Contributing to the advancement of the Sustainable Development Goals agenda

Health Benefits

As an employer, we provide life insurance, short-term and long-term disability insurance, health and drug coverage, vision care, and dental coverage for our employees and retirees, as well as access to a virtual healthcare and wellness platform and on-site flu vaccinations. 

As an investor, we invest in businesses that promote health and wellness. For instance, Great-West Lifeco’s health and life insurance business is helping thousands of Canadians manage their personal wellness. Working together with other healthcare partners, they are improving the accessibility and affordability of group benefits, providing education on physical health, and developing a greater understanding of mental health.
 

Mental Health in the Workplace

Initially established in 2007 as the Great-West Life Centre for Mental Health in the Workplace, Workplace Strategies for Mental Health, compliments of Canada Life (Workplace Strategies), offers a range of free tools and resources for employers and employees to protect psychological health and safety at work.

Since January 2023, Canada Life has invested nearly $2.5 million in Workplace Strategies for Mental Health and charitable contributions to mental health-related initiatives. In addition, there have been more than 2.2 million page views and more than 642,000 visitors browsing Workplace Strategies’ free online tools and resources.
 

Financial Literacy

Being financially literate means having the knowledge, skills, and confidence to make informed financial decisions. Both Great-West Lifeco and IGM Financial, through their respective subsidiaries, support programs that promote financial literacy and education.

Canada Life, a subsidiary of Great-West Lifeco, supports Prosper Canada, an organization that focuses on expanding economic opportunity for Canadians living in poverty through program and policy innovation. Canada Life’s support help empower leading non-profits across Canada to deliver quality financial services and accelerate community collaboration. In turn, this builds financial security and resilience of vulnerable people. Since 2015, Prosper Canada has reached more than 700,000 people with financial empowerment services and trained more than 14,000 people to deliver services. 

In 2023, IG Wealth Management, one of IGM Financial’s operating companies, also continued its partnership with Prosper Canada, which  works with Indigenous individuals in communities across Manitoba and Ontario to build their financial education and confidence through culturally appropriate workshops and one-on-one coaching. In 2023, over 2,700 Indigenous community members gained financial knowledge and coaching, and, since the start of the partnership, 1,365 community members have access $8 million in income through assistance with tax filing. 

In addition, IGM Financial promotes financial confidence through its community program IG Empower Your Tomorrow. Through IG Wealth Management advisors, national partnerships, community seminars, events and educational materials, the program works to remove barriers to financial confidence among four traditionally underserved groups: Indigenous peoples, newcomers, seniors and youth. As part of this program, IG Wealth Management partnered with the Canadian Foundation for Economic Education (CFEE) to provide free financial resources and in-person workshops tailored to Canada’s youth and seniors. In 2023, more than 2,300 people participated in 85 workshops focused on the newly launched Money and You: Seniors Edition, a resource that supports financial education for seniors. In addition, 73% of youth who participated in financial well-being workshops reported that the sessions enhanced their financial decision-making. 

Gender Diversity

Power Corporation has a commitment to promote gender diversity at the Board and at senior management levels, which is articulated through its Board and Senior Management Diversity Policy. The Board believes diversity ensures directors provide the necessary range of perspectives to achieve effective stewardship and recognizes that gender diversity is a significant aspect of diversity. Following the 2024 Annual Meeting of Shareholders, five women were elected to the Board, representing 36% of Board members, meeting the Corporation’s objective to have 30% women representation on the Board by 2025 ahead of time. In addition, 52% at the management level at Power Corporation were women at 2023 year-end. 

In addition, Power Corporation continues to support initiatives focused on the advancement of women, including Fora: Network for Change, a centre for excellence for young women’s leadership development, École de technologie supérieure’s Objectif Féminin pluriel, which aims to increase female representation in the field of engineering, and the Foundation Lise Watier’s Let’s Start Up Program, which helps women looking to achieve a professional project related to entrepreneurship, the pursuit of post-secondary education or the search for a more fulfilling job.

Great-West Lifeco has set a goal to grow representation of women in management roles to 50% across its business segments by 2030 and as at 2023 year-end was on track to meet this objective. In addition, in 2023, 65% of Great-West Lifeco’s Canadian workforce and 45% of its management-level employees in the country were women. In recent years, Great-West Lifeco's Canadian companies supported the launch of networking and mentoring groups, such as the Women in Leadership group, and other initiatives for up-and-coming female leaders, focusing on education and inspiration.

As for IGM Financial, its objective of achieving 35% women's representation at the vice-president level or above by 2025 (including 40% at the assistant vice-president level or above), was originally set in 2021. At the end of 2023, women occupied 34% of vice-president level positions or above, and 38% of assistant-vice presidents level positions or above. 

Since 2021, IGM Financial has business resource groups in place, which are volunteer employee-led groups with a common goal of cultivating an inclusive work environment through a focus on career development, mentoring, networking and business impact. Among these, the Women Business Resource Group is supported by executives across IGM Financial and its operating company Mackenzie Investments. 

Additionally, Mackenzie Investments’ Mackenzie Global Women’s Leadership Fund and Mackenzie Global Women’s Leadership ETF aim at driving social and governance change through a focus on companies that promote gender diversity and women’s leadership.

Mackenzie Investments’ Mackenzie Together platform is dedicated to creating an investment world that engages and inspires women, providing them with support to pursue careers in asset management. Through the platform, Mackenzie provides grants to non-profit organizations that support women’s financial well-being. In total, the program will provide $500,000 over five years to charitable organizations that are addressing the financial knowledge gap of women and supporting families through financial education and training programs.

Renewable Energy Financing

We invest in the renewable energy sector through our alternative asset investment platform Power Sustainable, which invests in companies and projects that contribute to decarbonization.

Power Sustainable has invested in companies that develop, own and operate solar and wind generating assets in North America as well as in leading manufacturers of sustainable technologies. Through its platform Power Sustainable Energy Infrastructure (Power Sustainable Energy), Power Sustainable operates a leading North American-focused renewable energy platform with 3.6 GW of utility-scale and distributed energy assets, including assets under construction, and assets in advanced development projects. It holds 100% interest in Potentia Renewables, a renewable energy generation company, active in North America, that is a fully integrated developer, operator and manager of solar and wind energy assets; and Nautilus Solar, a company headquartered in New Jersey, U.S., that acquires, develops, finances and manages distributed solar projects across community, municipal/utility-scale, commercial and industrial markets.

Job creation and benefits

Power Corporation and its group companies employed approximately 40,400 individuals and paid out $6.4 billion in salaries and other benefits in 2024. These funds flow through the economy, impacting the hundreds of communities in which our employees live and work. Our group's investments in training and new technologies also contribute to develop local talent and the intellectual capital of our people. 

INVESTMENTS TO SPUR GROWTH

Great-West Lifeco provides long-term capital through its investment activities. The company’s commercial mortgages and private placement investments provide opportunities for businesses and governments to help create employment, fund research and development, and support infrastructure, healthcare, and renewable energy projects. In 2023, the company funded more than $1.8 billion in new private debt and commercial mortgages across Canada.

Sagard, one of the Corporation's our alternative asset investment platforms, is committed to supporting the business building process. For example, through Sagard NewGen, the company supports entrepreneurs in the technology and healthcare industries to accelerate their growth projects in Europe and beyond. Through Sagard MidCap, the company also invests in six sectors – business services, food and consumer, healthcare, financial services, industrial and technology software – and partners with ambitious management teams to support the development of their businesses in France and abroad. 

Finally, Diagram, an ecosystem partner of Sagard, is a venture builder that conceives and launches technology companies in the financial services, insurance, and health industries. Working alongside world-class founders, they combine access to venture capital investment, hands-on support, and a deep ecosystem of partners into a unique platform to launch world-changing companies. 

Reducing Inequalities

IGM Financial’s operating companies – IG Wealth Management and Mackenzie Investments – are signatories to the United Nations Women’s Empowerment Principles, which promote gender equality in the workplace, communities and marketplace.

IGM Financial's group companies and Canada Life have also made public pledges to end anti-Black systemic racism by signing the BlackNorth Initiative.

IGM Financial's Business Resource Groups seek to foster an inclusive work environment, with a focus on career development, mentoring, networking and business impact. In 2023 and 2024, its ongoing efforts to grow a diverse equitable and inclusive work environment were recognized and celebrated as one of Canada’s Best Diversity Employers.

In addition, both Great-West Lifeco's subsidiary Canada Life, and IGM Financial's subsidiary IG Wealth Management, are signatories of Winnipeg’s Indigenous Accord, committing to fostering a workplace culture in which Indigenous peoples and all employees can contribute to their fullest potential. IGM Financial and Canada Life are also taking concrete actions in support of the Canadian Truth and Reconciliation Commission’s Call to Action #92. For instance, in 2023, Canada Life continued to support its employees on their journeys of education by providing them with a paid day off to engage in meaningful learning and reflection activities on the path towards truth and reconciliation. The company’s Indigenous Peoples Employee Resource Group hosted two events in 2023 to mark National Indigenous Peoples Day and National Truth and Reconciliation Day, celebrating Indigenous Peoples’ culture and heritage, as well as educating fellow employees on the hard and enduring truths of Canada’s history. For its part, IGM Financial is committed to the reconciliation process between Indigenous and non-Indigenous peoples and works to move its company and people towards greater awareness, understanding and action. In 2024, IGM Financial published its first Reconciliation Action Plan, outlining how they intend to build on their response. 

Canada Life supports several organizations which aim to reduce inequalities for First Nations. Among these is Indspire, an Indigenous national charity that invests in the education of First Nations, Inuit and Métis people for the long-term benefit of these individuals, their families and communities, and Canada. Since 2018, the Canada Life Building Brighter Futures Awards & Bursaries have supported Indigenous university and college students studying business.

Canada Life also supports the Red River College Polytechnic (RRC Polytech), which is Manitoba’s largest institute of applied learning and research. With Canada Life’s support, RRC Polytech is creating a new Indigenous-led student mentorship program called The Circle of Friends Indigenous Student Mentorship Program. This program, which will be offered across all programs and campuses, will provide guidance to Indigenous learners as they navigate post-secondary experiences and the early weeks of employment. This Indigenous-led program will follow the mentorship model that is deeply rooted in Indigenous culture and will connect Indigenous participants with a mentor who has successfully walked a similar path.

Sagard puts emphasis on network-building and inclusion practices. In 2020, Sagard’s CEO co-founded the Black Wealth Club, and in 2021, the Indigenous Leadership Circle, both aiming to create bridges and exchange knowledge and networks with young professionals and entrepreneurs across Canada.

Power Corporation also supports the work of Indspire thought the Power Corporation of Canada Indigenous Award, which is distributed annually to Indigenous students who are attending post-secondary institutions to contribute towards paying their education costs. 

Economic Inclusion

At IGM Financial, the IG Empower Your Tomorrow program equips four traditionally underserved groups with the tools, resources and confidence they need to take control of their financial futures: Indigenous Peoples, through partnerships with organizations such as Prosper Canada which provides culturally appropriate workshops and one-on-one coaching to help build Indigenous people’s financial education and confidence; newcomers to Canada, by working with the Immigrant and Refugee Community Organization of Manitoba (IRCOM) to help build financial skills and empowerment for low-income newcomers; and Youth and seniors, by offering free financial resources and in-person workshops that support financial education and decision-making through its partnerships with the CFEE.

Power Corporation supports Prosper Canada, a charity dedicated to expanding economic opportunity for Canadians living in poverty through program and policy innovation to ensure that all financially vulnerable Canadians have access to the financial policies, programs, products and advice they need to build their financial well-being. 

Power Corporation also supports Windmill Microlending, Canada’s only national charity offering affordable loans to skilled immigrants and refugees that strives to ensure skilled newcomers are equitably integrated into the workforce while contributing their expertise to Canada’s economic and social success. The organization’s microloans help pay for the costs of accreditation, training and career development.
 

Greener Real Estate

GWL Realty Advisors, Canada Life’s wholly owned real estate management subsidiary, manages all of Canada Life's corporate head offices and investment properties. As of 2023, 37.7 million square feet of its managed portfolio had green building certifications such as BOMA BEST or LEED. 

RESPONSIBLE INVESTMENTS

All of the Corporation’s publicly traded operating companies and alternative asset management businesses are signatories of the Principles for Responsible Investment, either directly or through their operating companies.

RESPONSIBLE PROCUREMENT

Power Corporation works collaboratively with its third parties to extend our responsible management philosophy through our Third Party Code of Conduct. In 2024, as part of our continuous Third Party Code deployment, we reached out to new key suppliers, consultants, advisors and other business partners, asking them to confirm their compliance to the requirements of our Code. We are also mindful about sourcing more sustainable products and services. For instance, since 2023, we have purchased renewable natural gas for our owned or managed buildings. 

In its Canadian operations, Great-West Lifeco specifically engages its critical suppliers to understand the products and services that could reduce the environmental footprint of its buildings, operations, and processes. Supplier evaluation and its Supplier Risk Management Policy include sustainability and climate change, as one of its considerations. This includes suppliers that support the company in improving the sustainability of its real estate assets, as well as other products and services that enable them to reduce energy, water, and material consumption (e.g. building equipment retrofits, utility providers, data centre optimization, LED lighting, paper, and building materials). Great-West Lifeco is also a member of the Forest Stewardship Council (FSC) and has committed to using responsibly sourced paper and other forest products that meet the FSC's strict environmental and social standards.

IGM Financial has several compliance policies, programs and controls that are regularly assessed and updated to align with changes in business models, client expectations and regulatory requirements. For instance, its Supplier Code of Conduct includes provisions related to human rights and labour practices, and to improving environmental performance. IGM includes ESG questions in all supplier RFPs to ensure alignment with its approach to sustainability. The company developed a company-wide Procurement Policy to guide it in sourcing, selecting and managing suppliers to meet their needs and mitigate potential risks. In addition, it launched a sustainable procurement program with a minimum weighting factor of 20% for ESG criteria in evaluating requests for proposals. 

ENGAGEMENT

Great-West Lifeco’s subsidiary Irish Life Investment Managers engages with its portfolio companies regarding climate, including to encourage better climate-related disclosure practices among investees. For instance, in 2023, it participated in 198 collaborative engagement activities, including written communications and meetings, with 129 companies.  

Similarly, IGM Financial’s subsidiary Mackenzie Investments engages with investee companies and issuers to encourage the adoption of industry best practices to help preserve and enhance companies’ long-term value. Mackenzie’s current priorities are diversity, climate action and good governance. In 2023, Mackenzie engaged with 172 unique companies on 862 ESG-related topics. A top priority was net-zero engagements with companies identified as being among its 100 largest GHG emitters. 
 

CARBON EFFICIENCY

Despite the Corporation’s limited environmental impact as a holding company, we make every effort to conserve resources and improve energy efficiency. From an investment standpoint, we are helping finance cleaner and renewable energy projects through Power Sustainable. 

Great-West Lifeco is also invested in the cleaner energy market with more than $6 billion in 2023 in wind, solar, and hydro renewable energy projects. In 2021, Great-West Lifeco announced its ambition of achieving net zero greenhouse gas emissions by 2050 for its operations and for financed emissions in its general account.

For its part, the IGM Financial group of companies announced in 2021 their climate commitment to becoming carbon neutral and supporting the transition to net zero. These commitments include investing towards a greener, climate resilient economy, collaborating and engaging to help share the global transition, and demonstrating alignment through corporate actions.

In addition, in January 2022, GBL became the first investment holding company to have climate targets aligned with a 1.5°C pathway approved by SBTi for both its own operations and its eligible portfolio of participations. In 2023, 62% of the eligible portfolio had a climate strategy with targets aligned to a 1.5 C trajectory validated by SBTi, compared to 0% in 2020. 

CLIMATE ADVOCACY AND OUTREACH

IGM Financial's group companies are engaging in regulatory and policy dialogue and collaborating with industry peers to advance science-based approaches, data and tools. Initiatives include the Partnership for Carbon Accounting Financials, Climate Action 100+, Climate Engagement Canada, Net Zero Asset Managers Initiative and the CDP (formerly the Climate Disclosure Project). In addition, IGM Financial’s subsidiaries IG Wealth Management and Mackenzie Investments, are founding signatories to the Canadian Investor Statement on Climate Change, calling for increased accountability in the private sector, and members of Climate Action 100+, an investor-led initiative to ensure the world’s largest corporate GHG emitters take action on climate change. Moreover, Mackenzie prioritizes net-zero engagements with the 100 companies contributing to 70% of its aggregated financed emissions in listed equities. By the end of 2023, Mackenzie’s stewardship and investment teams had met with 93 companies.