How we run our business by practising good governance.
We want to make our industry work better for everyone. That’s why we work hard to practice good governance across the business.
We have chosen to accept the risks inherent in our four core business lines and our risk committee oversees all aspects of risk management in the Group.
Our commitment to respect human rights is guided by the United Nations Guiding Principles on Business and Human Rights and other internationally recognised human rights frameworks.
Our approach to modern slavery is part our overall approach to human rights and we are committed to making sure there is no modern slavery in our operations.
For example, in 2017 we:
- Updated our human rights policy to make explicit mention of modern slavery as an area of focus; and
- Published our first Modern Slavery Act statement detailing the work we undertook in 2016 to assess the risks of modern slavery in our own business and supply chain.
As a business that’s been around for over 320 years we have learnt to listen hard to our stakeholders, working with them to tackle the big challenges and identify risks and opportunities.
We work hard to make sure our supply chain is responsible and sustainable. We do thorough checks of suppliers before we begin working with them, and ask that they sign our Supplier Code of Behaviour.
We continue to engage them around sustainability issues over time. We also help influence our suppliers to act now around the big issues like climate change.
Our Business Ethics Code outlines our high ethical standards and ensures we operate responsibly and transparently. We require all our people, at every level, to read and sign-up to our code every year (99% of our employees did so in 2017).
In 2017, we also reviewed and improved our business ethics training to reinforce its importance and what it means for our people.
Our Financial Crime Business Standard guides how we seek to prevent, detect and report financial crime, including bribery and corruption, while complying with relevant legislation and regulation.
We have risk-based training to ensure employees and others acting on Aviva’s behalf know what’s expected of them and how they should manage bribery and corruption risks. Our malpractice helpline, Right Call, makes it easy to report any concerns in confidence, with all reports referred to an independent investigation team. In 2017, 41 cases were reported through Right Call, including one related to bribery and corruption concerns. 35 cases reached conclusion, and six remain under investigation.
Our Board-level Governance Committee oversees our responsible and sustainable business strategy and the policies that underpin it.
As a company we are subject to the UK Corporate Governance Code (the Code), which we aim to comply with fully.
Making Good decisions
In 2012, Aviva faced big challenges. We had to tightly manage everything, fix our balance sheet, and drive performance in each business area – all the while building our strategy and values for the long term.
We are proud of our progress and now we are in a new phase – moving the business from fix to grow – and this needs us to make a significant shift, with everyone at every level focused on making good decisions using our values. During 2016 we ran a collaborative project to investigate where we were, and to figure out what we could do to make good decisions more likely at every level of Aviva.
We landed on a simple toolkit that we are in the process of putting into the hands of all our people, you can read more about our good decisions toolkit (PDF).
Watch our approach to making Good Decisions with Tom Stoddard, Aviva Group CFO: