[F13] Commitment to Responsible Management
Commitment to Responsible Management
[F32][Corporate information] Corporate social responsibility - Commitment to responsible management
Trust, quality and dynamism are the VidaCaixa values which guide the conduct of all the organisation's employees and shape the principles of conduct contained in the company's code of ethics and the agreements and memberships policy implemented by VidaCaixa.
Set out below, we explain the initiatives that “la Caixa” has promoted, and the ones that have joined or given support, for the development of its Corporate Social Responsibility.
- Our stakeholders
- Commitment to responsible management
- Code of Ethics
- Main Agreements and Memberships
- United Nations Global Compact
- Socially Responsible Investment
- GAVI Alliance Membership
- Family Responsible Company (FRC) Certification
- Global Compact
- Principles for Sustainability in Insurance
- Net Zero Asset Owner Alliance
- Retorn – Corporate Volunteering
[F32][Corporate information] Corporate social responsibility - Commitment to responsible management - Code of Ethics
Code of Ethics
VidaCaixa's Code of Ethics is aligned with the policies of "la Caixa" Group and our shareholder, CaixaBank, S.A.
VidaCaixa's Code of Ethics is anchored in our corporate values which define the organisation's identity and are embodied in ethical attitudes and conduct with respect to our stakeholders. The organisation's security and solvency, honest dealing and respect for people, efficiency, customer service and professionalism, speed of response and the ability to adapt to our customers' needs, together with a commitment to corporate social responsibility and environmental stewardship, are attributes that define, identify and differentiate VidaCaixa.
Each and every one of VidaCaixa's employees, managers and directors takes on this Code of Ethics as part of their duties and responsibilities, conveying our corporate values in their work.
VidaCaixa's Code of Ethics is long-lasting. As such, it is continuously improving with the experience we gain.
[F32][Corporate information] Corporate social responsibility - Commitment to responsible management - Main Agreements and Memberships
Main Agreements and Memberships
The agreements and partnerships policy constitutes another step in VidaCaixa's strategy to position corporate responsibility at the heart of all its actions and activities.
VidaCaixa has currently signed up to the Principles of Responsible Investment (PRI), forms part of the business alliance for child vaccination - GAVI Alliance, and has the Family Responsible Company (FRC) certification. It is also committed to the United Nations Global Compact and the Principles for Sustainable Insurance that are also promoted by the UN.
Socially Responsible Investment
Principles of Responsible Investment (PRI)
In 2009, VidaCaixa became the first life insurance company and state pension fund manager to sign up to the United Nations Principles of Responsible Investment and integrate environmental, social and governance (ESG) issues into the management of its investments. Today, the entire VidaCaixa portfolio is analysed using these standards.
- To incorporate ESG issues into the investment analysis and decision-making processes.
- To be owners of active assets and incorporate ESG issues into its practices and policies.
- To ask the entities in which it invests to publish the appropriate information on ESG issues.
- To promote the acceptance and application of the principles in the global investment community.
- To collaborate to improve our efficiency in applying the principles.
- To report on our activities and progress in the application of the principles.
Responsible investment at VidaCaixa
VidaCaixa’s socially responsible investment policy
More information about the PRIs: https://www.unpri.org/
Since 2009, VidaCaixa has formed part of the Business Alliance for Child Vaccination, GAVI Alliance, promoted by Obra Social "la Caixa” and whose mission is to promote access to vaccinations for children living in low-income countries and improve the health systems of those countries.
The initiative is the result of all the public and private commitments established in 2000 between the main parties involved in the field of immunisation, governments, the pharmaceutical industry in developed and developing countries, the World Health Organization (WHO), the World Bank, the Bill and Melinda Gates Foundation, non-governmental organisations and civil society, in their efforts to help reduce child mortality by two thirds by 2015, following the guidelines established by the Fourth United Nations Millennium Development Goal.
To show its support for this initiative, the CaixaBank Group has collaborated with GAVI Alliance since 2005, and has been its only private partner in Spain and Europe since 2008. Working with the Business Alliance for Child Vaccination, the bank promotes this charity initiative, ensuring that any companies wishing to join it can do so.
More information about GAVI:www.gavialliance.org
Family Responsible Company (FRC) Certification
The Family Responsible Company (FRC) Model is a certification system promoted by the Fundación +Familia (+Family Foundation), which seeks to implement a management model in organisations that guarantees not only the adoption of policies and measures aimed at allowing for a balance between personal and work life, but also other aspects such as professional development, job quality, equal opportunities, and diversity management.
VidaCaixa has held this certification since 2009, which is official recognition of the implementation of a management model that, through a process of continuous improvement over the medium and long-term, promotes a company, work and family balance through a series of specific measures.
The “FRC” certification at VidaCaixa is understood as a tool that promotes co-responsibility, achieving a mutual commitment with the business aimed at guaranteeing job stability and quality. All of this is based on a firm commitment to the professional development and growth of its employees.
VidaCaixa has around 70 measures as a family responsible company, which include:
- Family plan: financial support for disabled family members. It offers a series of financial support measures to facilitate the entry into the jobs market of employees’ disabled family members up to the second degree.
- Flexible working hours: flexible start and end times within pre-established margins.
- Intensive working day on Fridays and in summer (from 15 June to 15 September).
- Flexibility to distribute holidays: option to take 60% of holiday leave between 20 June and 15 September.
- Occupational health and wellbeing programs. Private healthcare for employees paid for by the company.
- Teleworking: option to work from home up to three days a week.
- Pension plan contributions: the company contributes up to 5% of the annual base salary, if the employee contributes 2%.
VidaCaixa supports and defends the Ten Principles of the United Nations Global Compact on human rights, work, the environment and the fight against corruption. Through this partnership, the company is committed to integrating them into its strategy, culture and daily operations, as well as participating in projects that promote the Sustainable Development Goals.
We support responsibility and transparency, and for this reason the progress made by VidaCaixa each year in relation to this initiative is disclosed in the Group’s Consolidated Management Report, the Socio-Economic Impact Report, and now also in its Sustainability and Socially Responsible Investment Report.
Principles for Sustainability in Insurance
Developed by the United Nations Environment Programme Finance Initiative (UNEP FI), the Principles for Sustainable Insurance (PSI) are a global action plan that seeks to promote the development of innovative solutions to tackle environmental, social and governance risks and opportunities through the commitment to adopt four main guiding principles, to which VidaCaixa is committed:
- PRINCIPLE 1: To embed environmental, social and governance (ESG) issuesinto the insurance activity (strategy, investment, risks, product development and marketing).
- PRINCIPLE 2: To work together with our customers and business partnersto raise awareness of the importance of these issues, manage risk and develop solutions.
- PRINCIPLE 3: To work together with governments, regulatorsand other key stakeholders to promote widespread action across society on environmental, social and governance issues.
- PRINCIPLE 4: To demonstrate accountability and transparencyin regularly disclosing publicly our progress in implementing the Principles.
Net Zero Asset Owner Alliance
Major Institutional Investors around the world are committing, through the Net Zero Asset Owner Alliance, to a transition of their portfolios toward a Net Zero level of greenhouse gas emissions by 2050. Thus, contributing to the fulfillment of the objective of the Paris Agreement on climate change: to ensure that global temperature does not rise above the target of 1.5 °C.
VidaCaixa was the first Spanish insurer to join the initiative, demonstrating its global commitment to sustainability and the promotion of a low carbon economy.
Within the framework of joining this alliance, VidaCaixa takes a step forward and sets intermediate targets for the first time, assuming the commitment of reducing greenhouse gas emissions from corporate investments by at least 50% by 2030 (scopes 1 and 2) per million euros invested in its insurance activities, compared to 2019 levels.
To achieve these objectives and as a fundamental axis established by the alliance, VidaCaixa will carry out dialogues with 20 carbon-intensive companies or those that represent 65% of the portfolio's emissions, so that they improve their climate commitment. VidaCaixa will also participate in relevant reports for the decarbonization carried out by the alliance or similar. In addition, it will have an active role in financing the energy transition through positive climate solutions, such as green bonds.
This decarbonization commitment is part of the strategic axis of 'driving sustainability through SRI' of VidaCaixa's 2022-2024 Sustainability Master Plan. The other axes of the Plan are ‘promoting a culture of responsibility’ and ‘leading the social impact of the insurance sector’. This Master Plan is presented in our Sustainability Report 2021 .