Principal Financial Group® 2023 Sustainability Report: Our Sustainability Strategy and Commitments
Our commitments to help drive better outcomes for people, society, and the planet
Originally published in Principal Financial Group 2023 Sustainability Report
Our sustainability strategy and commitments
We remain dedicated to our sustainability commitments to help drive better outcomes for people, society, and the planet.
Our strategy is made up of three activation pillars, which comprise our material sustainability focus areas which were determined through a materiality assessment. Our focus areas include specific topics and goals that help us deliver our sustainability commitments. These activation pillars help us integrate sustainability across the business and into our operations and decision-making.
Read more about our materiality assessment
In 2023, through the ongoing efforts of our Sustainability Task Force and participation from business leaders across the company, we continued to make progress against our sustainability commitments, including reaching our five-year goal to double the number of diverse small and midsized businesses we support by 2025. We also set new goals to advance our strategy.
Our sustainability strategy is aligned with several SDGs, which are an urgent, universal call to action to help end poverty, improve health and education, reduce inequality, and spur economic growth.
- SDG 5 Gender equality: Achieve gender equality and empower all women and girls.
- SDG 8 Decent work and economic growth: Promote sustained, inclusive and sustainable economic growth, full and productive employment, and decent work for all.
- SDG 10 Reduce inequalities: Reduce inequality within and among countries.
- SDG 13 Climate action: Take urgent action to combat climate change and its impacts.
- SDG 17 Partnerships for the goals: Revitalize the global partnership for sustainable development.
To manage the evolving landscape and stay ahead of the curve, we’re continuously refining our approach while we remain dedicated to transparently reporting progress.
Our key focus areas:
- Sustainable investing
We provide clients with sustainable investment options that offer competitive, risk-adjusted returns and utilize a holistic view of factors influencing risk and return to help create added value for clients, the environment, and society over time. - Consumer and product impact
We enable greater access to relevant insurance, investment, and savings products and services for individuals and businesses around the globe to help build a more inclusive economy. - Financial inclusion
We advance financial inclusion by ensuring individuals and businesses have access to the necessary financial products, resources, and education to meet their diverse needs. - Environmental impact
We promote environmental stewardship across our company by managing our use of resources and working to preserve the planet for future generations. - Sustainable sourcing
We aim to improve our screening of new suppliers and our evaluation of existing suppliers against sustainability criteria and incorporate our findings into our supplier selection process to build a traceable and resilient supply chain. - Governance, ethics, and risk
We operate our business with integrity through strong governance, effective risk management practices, and transparent reporting to maintain trust with our stakeholders. - Global inclusion
We strive to create and maintain a work environment where all employees feel valued, respected, and included, enabling them to do their best work. - Employee engagement
We cultivate a rewarding workplace experience centered on learning, development, and employee well-being to attract and nurture exceptional talent.
To learn more, read the Principal Financial Group 2023 Sustainability Report.
Integration of sustainability considerations and/or environmental, social and governance (ESG) factors is qualitative and subjective by nature. There is no guarantee that the criteria used, or judgment exercised, will reflect the beliefs or values of any particular investor. There is no assurance that any strategy or integration of sustainability considerations and/or ESG factors will be successful or profitable.
Principal Financial Group Foundation, Inc ("Principal® Foundation") is a duly recognized 501(c)(3) entity focused on providing philanthropic support to programs that build financial security in the communities where Principal Financial Group, Inc. ("Principal' operates. While Principal Foundation receives funding from Principal, Principal Foundation is a distinc independent, charitabl entity. Principal Foundation does not practice any form of investment advisory services and is not authorized to do so. © 2024 Principal Foundation.
Insurance products issued by Principal National Life Insurance Co (except in NY) and Principal Life Insurance Company®. Plan administrative services offered by Principal Life. Principal Funds, Inc. is distributed by Principal Funds Distributor, Inc. Securities offered through Principal Securities, Inc., member SIPC and/or independent broker/dealers. Referenced companies are members of the Principal Financial Group®, Des Moines, IA 50392.
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