Voya's supply chain largely consists of professional services-related organizations and companies that support our systems and processes. Our suppliers provide services in the areas of technology, marketing and advertising, consulting, and financial and accounting, and materials including office supplies and equipment. Most of our top suppliers are global companies founded and headquartered in the U.S.
As a large business with significant revenue and reach, we have the opportunity to leverage our supply chain in a way that increases Voya's positive impact on environmental protection and our communities. For example, the use and purchase of materials, equipment, supplies and services are a source of carbon emissions. We can engage suppliers who work to minimize their environmental impact, which in turn decreases Voya's impact. As such, we have created and implemented a responsible and sustainable supply chain program underscored by our Supplier Code of Conduct. Our goal is to work with suppliers that are aligned with our corporate values, operate ethically and responsibly, strive to minimize their own environmental impact, and comply with applicable laws, regulations and Voya's corporate policies.
Voya financial deals with its business partners according to a set of high ethical standards and has strict procurement policies on child labor, environmental issues, health and safety regulations and supplier diversity. Please see our Supplier Code of Conduct for details.
We are committed to providing opportunities for equal access to suppliers that are certified:
- Minority-owned enterprises (MBE);
- Women-owned enterprises (WBE);
- Lesbian, gay, bisexual and transgender (LGBTBE)-owned enterprises;
- Disability-owned business enterprises (DOBE);
- Veteran-owned small business (VOSB) and;
- Service disabled veteran-owned small business (SDVOSB).
Doing so not only provides economic empowerment in the communities where we live and work, but also increases our ability to develop innovative solutions to meet our clients’ diverse needs.
Procurement staff is required to comply with the Voya Financial Code of Business Conduct and Ethics, in addition to the business principles that all staff follow. This code requires confidentiality with respect to price-sensitive information, including quotations and proposals from suppliers and sets strict boundaries for contacts and relations with suppliers.
Many of our suppliers are also clients of Voya Financial. Our reciprocity policy that when a customer or potential customer wants to become a supplier, this company will be assessed only on the basis of price and quality and not on its customer status.
We are further enhancing our Supplier Diversity Program in 2020 and will begin reporting on our spend targets and performance in our 2020/21 Corporate Responsibility Impact Report.