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- Compensa Life Vienna Insurance Group SE sustainability policy
Compensa Life Vienna Insurance Group SE sustainability policy
Compensa Life belongs to the Vienna Insurance Group (VIG Group), which is highly committed to environmental protection and sustainability. VIG Group has established environmental, social and governance (ESG) objectives and measures to achieve them.
VIG Group began integrating sustainability into its strategic activities as early as 2016. The entire economic and commercial activity of VIG Group is based on five strategic priorities: core operations, responsibility for products and clients, employee care, engagement in social activities and social development, and environmental protection.
To enhance sustainability—an integral part of its business model—and to promote resource conservation and operational efficiency, VIG’s parent company has developed a sustainability program called “VIG 25.”
Compensa Life aims to meet VIG Group's primary goal—to protect what matters—by implementing the “VIG 25” sustainability program. The relevant aspects of this program are incorporated into this Policy and taken into account when making related business decisions.
OBJECTIVE
Compensa Life has developed and implemented an Environmental Management System across its operations and processes.
The company’s consistent commitment to sustainability is solidified by the ISO 14001 certification, enabling the monitoring of Compensa Life's environmental impact and assessing the effectiveness of its Environmental Management System.
To ensure sustained attention to sustainability, the Board oversees that this Policy is regularly updated to comply with current legal standards and the objectives of VIG Group. Compensa Life’s Sustainability Policy consists of three main sections that reflect the company’s key focus areas in sustainability: environmental protection, social responsibility, and clients.
Corporate governance is a core part of Compensa Life's strategy, and the company adheres to laws and regulations, treats all stakeholders and investors equally, does not tolerate corruption, upholds high ethical standards, and integrates ESG risk into its risk management system. Compensa Life applies the human rights, equal opportunities, non-discrimination and business ethics principles set out in the Sustainability Policy and the Code of Business Ethics. The company’s work environment promotes diversity, respect, and attentiveness, with zero tolerance for discrimination or harassment in the workplace.
Compensa Life offers a wide range of insurance products and services to meet client needs. To be as flexible as possible in this digital world and serve clients more efficiently, the company focuses heavily on digital transformation, encompassing processes such as application processing, claims adjustment, digital document signing, online contract signing, and insurance contract management.
Sustainability risk refers to events or conditions related to environmental protection, social responsibility, or corporate governance (environmental, social, governance: ESG) that could have a significant or potentially negative impact on investment value.
When making investment decisions, Compensa Life assesses financial risks and applies the ESG and investment restriction criteria established by VIG. As part of the international Vienna Insurance Group (VIG), Compensa Life adheres to the sustainability strategy principles set forth by the VIG Group. Among other things, one of the main elements outlined in the strategy is the consideration of social and environmental factors in the investment process.
Sustainability risk is integrated into the investment decision-making process based on exclusion criteria and is managed according to risk mitigation principles. Compensa Life applies the exclusion and restriction criteria set out in VIG’s ESG Strategy to its investments. These criteria cover the following areas:
- Prohibited weapons: any exposure (including reputational) is to be minimized; a zero-tolerance limit applies to arms trading, and related companies (traders, brokers, agents, etc.) are excluded in all cases.
- Thermal coal used for heat production: non-compliant existing investments will be reduced by more than 50% by the end of 2025, compared to 2019, with the aim of completely eliminating inappropriate investments by 2035 at the latest.
- Fossil oil and gas sand products.
- Companies that severely violate human rights or the principles of the UN Global Compact.
Existing exposures to the aforementioned sectors are continuously monitored, and non-compliant investments are removed from the investment portfolio. Compensa Life is committed to eliminating all inappropriate investments from its portfolio by 2035.
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