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Zurich Insurance Group

PRI reporting framework 2017

You are in Strategy and Governance » Governance and human resources

Governance and human resources

SG 07. RI roles and responsibilities

07.1.

Roles present in your organisation

          All Group CIO direct reports
        

07.2. For the roles for which you have RI oversight/accountability or implementation responsibilities, indicate how you execute these responsibilities.

  • The Head of Responsible Investment, reporting directly to the Group CIO, is responsible for overseeing the execution of the responsible investment strategy and supporting the investment management organization in implementing responsible investment practices.
  • As part of a standard annual individual objective-setting process, responsible investment objectives are assigned to relevant individuals across investment management, including all department heads reporting directly to the Group CIO, and then cascaded as applicable to the regional and local investment teams, including, local CIOs, portfolio managers, analysts and others.

07.3. Indicate the number of dedicated responsible investment staff your organisation has.

2 Number

07.4. Additional information. [Optional]

Accountabilities at the level of the Zurich Group

  • The 'Governance, Nominations and Corporate Responsibility Committee' of the Zurich Board of Directors reviews and approves the corporate responsibility (CR) strategy and objectives, including responsible investment as an element of that strategy. In addition, the Board of Directors formally oversees the execution of the Group's overall strategy, of which corporate responsibility forms an integral part.
  • Zurich's responsible investment approach is an integral element of the Group’s CR strategy and the Executive Committee (ExCo) is accountable for the execution of the CR strategy. A cross-functional Group-level body – the CR Working Group – is responsible for setting the Group's CR strategy, priorities and objectives for approval by the ExCo and monitors progress of the implementation of Zurich's overall CR strategy. The Working Group is chaired by a member of the ExCo and reviews progress against defined objectives on a quarterly basis. The Head of Responsible Investment represents investment management in the Working Group.
  • The Group Chief Investment Officer (CIO), a member of the ExCo, is responsible for the execution of the responsible investment strategy. 

SG 08. RI in performance management, reward and/or personal development

08.1. Indicate if your organisation’s performance management, reward and/or personal development processes have a responsible investment element.

Board members/Board of trustees

Chief Executive Officer (CEO), Chief Investment Officer (CIO),  Investment Committee

Other C-level staff or head of department

          All Group CIO direct reports
        

Portfolio managers

Investment analysts

Dedicated responsible investment staff

08.3. Provide any additional information on your organisation’s performance management, reward and/or personal development processes in relation to responsible investment.

All objectives related to responsible investment are assessed as part of Zurich's performance management process and affect variable pay through overall performance ratings.

08.4. Describe the level of experience board members/trustees/chief-level staff have with incorporating ESG factors into investment decision-making processes.

          The Group CIO meets monthly with the Head of Responsible Investment to discuss responsible investment practices and is involved in additional strategic discussions on priority issues as relates to responsible investment. He has built a significant level of expertise during his tenure at Zurich (as a member of Zurich’s Investment Management Executive Team since 2010 he was involved in responsible investment activities in his previous roles as Head of Strategy Implementation and Head of Alternative Investments and, in that role, was responsible for Zurich’s allocation to impact private equity investments and also indirectly oversaw Zurich’s sustainability approach for real estate investments) and receives regular invitations to speak about responsible investment at relevant conferences or other industry events.
        

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