Case study: How Manulife creates economic value for its stakeholders
Manulife is a leading international financial services provider, helping people make their decisions easier and lives better. With its global headquarters in Toronto, Canada, Manulife provides financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Manulife is guided by a focused, strategic framework that aims to deliver best-in-class customer experiences and create significant value for its shareholders and all its stakeholders.
This case study is based on the 2022 ESG Report by Manulife, prepared in accordance with the GRI Standards, that can be found at this link. Through all case studies we aim to demonstrate what CSR/ ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and society, and b) measuring, managing and changing.
Abstract
Generating, through its operations, sustainable value for diverse suppliers, communities, and all its stakeholders, is a top priority for Manulife. Tweet This! In order to create economic value for its stakeholders Manulife took action to:
- create economic value for suppliers
- create economic value for governments
- create economic value for communities
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With this case study you will see:
- Which are the most important impacts (material issues) Manulife has identified;
- How Manulife proceeded with stakeholder engagement, and
- What actions were taken by Manulife to create economic value for its stakeholders
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What are the material issues the company has identified?
In its 2022 ESG Report Manulife identified a range of material issues, such as climate change, sustainable finance, diversity, equity and inclusion, human rights, employee wellness. Among these, creating economic value for its stakeholders stands out as a key material issue for Manulife.
Stakeholder engagement in accordance with the GRI Standards
The Global Reporting Initiative (GRI) defines the Principle of Stakeholder Inclusiveness when identifying material issues (or a company’s most important impacts) as follows:
Stakeholders must be consulted in the process of identifying a company’s most important impacts and their reasonable expectations and interests must be taken into account. This is an important cornerstone for CSR / sustainability reporting done responsibly.
Key stakeholder groups Manulife engages with:
To identify and prioritise material topics Manulife engaged with its stakeholders through the following channels:
| Stakeholder Group | Method of engagement |
| Consumers/ customers | · Net Promoter System · In-person working sessions · Human-centred design · Call centres · Financial services professionals |
| Employees | · Annual global employee engagement survey · Annual mid-year engagement action check-in survey · AskHR – Online HR resource · MFCentral – global employee intranet and resource centre · Ongoing polling and surveys and Voice of the Employee (VOTE) group polling and testing · Executive led Town Halls and Ask Me Anything sessions · Diversity, Equity, and Inclusion Council · Diversity, Equity, and Inclusion events · Employee resource groups · Online internal community forums · Fuel Up Fridays – afternoon of second Friday on each month is dedicated to learning · Wellness events and webinars · Podium – online recognition platform · Pursuit – online learning platform · Newsletter for leaders · Special in-person Events – celebrations and social events at our different office locations · Speaker Series – virtual and in-person live events with external experts · MFTVs – TV screens at our major locations |
| Shareholders/ investors | · Shareholder engagement · Annual meeting · Investor events and presentations · Investor Day · Webcasts · Investor Relations website · Annual Report and Management Information Circular · Meetings, phone calls, and e-mail correspondence · Quarterly earnings results and earnings calls |
| Regulators | · Mandatory local and regional reporting requirements · Voluntary reporting and engagement on key issues · Questionnaires |
| Industry associations | · Engagement with and through industry associations to work on key issues · Questionnaires for industry research · Receive updates from industry associations · Participate on committees and working groups |
| Civil society/NGOs | · Ongoing dialogue with local and regional non-governmental organizations · Partnerships · Industry working groups · Funding research projects · Conferences and forums |
| Suppliers/Vendors | · Digitization strategy · Supplier diversity programme · RFX: Requests for Proposals, Information, and Quotes · One-on-one meetings · Supplier events and forums |
| Communities | · Philanthropic partnerships · Sponsorship of community events · Volunteerism |
What actions were taken by Manulife to create economic value for its stakeholders?
In its 2022 ESG Report Manulife reports that it took the following actions for creating economic value for its stakeholders:
- Creating economic value for suppliers
- In 2022, Manulife spent C$ 34.6 million with diverse suppliers.
- Creating economic value for governments
- In 2022, Manulife paid C$ 2.6 billion in taxes.
- Creating economic value for communities
- In 2022, Manulife spent C$ 25.1 million in community investments.
Which GRI Standards and corresponding Sustainable Development Goals (SDGs) have been addressed?
The GRI Standard addressed in this case is: Disclosure 201-1 Direct economic value generated and distributed
Disclosure 201-1 Direct economic value generated and distributed corresponds to:
- Sustainable Development Goal (SDG) 8: Decent Work and Economic Growth
- Targets: 8.1, 8.2
- Sustainable Development Goal (SDG) 9: Industry, Innovation and Infrastructure
- Targets: 9.1, 9.4, 9.5
78% of the world’s 250 largest companies report in accordance with the GRI Standards
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References:
This case study is based on published information by Manulife, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:
https://www.manulife.com/content/dam/corporate/global/en/documents/pas/2022/MFC_ESGR_2022_EN.pdf
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