For the 15th consecutive year, Canadian ICMIF member Co-operators has been recognised by Corporate Knights for its ongoing efforts to catalyse a resilient and sustainable society. In the 2024 edition of the annual Best 50 Corporate Citizens ranking, Co-operators earned the highest ranking among insurers globally, ranked second in the financial sector globally, and was third on the overall ranking in Canada. The cooperative financial services provider say this national recognition continues to underscore the company’s leadership across environmental, social, and governance-related sustainability performance indicators.

Co operators stood out in the ranking for its relative proportion of revenue that is defined as ‘sustainable revenue’ by Corporate Knights’ Sustainable Economy Taxonomy, driven in part by Co-operators CAD$5.9 billion in impact and transition investments; a high percentage of gender diversity in its executive leadership; its CEO to worker pay ratio; the existence of a sustainability link to executive compensation; and the number of paid sick leave days offered to its employees, among other indicators.

“This recognition amongst our peers is a reflection of our ongoing journey to embed sustainability and resilience into our business, and to act as a societal catalyst through our partnerships, products, services and investments,” says Rob Wesseling, President and CEO of Co-operators and Chair of ICMIF. “This important work is a reflection of our cooperative values and our long-standing desire to support our communities. The pursuit of sustainability is also critical to our long-term financial strength and stability, ensuring we can meet our purpose of financial security for Canadians and our communities for generations to come.”

“At a time when challenges mount in our communities, from climate change to increasing affordability concerns in housing, cost of living, and more, it’s increasingly critical that businesses, governments and communities act to both address short-term needs while considering the long-term impacts of our decisions,” says Chad Park, Vice-President of Sustainability & Citizenship at Co-operators.

“Sustainability is a whole of society undertaking because the complex challenges we face cannot be tackled alone. They require cooperation, commitment, and co-ordinated action. The Best 50 highlights those business leaders who are working together to build a more sustainable, resilient, and equitable Canada. We’re honoured to be included.”

Co-operators sustainability achievements include:

• 48.4% of its investments are invested in impact and climate transition investments, equivalent to CAD 5.9 billion directed to projects and initiatives that address environmental and social challenges.
• Co-operators has a target to invest 60% of its total portfolio in impact, transition and resilience investments by 2030.
• Co operators is a carbon neutral company, with net-zero targets in its operations (2040) and investments (2050).
• 24.7% of its total revenue comes from sustainable products or services, like Comprehensive Water, Canada’s first and only flood insurance product including storm surge that is available to all Canadians even those at highest risk.
• 55% representation of women on the CEO leadership team (Executive Vice Presidents).
• New sustainable claims solutions for property insurance reduce waste and contribute to the circular economy, while saving costs that are reinvested into premium-free insurance solutions that build household resilience to a changing climate.

Full details of its sustainability, climate and financial performance can be found in Co-operators Integrated Annual Report and its Climate Report.