Corporate responsibility review

Helping build strong communities


‘Our commitments to our customers and
our employees, as well as our support for
communities and our responsibility
towards the environment, are rooted in
our determination to continue delivering
a strong, sustainable financial
performance.’

Paul Manduca
Chairman


For more information on corporate responsibility prudential.co.uk/corporate-responsibility

Serving our customers, Valuing our people, Supporting local communities, Protecting the environment

Strong foundations

Wellbeing and protection

Helping provide resources, such as clean water and shelter that are essential for health and a thriving future.

Education and live skills

Strengthening knowledge in numeracy and financial literacy, while improving employment training.

Disaster readiness and relief

Providing financial, physical and infrastructure support to help preven disasters, and to deal with their impact.


Our long-term sustainable approach to business is reinforced by our Group-wide corporate responsibility strategy. While we believe that corporate responsibility is best managed on the ground by those closest to the customer and local stakeholders, our Group approach is underpinned by four global themes:

  • Serving our customers;
  • Valuing our people;
  • Supporting local communities; and
  • Protecting the environment.

Performance highlights

1 in 3
employees volunteer worldwide

£18.5m
total community investment spend

US$2m
donated to disaster relief in the Philippines following Typhoon Haiyan

3,400
employees donate through payroll giving across the Group


Our corporate responsibility approach

As a business that provides savings, income, investment and protection products and services we create social value through our day-to-day operations. We provide customers with ways to help manage uncertainty and build a more secure future. In seeking to match the long-term liabilities we have towards our customers with similarly long-term financial assets, we provide capital that finances businesses, builds infrastructure and fosters growth in both developed and developing markets.

Our long-term sustainable approach to business is reinforced by our Group-wide corporate responsibility strategy. While we believe that corporate responsibility is best managed on the ground by those closest to the customer and local stakeholders, our Group approach is underpinned by four global themes:

  • Serving our customers: we aim to provide fair and transparent products that meet our customers’ needs;
  • Valuing our people: we aspire to retain and develop highly engaged employees;
  • Supporting local communities: we seek to make a positive contribution to our communities through long-term partnerships with charitable organisations that make a real difference; and
  • Protecting the environment: we take responsibility for the environment in which we operate.

These themes provide clarity to our businesses as to how they should focus their corporate responsibility efforts and resources in the context of their individual markets.

This review gives an overview of our activities and progress. Prudential also publishes an annual Corporate Responsibility Report, which will be available online at www.prudential.co.uk in summer 2014.

A group of people helping to plant a garden

Serving our customers

Prudential has been meeting people’s needs for more than 165 years and today we serve around 23 million insurance customers in diverse markets.

In each of our businesses, we are focused on providing for a distinct set of customers’ needs: the significant and growing demand for saving and protection of the middle class in Asia, the retirement income requirements of baby boomers in the US and the ageing population in the UK, which needs both to save more and to access secure income in retirement.

We want our customers to stay with us for the long term. We know this means we must constantly listen to them to understand their changing needs, and that we must provide them with fair and transparent products – and customer service – that maintain their trust and faith in us.

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Asia

As part of the process of listening and understanding our customers’ needs, Prudential Corporation Asia launched a number of tailored products and services in 2013. Prudential Hong Kong introduced PRUmyhealth crisis multi-care, which offers comprehensive financial protection against critical illness. It is the only all-in-one product in Hong Kong to offer complete protection against the financial impact of critical illnesses for multiple stages and multiple incidences of major illness, covering an extensive range of conditions.

Prudential Singapore introduced the PRUVantage iPad application, a customer engagement tool to help customers better understand different investment concepts and what to look for when considering investing. Prudential was the first to launch this state-of-the-art interactive client engagement tool in the market, allowing quick and easy access to product information and investment concepts. Since its launch, the application has been well received by customers and agents. At present, more than two-thirds of the agency force is using this tool as part of their sales and customer engagement process.

US

In the US, the squeeze on the cost of living and market volatility has led many people to be unprepared as they approach retirement. In Jackson in 2013 we continued to develop educational programmes, designed to help existing and potential customers understand how better to prepare for their financial future.

The Center for Financial Insight, a new online thought leadership community, launched on Jackson’s website in March 2013. It is an educational resource designed to provide information for investors, offering insights on many aspects of financial planning from basic terminology and fundamental investment concepts to information on investment vehicles and trends.

Jackson’s educational efforts include a focus on alternative investment strategies, a growing area in portfolio planning. Jackson also launched a series of alternative educational training days designed to demonstrate the role that alternative investments can play in helping investors potentially grow returns and manage risk in their portfolios.

UK

Annuities remain a key product for Prudential UK, and in 2013 we worked closely with the Association of British Insurers on the launch of the Code of Retirement Choices. This means that we are more focused than ever on ensuring that customers looking to take income from their pensions make informed choices. Our UK business paid out £3 billion in income to UK annuitants in 2013.

We are committed to responding to customer concerns quickly and efficiently and we aim to maintain loyalty by continuing to improve our service year-on-year for both customers and intermediaries. This focus on continuing to deliver excellent customer service was recognised at the 2013 Financial Adviser Service Awards, where we retained our two five-star ratings in the Life & Pensions and Investment categories. In the most recent data published by the Financial Ombudsman Service, Prudential UK continued to perform well and was placed second in the ‘life and pension and decumulation’ peer group.

In the UK we also believe in finding ways to improve the financial capability of the next generations. Prudential UK works in partnership with various organisations to deliver front-line financial education training to adults and children, helping people become more informed about their financial needs and community organisations to provide financial education in future.

In partnership with the Personal Finance Education Group we have developed a Quality Mark for financial capability teaching resources, giving reassurance to teachers that they are using reliable material.

Asset management

M&G, Prudential’s UK and European asset management business, is a long-term, active investor that takes seriously its responsibility to look after our customers’ assets, often working closely with the management of the companies in which it invests. Active voting is an integral part of M&G’s investment approach. We believe that exercising our votes both adds value and protects our interests as shareholders. The M&G website provides an overview of voting history: www.mandg.co.uk/corporate/about-mg/corporate-governance/voting-history/

M&G continues to provide market insights to clients, intermediaries and others through a number of channels, including a programme of roadshows and events, such as Meet the Managers and the Annual Investment Forum, and its Bond Vigilantes blog.

Valuing our people

At Prudential, we foster an environment in which our people find value and meaning in their work, and deliver outstanding performance for our customers, shareholders and communities. This is achieved through our focus on diversity and inclusion, talent development, employee engagement, and performance and reward.

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Diversity and inclusion

As an international provider of financial services, operating in diverse markets and cultures, Prudential recognises its obligations to supporting human rights as a consequence of its principles of acting responsibly and with integrity.

We provide opportunities for our employees regardless of their gender, ethnicity, disability status, age, religion, caring responsibilities or sexual orientation.

Our diversity and inclusion policies are guided by the principles of the UN’s Universal Declaration of Human Rights and the International Labour Organisation’s core labour standards. These are also incorporated into our Group Code of Business Conduct, which sets expected standards of employee behaviour across the Group, and in our Group Outsourcing and Third Party Supply Policy.

We maintain an inclusive culture that is sensitive to the needs of employees. We make appropriate disability adjustments as required, and provide training and career development opportunities for all. We also give full and fair consideration and encouragement to all applicants with suitable aptitude and abilities.

There are several initiatives across our businesses that maintain our commitment to diversity and inclusion. Examples include: pay consistency reviews, engaging with recruitment firms to mitigate bias, providing training for managers and non-managerial staff, and running apprenticeship schemes. In addition, we have collaborative partnerships with organisations that further the diversity and inclusion agenda, including Diversity and Inclusion in Asia Network, and Peckham, an American non-profit community rehabilitation organisation.

The gender diversity across Prudential as of 31 December 2013 is shown below.

Download as excel file

Gender diversity

Headcount* Total Male Female
* Excludes joint ventures.
Non-executive directors (including the Chairman) 9 7 2
Executive directors 7 6 1
Group Executive Committee (includes executive directors) 11 9 2
Senior managers (does not include the Chairman, directors, and GEC members) 76 62 14
Whole company (includes the Chairman, directors, and GEC members) 22,308 10,138 12,170

Talent development

We offer a range of programmes that enable our people to continue to grow and develop. The majority of these are managed by our business units, while Group Human Resources focuses on tailored programmes for senior leaders across the organisation, succession planning for senior roles, and development of our overall leadership talent pipeline.

Colleagues based in the UK have joined The Pearls Programme run by An Inspirational Journey, a UK-based development initiative designed to support women in middle to senior management positions, in building confidence, capabilities and contacts.

Within our businesses there are several examples of our continuing commitment to talent development. Prudential Corporation Asia has further improved the leadership skills of the senior executive population through the delivery of the ‘top of the class’ Leadership Development Series, and the launch of the Jackson Development Zone in the US offers a flexible work environment where university students can gain real-life work experience and career opportunities. Career development centres within Prudential UK enable colleagues to consider how they want to develop their careers, and M&G has continued to run programmes to develop individuals with the potential to excel, supporting junior talent into wider and more senior roles. At Group head office, all employees have access to sessions that focus on cross-cultural awareness, building effective partnerships and self-motivation, while targeted talent development initiatives aim to support the development of senior managers and future leaders.

Employee engagement

An array of initiatives are in place to drive employee engagement. These include: Prudential Corporation Asia using employee survey results to deliver on feedback received in 2012, and Prudential UK utilising an online ‘health manager’ tool, an employee assistance helpline, occupational health support, and locally-organised wellbeing and sporting activities. Group Head Office also convened a Wellbeing and Engagement Forum, where colleagues review, develop and implement various engagement initiatives.

The success of our engagement efforts has been recognised internally and externally. In 2013, engagement surveys in various business units have again shown excellent results, and several of our businesses have won prestigious awards. For example, in 2013 our Singapore business won the Asia Best Employer award and the Philippines employee engagement programme ‘PRUblic Service – All the Way’ received an Award of Excellence at the Philippine Quill Awards. PPMA (one of our US-based indirect subsidiaries) was awarded the ‘#1 Top Workplace in Chicago’ by Chicago Tribune and Workplace Dynamics, Prudential UK was awarded a Business in the Community Big Tick for our focus on colleague engagement, and M&G was once again named as one of the best places to work in the City by the website ‘Here is the City News’. In addition, our businesses in the UK have a long-standing relationship with the union Unite.

We encourage volunteering, through which our employees can support our communities and acquire new skills. See Corporate responsibility review for further detail.

Performance and reward

At Prudential, we offer reward packages that attract, retain and motivate talented people to support a high-performing culture. Each individual contributes to the success of the Group and should be rewarded accordingly.

Reward is linked to the delivery of business goals and expected behaviours, and there is an emphasis on objectives being met in an appropriate manner. To ensure this, employees are not only regularly assessed on ‘what’ they have achieved, but also on ‘how’ they did so.

There are several recognition initiatives running across our businesses, including the ‘High Five Recognition Program’ in the US, which allows associates to choose from a list of ‘badges’ for actions such as teamwork, innovation and inspiration, to formally recognise when colleagues have gone above and beyond expectations. Similarly, at Group head office the Prudential Star awards are made to individuals nominated by their colleagues for outstanding examples of execution, impact and engagement.

We continue to believe in the importance of enabling our employees to have the opportunity to benefit from the Group’s success through share ownership, and operate employee share plans across the UK and Asia.

Supporting local communities

The inherent long-term social value of our business is augmented by community investments in each of the markets where we operate. We provide support to charitable organisations both through funding, and the experience and expertise of our employees.

We establish long-term relationships with our charity partners to ensure that the projects we support are sustainable and we work closely with them to ensure that our programmes continuously improve.

The diversity of our markets means that our programmes vary from region to region, but a shared focus for our community investment is education and life skills. These activities include financial education, support to improve social mobility and employee volunteering.

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Education and life skills

Two young students interviewed at a presentation

In Asia, the Prudence Foundation was established in 2011 as an umbrella to coordinate all community investment and charitable activity in the region. The Foundation focuses on three key pillars; Children, Education and Disaster Preparedness and Relief, and under each of these it has regional flagship programmes.

The Prudence Foundation has supported First Read, Save the Children’s unique programme that works with parents of pre-school children in the Philippines and Cambodia to provide them with knowledge, skills and materials to support their children’s literacy and numeracy. Over three years, the programmes will benefit nearly 150,000 children aged 0 to 6 years and their parents. They will also benefit almost 850,000 community members indirectly through the expected sharing of knowledge and resources.

We support the educational needs of Asian families and have continued to extend our long-standing commitment to financial literacy. The Prudence Foundation launched Cha-Ching in 2011 to help parents instil ‘money-smart skills’ in children aged seven to 12. The programme has gained international recognition for promoting financial literacy and won several industry awards. Over the past year it has grown to become one of the top-rated children’s television programmes in Asia.

At its core, Cha-Ching consists of a series of three-minute animated music videos featuring six band members developed with Cartoon Network and Dr Alice Wilder to help children learn the fundamental money management concepts of earn, save, spend and donate. The episodes air daily on Cartoon Network, the number one children’s channel in Asia, in seven countries: Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.

In 2013, Season Three of Cha-Ching premiered with three new music videos. A new online game, Cha-Ching Saver World Tour, and Cha-Ching’s first mobile/tablet game, Cha-Ching Band Manager, completed the season. The programme materials have been developed into Bahasa Indonesia, Traditional Chinese, Vietnamese and Thai, while the songs have been recomposed and sung in Thai and Bahasa Indonesia thus far.

In addition to engaging children through television and online platforms, the learning concepts have been integrated into tailored programmes for schools in partnership with financial education focused Non-Government Organisations (NGOs) like Junior Achievement. The Philippines Department of Education has incorporated Cha-Ching into the curriculum of public primary schools and has just completed its first year. Prudential is exploring ways in which this application of Cha-Ching can be brought to other markets.

Youth unemployment is a huge social challenge in many economies, prompting demand for initiatives that can drive educational improvement in order to help get young people into work.

Prudential UK piloted an apprenticeship programme in 2013 for 47 young people, providing an opportunity to launch a career in the finance sector.

We have now committed to a four-year annual scheme of 40 apprenticeships with the aim of keeping a significant number of apprentices on in permanent roles after they have completed the scheme.

Our three-year partnership with Greenhouse has allowed over 1,000 disadvantaged young people to participate weekly through their basketball programme. Greenhouse uses sport to encourage educational performance among teenagers from some of London’s most deprived areas. Sport coaches work full time in schools to help young people improve their health and fitness, while mentoring them to increase their engagement with their education and community. Through these intensive sport programmes participating teenagers have improved school attendance and better classroom discipline, as well as showing significant progress in maths and English.

We have embarked on a new partnership with Save the Children to support their FAST programme in London. This aims to improve basic educational attainment for 3,000 of the most deprived children by coaching parents to help them support their children’s learning.

In the US, Jackson has opened a new downtown East Lansing office next to the Michigan State University (MSU) campus with the aim of offering students real-life work experience that could potentially lead to career opportunities after graduation. The Jackson Development Zone has also become the new home for the Jackson National Community Fund, offering students and the community opportunities to volunteer alongside Jackson employees. This will not only benefit the business, but will also encourage employees, MSU students and local community partners to collaborate.

Disaster relief and preparedness

Unfortunately many of our communities in Asia are exposed to approximately 75 per cent of the world’s natural disasters. For many years we have supported local initiatives to aid relief efforts following disasters and we also maintain a disaster relief fund which can be activated in emergencies. Our commitment to disaster, relief also often goes beyond financial aid, with our people helping on the ground.

The Prudence Foundation is working with NGOs to help communities to be better prepared with vital skills before disasters strike. In the Philippines, Thailand, Vietnam and Indonesia, around 23,000 young people and their teachers will receive training in lifesaving skills and knowledge about preparing for disasters, working with Save the Children and Plan International.

Prudential has been an emergency partner of Save the Children’s Emergency Fund for a number of years and has committed to a further three years.

Typhoon Haiyan, which struck the Philippines in November 2013, caused widespread loss of life as well as destruction to homes, businesses and infrastructure. Rebuilding costs are estimated to be £3.6 billion. We have worked with NGOs in the region to provide emergency relief. Immediate donations were made and mechanisms established for employees across the Group who wished to contribute, which were matched by the Group. In the longer term we will look at how Prudential can assist with rebuilding initiatives in those areas affected. The Prudence Foundation has pledged a total of £1.25 million to the relief and community-rebuilding effort in the Philippines.

Chairman’s Challenge and employee volunteering

A group of people helping to build a blockwork wall

Many of our employees play an active role in their communities through volunteering, charitable donations and fundraising. In the UK, US and in Asia we offer our employees the opportunity to support charities through payroll giving.

We recognise that employee volunteering brings benefit not only to the charities but also to the development of our people, and we actively encourage colleagues to participate in our programmes. In 2013, 8,155 employees across the Group volunteered in their communities on a range of projects.

Of these, almost 5,000 employees volunteered through Prudential’s flagship international programme, the Chairman’s Challenge. The programme encourages people from across the Group to volunteer on projects initiated by our global charity partners, including Plan International, Help Age International and Junior Achievement. It allows us to support many different charities with volunteers as well as financial support. Prudential donates £150 to our charity partners for every employee who registers for the programme. Charity partners use this money to seed-fund charitable projects for Prudential volunteers.

Each year employees across the Group vote for the shortlisted project they believe has made the greatest impact.

In addition to volunteering efforts on behalf of Chairman’s Challenge, our employees around the Group volunteered on a number of charitable projects.

Prudential Corporation Asia employees donated over 25,000 hours of their time to support a number of charitable activities across our markets in South-east Asia. An example is the ‘Investing in Your Future’ programme, which teaches women sound money management, such as the key considerations when making financial decisions, balancing the family budget and how to plan for different life stages. Female volunteers from Prudential donate their time and expertise to deliver the seminars and so far over 38,000 women in China, India, Indonesia and Vietnam have benefited.

Jackson employees volunteered approximately 9,000 hours of their time building houses, mentoring children, feeding the elderly and improving communities. In 2013, the JNCF and Jackson in Action were honoured with the First Place award for the US President’s Volunteer Service Awards for 5,000 service hours with Junior Achievement. In addition, Jackson is a finalist in the Nashville Business Journal’s Corporate Giving Awards.

In 2013, Prudential UK employees spent approximately 14,500 hours engaged in volunteering activities. This included mentoring schoolchildren, supporting the elderly and skills-sharing with local charities.

At M&G, employees have spent over 1,000 hours actively involved in initiatives with community organisations, charities and schools in and around Chelmsford and London – with a particular focus on helping the disadvantaged in those communities. It has also maintained its sponsorship of the ‘Women in Investment Management’ event targeted at female students, and continued to support underprivileged students through the Social Mobility Foundation in the form of both mentoring and internships.

Prudential RideLondon

Cyclists taking part in the Prudential RideLondon event

The inaugural RideLondon event, sponsored by Prudential, took place in August 2013. The world-class festival of cycling took place over a weekend in August 2013 and attracted 65,000 cyclists who collectively raised £7 million for charity. The expectation for 2014 is that the numbers of cyclists taking part will increase.

Charitable arts sponsorships

Prudential has a proud tradition as a supporter of the arts. In the UK, we support a number of charitable institutions including the Royal Opera House, the National Theatre, the National Gallery, Holland Park Opera and the British Museum. With each of these institutions we seek to focus our partnerships on education and access to the arts for the wider community.

Charitable donations

We calculate our community investment spend using the internationally recognised London Benchmarking Group standard. This includes cash donations to registered charitable organisations, as well as a cash equivalent for in-kind contributions.

In 2013, the Group spent £18.5 million supporting community activities, an increase of 47 per cent on 2012. This reflects the strong growth and cash generation of our business and the increased prioritisation of community investment across the Group.

The direct cash donations to charitable organisations amounted to £15.9 million, of which approximately £4.7 million came from our EU operations, which are principally our UK insurance operation and M&G. The remaining £11.2 million was contributed to charitable organisations by Jackson National Life Insurance Company and Prudential Corporation Asia.

The cash contribution to charitable organisations from our EU operations is broken down as follows: education £1,878,000; social, welfare and environment £2,493,000; cultural £226,000 and staff volunteering £111,000.

Political donations

It is the Group’s policy not to make donations to political parties nor to incur political expenditure, within the meaning of those expressions as defined in the Political Parties, Elections and Referendums Act 2000. The Group did not make any such donations or incur any such expenditure in 2013.

Protecting the environment

We recognise that managing our buildings efficiently and minimising our greenhouse gas emissions is not only beneficial to the environment but also makes good business sense.

Our strategy focuses on reducing the environmental impact of the properties we occupy as well as the properties we manage through M&G Real Estate Limited (previously known as Prudential Property Investment Managers Limited), which is a top-25 global real estate fund manager.

The management of environmental issues is an integral part of managing the total risks faced by our business. In addition to meeting legal requirements, our key environmental objectives are to:

  1. Continuously improve environmental performance;
  2. Reduce emissions and waste;
  3. Raise awareness among employees;
  4. Strive to ensure that our suppliers adhere to the same environmental standards; and
  5. Protect shareholders’ and other stakeholders’ interests by careful management of our environmental impacts.

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Reducing our direct impact: occupied properties

We monitor energy consumption and carbon dioxide emissions globally for all sites where we have operational control. We also measure water consumption, waste, paper use and recycling in the UK and at Jackson’s main premises in North America in Lansing, Michigan; Denver, Colorado; and Nashville, Tennessee. We plan to broaden the scope of our sustainability reporting in 2014.

During 2013 we embarked on a major project to capture greenhouse gas emissions for all global operations in accordance with the Companies Act 2006 (Strategic and Directors’ Reports) Regulations 2013. We now report greenhouse gas data for 389 leases covering approximately 517, 934 square metres of office space in 26 countries.

Within the UK occupied properties the continued implementation of ISO14001 has given us the framework with which to implement further initiatives across our portfolio. These have included the installation of more efficient lighting in a number of our buildings, the introduction of more efficient air conditioning systems and continued monitoring of our buildings’ running times to maximise efficiencies. As of June 2013, all waste generated from UK occupied properties was diverted from landfill.

In our global operations we have implemented projects to reduce our impact on the environment as a result of energy use.

Reducing our impact: property investment portfolio

M&G Real Estates’ approach to Responsible Property Investment (RPI) enables it to manage and respond to the growing range of environmental and social issues that can impact property values. It also helps M&G to protect and enhance fund and asset performance for its clients.

RPI is well integrated within our day-to-day investment practices. It enables us to adapt and respond to the challenges and opportunities posed by various issues, such as rising energy and resource costs, greater legislative demands and stronger tenant and investor requirements.

M&G Real Estates’ focus on delivering energy reductions across its managed portfolio has achieved some significant results. For example, in the UK, M&G has:

  1. Reduced CO2 emissions at UK offices and shopping centres by 11 per cent, saving occupiers £430,000;
  2. Rolled out Green Leases to our managed office portfolios and worked with Marks & Spencer to include Green Lease Memoranda of Understanding at their stores; and
  3. Submitted 76 per cent of funds under management to the Global Real Estate Sustainability Benchmark.

M&G Real Estates’ progress can be found in its annual Responsible Property Investment report at www.mandg.co.uk/-/media/Literature/UK/Institutional/MG-Real-Estate-RPI-Report-2013-Online-Version.pdf

Prudential plc – greenhouse gas emissions statement

We have compiled our greenhouse gas emissions data in accordance with the Companies Act 2006 (Strategic and Directors’ Reports) Regulations 2013.

The data presented below is now more comprehensive than in previous years and represents our baseline year for carbon reporting.

We have included full reporting for all Scope 1 (direct emissions such as combustion of gas for heating) and 2 (indirect emissions for consumption of electricity, heat and steam) emissions where operational control of the emissions of the sources concerned was demonstrated. We have also reported on a number of Scope 3 emissions as a matter of best practice. These are emissions arising as a consequence of the activities of the Company, but occur from sources not owned or controlled by the Company.

For the purpose of the 2013 report, these Scope 3 emissions include: waste generated in operations and business travel booked from UK employees. We will work with our business units to review the extent of our Scope 3 reporting.

Assessment parameters baseline year 1 October 2012 to 30 September 2013
Consolidation approach Operational control
Boundary summary All entities and all facilities under operational control (including those owned) were included
Consistency with the financial statements This period does not correspond with the Directors’ Report period (January 2013 to December 2013). The reporting period was brought forward by three months to improve the availability of invoice data (which often lags by one month or more after the usage period) and reduce the reliance on estimated data. Prudential owns assets, which are held on its balance sheet in the financial statements, over which it does not have operational control. These are excluded from the data below. Assets not included on the balance sheet but held under an operating lease and where we have operational control are included
Emission factor data source DEFRA 2013 – obtained from www.ukconversionfactorscarbonsmart.co.uk
Assessment methodology The Greenhouse Gas Protocol Revised ‘A Corporate Accounting and Reporting Standard (Revised Edition)’ 2004
Materiality threshold 5 per cent
Intensity ratio Tonnes of Carbon Dioxide Equivalent per metre squared (Net Lettable Area)

Greenhouse gas emissions source 2013

Download as excel file

  (tCO2e) tCO2e per m2
* Statutory carbon reporting disclosures required by the Companies Act 2006.
Scope 1 CO2e emissions total 21,918 0.0067
Fuel combustion UK Occupied 1,216 0.0155
UK Investments 12,099 0.0054
Continental Europe Occupied 111 0.0097
Continental Europe Investments 41 0.0003
US Occupied 1,448 0.0136
North America Investments 2,716 0.0110
Asia Occupied 35 0.0001
Asia Investments 266 0.0021
Vehicle fleet UK Occupied 1,421 0.0182
UK Investments 0 0.0000
Continental Europe Occupied 94 0.0083
Continental Europe Investments 0 0.0000
US Occupied 39 0.0004
North America Investments 0 0.0000
Asia Occupied 1,004 0.0030
Asia Investments 0 0.0000
Fugitive emissions UK Occupied 305 0.0039
UK Investments 575 0.0003
Continental Europe Occupied 0 0.0000
Continental Europe Investments 0 0.0000
US Occupied 437 0.0041
North America Investments 111 0.0004
Asia Occupied 0 0.0000
Asia Investments 0 0.0000
Scope 2 CO2e emissions total 133,209 0.04069
Purchased electricity UK Occupied 11,212 0.1433
UK Investments 32,671 0.0145
Continental Europe Occupied 2,092 0.1829
Continental Europe Investments 256 0.0020
US Occupied 25,813 0.2424
North America Investments 18,120 0.0735
Asia Occupied 27,305 0.0849
Asia Investments 15,740 0.1220
Statutory total CO2e emissions (Scope 1 & 2)* 155,127 0.0474
Scope 3 CO2e emissions 10,404 0.0032
Waste generated in operations UK Occupied 50 0.0006
UK Investments 522 0.00023
Continental Europe Investments 230 0.0001
US Occupied 116 0.00005
North America Investments 41 0.00017
Asia Investments 47 0.00002
Business travel Booked by UK employees only 9,398 0.003
Scope 1, 2 and 3 total 165,531 0.051

Accountability and governance

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The Board

The Board regularly reviews the Group’s corporate responsibility performance and scrutinises and approves the Group Corporate Responsibility report and strategy on an annual basis.

Code of Business Conduct

Consideration of environmental, social and community matters is integrated in our Code of Business Conduct. Our code is reviewed by the Board on an annual basis. Refer to Corporate governance report for more information.

Local governance

In M&G, Jackson and Prudential UK there are governance committees in place – with senior management representation – that agree strategy and spend. In Asia, the Prudence Foundation has been established as a unified charitable platform to align and maximise the impact of community efforts across the region.

Supply chain management

Prudential recognises that its own social, environmental and economic impacts go beyond the products and services it supplies to include the performance of its suppliers and contractors.

It is our policy to work in partnership with suppliers whose values and standards are aligned with our Group Code of Business Conduct.

Procurement practices in Prudential UK have been successfully accredited with the Chartered Institute of Purchasing and Supply certification, an industry benchmark of recognised good practice.

Signing of strategic report

Signed on behalf of the Board of directors

Tidjane Thiam
Group Chief Executive
11 March 2014

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