholder in connection with the energ and carbon management strategies the establish and implement. Power Corporation reports its carbon inventor using a financial control consolidation approach. Where financial control exists (as defined in its financial statements), the Scope , 2 and emissions reported b Lifeco and G have been rolled up. ote that Power Corporation’s emissions include its head office building in ontral, its leased office in Toronto, and emissions from other properties managed b a wholl owned subsidiar, quare Victoria eal state. Throughout our CP response, we reference the activities of our group companies, man of whom have filed their own response to the CP, including Lifeco and G. here applicable, please refer to their CP responses for more information. (C0.2) State the start and end date of the year for which you are reporting data. Start date End date Indicate if you are providing emissions Select the number of past reporting years data for past reporting years you will be providing emissions data for rom: 1/01/209 To 1/12/209 o ear (C0.3) Select the countries/areas for which you will be supplying data. Country/Area Canada Ireland United Kingdom of Great Britain and Northern reland United States of merica TABLE OF CONTENTS CARBON DISCLOSURE PROJECT 2020 › POWER CORPORATION OF CANADA 4 (C0.4) Select the currency used for all financial information disclosed throughout your response. Currency CAD ($) (C0.5) Select the option that describes the reporting boundary for which climate-related impacts on your business are being reported. Note that this option should align with your chosen approach for consolidating your GHG inventory. Financia ontrol raniationa actiities Financia sris (C-FS0.7) Which organizational activities does your organization undertake? Inestin (Asst anager) nvesting (Asst oner) Insrane nrwritin (Insrane ompan) TABLE OF CONTENTS CARBON DISCLOSURE PROJECT 2020 › POWER CORPORATION OF CANADA 5 Carbon Disclosure Project 2020 C1 Governance C1 Governance oar ovrsit (C1.1) Is there board-level oversight of climate-related issues within your organization? Ys (C1.1a) Identify the position(s) (do not include any names) of the individual(s) on the board with responsibility for climate-related issues. Position of individual(s) Please explain oard-level Comittee Responsiiity or climat chan as been assign at t oar level to t ornan an Noinatin Committee of the Board of Directors. The Committee is responsible for reviewing the Corporation’s progress on Corporat Soia sponsibilit CSR), ich inus relant imat chan topis. Haing oar orsight for risks an opportnitis inuin relant imat-relat issus is important in nsurin ar proativel intifin, assssing, anain an onitorin such risks an opportnitis aross or ivers usinsss or exaple, in 2019, t Boar o irectors riewed or climat-relat isclosrs in t 20 nna Report relat to sustainailit risks, ich or nironmnta, an specific imat risks. TABLE OF CONTENTS CARBON DISCLOSURE PROJECT 2020 › POWER CORPORATION OF CANADA 7 (C1.1b) Provide further details on the board’s oversight of climate-related issues. Frequency with Governance mechanisms Scope of board-level oversight Please explain which climate- into which climate-related related issues are issues are integrated a scheduled agenda item Schedled – Monitoring Climate-related risks and Climate-related issues are an agenda item at the overnance some meetings implementation and opportnities to or own and Nominating Committee meetings, where relevant as part of performance of obectives operations its overall responsibilit to monitor the implementation and Climate-related risks and maintenance b management of appropriate policies and opportnities to or investment controls to manage CS risks and opportnities including activities climate-related issues. Climate-related risks and Furthermore as an active owner of the companies in which we opportnities to or insurance invest we strive to ensure that or governance practices preserve underwriting activities and enhance shareholder value in a manner consistent with or Climate-related risks and responsible management philosoph. opportnities to other prodcts and services we provide to B having or eecutives sit on the boards of
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