We conducted an assessment based on our business model in 2015, refined in 2016, to understand key corporate responsibility (CR) and environmental, social and governance (ESG) topics that were important to our business and stakeholders, and therefore a priority area for strategic planning and corporate responsibility business integration. This assessment defined topics that reflected our organization’s significant economic, environmental and social impacts or those we believed would substantively influence the assessments and decisions of stakeholders. The GRI Standards (Global Reporting Initiative) terms this exercise as a "materiality assessment." Materiality however, is defined differently by the Securities and Exchange Commission (SEC), which specifies disclosed information that is important specifically to investment decisions and the "reasonable investor." In the CR context, we utilized a process that was guided by the GRI Standards and considered all stakeholders, rather than the SEC rules specific to investors.
To carry out this analysis, we took the following steps:
- Identified our key stakeholders through review of government filings and overview documents, and interactions with employees in varying roles across the business.
- Reviewed ESG indicators from industry frameworks and standards such as GRI (opens new window), Sustainability Accounting Standards Board (opens new window) (SASB), the Dow Jones Sustainability Index (opens new window), United Nations Sustainable Development Goals (opens new window) and the United Nations Global Compact (opens new window).
- Rated, in conjunction with Voya leaders, the CR issues material to our business and key stakeholders by considering the relevance of these indicators to our business objectives, to industry regulations, to the unique skills we possess and to our stakeholders perceptions as well as those indicators that pose risks or opportunities for us and what data collection methods and metrics currently exist at Voya.
The outcomes resulted in our revised CR Pillars (areas of focus), publicly stated ESG Commitments, tactics for integrating corporate responsibility throughout the company and the identification of teams to carry out the work. Subsequent projects based on the materiality helped us to identify risks and opportunities across the business and functions, which led in turn to a more integrated approach. The process also yielded a shared internal lexicon about our collective approach to conducting business in a way that is ethically, economically, socially and environmentally responsible.
For information about each priority topic, including the rationale for its importance to Voya, our related management approach and how we evaluate our success in this area, follow the corresponding link below:
- Empowering Our People, which includes the following topics:
- Company Mission & Values
- Performance Culture
- Training & Development
- Diversity & Inclusion/Equal Opportunity
- Serving Our Clients, which includes the following topics:
- Ethical Practices & Principles/Transparency
- Responsible/Sustainable Products & Services
- Stakeholder Engagement
- Protecting the Environment, which includes the following topics:
- Operational Efficiency
- Employee Engagement & Awareness
- Green Supply Chain Program
- Sustainability Industry Leadership
- Investing in Communities, which includes the following topics:
- Grants & Charitable Sponsorships
- Employee Engagement
- Financial Resilience
- Supplier Diversity