Good governance and behaviour are essential practices for any sustainable business. They’re especially important for financial services companies like ours. Being well-governed and behaving ethically at all levels of our organization is critical to Sun Life’s reputation. These practices are essential to ensuring we operate – and are regarded – as a trusted and responsible business.
Our approach
We apply strong corporate governance processes and practices that cover areas such as:
Good governance starts with our Board of Directors. Sun Life’s Board is composed of qualified and experienced members from diverse backgrounds. All Board members except for our President & CEO are independent, including the Chair of the Board. This structure drives effective decision-making and long-term, sustainable value creation for our stakeholders. By focusing on continuous improvement, the Board ensures that Sun Life stays on top of changing regulatory and market expectations.
Our Board Diversity Policy sets out that when recruiting candidates for the Board, a preferred candidate profile is developed based on the qualifications, competencies, experience and expertise determined to be best suited to complement the existing Directors or fill a need on the Board. In addition, the Board Diversity Policy sets out an aim to achieve gender balance and at least 20-25% board members who self-identify as belonging to an underrepresented group1. The current composition of the Board reflects this aim and Sun Life remains committed to diversity at the Board level. To learn more about our diversity efforts, refer to Diversity, Equity and Inclusion.
The Board also oversees our sustainability agenda – refer to our sustainability governance model.
We expect everyone2 representing Sun Life to behave responsibly. And we expect them to take accountability for their actions and comply with applicable laws wherever we operate. It’s not just about following rules and policies. It’s about doing the right thing and empowering our people to maintain an ethical culture.
Our Code of Conduct (the Code) helps guide us and sets clear expectations for our behaviour, how we conduct our business and make decisions. We review the Code annually, with an in-depth review at least every three years. These reviews help us stay relevant with emerging topics in the current environment and reflect evolving industry standards. As a global company, our Code reflects the diversity of our organization and is available in nine languages. All employees and Board members must complete annual training and declare their compliance with the Code.
We have a robust framework of controls, policies and programs to support the Code and to prevent and detect all forms of corruption. These elements help us meet legal and regulatory requirements and protect our business, employees and Clients.
We’re committed to complying with the letter and the spirit of anti-corruption and anti-bribery laws in the countries where we operate. It’s our policy to never engage in any form of bribery or corruption and to report potential violations immediately.
Our Code promotes speaking up and it outlines our commitment against intimidation and retaliation. Employees and Board members are required to report all known and suspected Code breaches. There are multiple channels to report Code breaches including through an employee’s manager, Human Resources, a member of the Legal or Compliance team, the Code inbox and the Ethics Hotline. Our Ethics Hotline is available 24/7 in multiple languages and empowers all our stakeholders to play an active role in protecting the organization. Employees and the general public can use the Ethics Hotline to seek guidance and report allegations of misconduct anonymously. The Code Office monitors, tracks and reports on Code breaches and their resolution to senior management and select Board committees quarterly.
Sun Life manages many human rights elements across our business – in our employment practices, products and services, supply chain and investments. To ensure we are aware of and manage the full range of potential human rights issues, we have worked to assess, map and prioritize key human rights risks across our global organization.
Learn more in Diversity, Equity and Inclusion.
Public policy is essential for Sun Life to fulfill its Purpose. We proactively engage with policymakers and regulators on policy discussions related to our Purpose, including climate change. We do this both directly and through our participation in industry associations, including the:
Our Global Government Affairs and Public Policy team works closely with the Sustainability team and business units across Sun Life, to ensure that our advocacy activities support our Purpose and advance our sustainability commitments. Wherever we operate, we comply with local lobbying laws and regulations. We’re committed to being transparent about our public policy positions and activities. Our Compliance Risk Management Framework and Prevention of Bribery and Corruption Operating Guidelines, supported by our Code, set out clear rules and restrictions for engaging with politicians and government officials.
You’ll find highlights of our public policy activities throughout our Sustainability Report.
Achieved – 50% of Board members self-identify as women (Q1’24)
Achieved – 25% of Board members self-identify as members of underrepresented groups (Q1’24)
Learn more about our progress and performance in our 2023 Sustainability Report and ESG Performance Tables.
For the fifth consecutive year, Sun Life Grepa Financial, Inc., one of the major insurers in the Philippines, was awarded with a Golden Arrow for its corporate governance practices in the 2022 ASEAN Corporate Governance Scorecard Awards organized by the Institute of Corporate Directors.
1 Individuals who have self-identified as members of the Black, Indigenous, People of Colour, disabled and/or LGBTQ2+ communities.
2 All employees, Board members, external directors of Sun Life and their subsidiaries and controlled joint venture companies, and third parties acting on our behalf or representing us.
3 Refer to Sun Life's Management Information Circular dated March 15, 2024 for more details.
4 Training completion rates are as at January 15 since annual training assigned during the reporting year may be completed after year-end. Refer to Sustainability Data Scope - Note 5.
Refer to Sustainability Data Scope.
