Governance and ethics

We apply strong corporate governance processes and practices that cover areas such as:  

• director independence 
• board composition and diversity 
• board orientation, continuing education and assessment 
• strategic planning and risk management oversight 
• succession planning and talent management 
• shareholder engagement and responsiveness 
• shareholder alignment through director share ownership requirements
• board renewal, including director tenure

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:   

• Canadian Life and Health Insurance Association   
• American Council of Life Insurers   
• Hong Kong Federation of Insurers   

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.