Prudential Financial 2021 ESG Report details long-term commitment to realize future vision

Published on: 23 June 2022
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Prudential Financial, Inc. has released its annual environmental, social, and governance report, which provides an in-depth look at the company's efforts to drive sustainability and increased value for stakeholders.

Prudential Financial, Inc. today issued its annual environmental, social, and governance (ESG) report, which provides a comprehensive overview of the company's efforts to drive sustainability and increased value to its customers, shareholders, employees, and communities.

The 2021 ESG Report emphasizes how Prudential's ongoing sustainability commitments enable the company to fulfill its purpose of improving people's lives by addressing the financial challenges of our changing world, as well as achieve its recently announced vision of becoming a global leader in expanding access to investing, insurance, and retirement security.

"In 2021, we reinforced our efforts to drive sustainability with significant improvements to our ESG practices,"

said Prudential Chairman and CEO Charles Lowrey.

"As a global insurer and investment manager, we recognize the critical need to contribute to addressing societal issues. Sustainability will continue to be critical to our ability to fulfill our mission, achieve our Vision and Strategy, and keep our long-term promises to our customers and other stakeholders."

The following are some of the report's highlights:

New benchmarks and commitments Prudential announced its intention to achieve net zero emissions across its primary domestic and international home office operations by 2050, with a 2040 interim goal of becoming carbon neutral. The report also includes the Chief Investment Office's Responsible Investing Policy, which advances the General Account's responsible investing strategy and defines six core Prudential principles. Prudential added restrictions on new direct investments in companies that derive a significant portion of their revenue from thermal coal as part of this updated policy.

PGIM has appointed a global head of ESG who will be in charge of shaping and coordinating the ESG strategy and approach across all of its operations.

Long-term efforts to propel social progress The Prudential Foundation has surpassed a historic milestone of $1 billion in total contributions since its inception in 1978, demonstrating the company's long-standing commitment to advancing social progress.

Commitment to openness and accountability Prudential continued to release EEO-1 data on U.S. employee representation as well as the findings of a comprehensive pay equity analysis conducted across the U.S. workforce. The 2021 ESG Report from Prudential incorporates stakeholder feedback and reflects the company's ongoing environmental, social, and governance initiatives.

The ESG Report was created in accordance with the Global Reporting Initiative Standards Core option, in support of the Task Force on Climate-related Financial Disclosures (TCFD), and in accordance with the Provisional Guidelines for Insurance Companies of the Sustainability Accounting Standards Board.

Prudential's 2021 ESG Report, as well as previous years' sustainability reports, can be found at prudentialesg.com.

Prudential Financial, Inc. (NYSE: PRU), a global financial services leader and premier active global investment manager, has operations in the United States, Asia, Europe, and Latin America, with more than $1.5 trillion in assets under management as of March 31, 2022. Prudential's diverse and talented workforce helps to improve people's lives by expanding financial opportunity. For more than a century, Prudential's iconic Rock symbol has stood for strength, stability, expertise, and innovation. Please visit news.prudential.com for more information.

Source: Prudential finance news

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