Environmental sustainability statement

Objective

This document outlines New York Life’s sustainability priorities and actions that demonstrate our commitment to sound business practices and programs.

Mission and values

New York Life' s mission is to provide financial security and peace of mind through our products and services. As stewards for the long-term, our core values of humanity, integrity and financial strength are both  integral to our mission and underscore our Company's genuine concern for the communities  in which we do business. Every decision we make and every action we take has one overriding purpose: To be there when our customers need us.

In that spirit and recognizing that sustainability is a continuous process rather than a time-bound project, we are committed to making the most appropriate and responsible use of natural resources in delivering products and services to our customers, now and in the future.

Scope & Applicability

This Statement applies to New York Life’s US-based operations, including our employees and agents. We conduct our business in a manner consistent with our corporate values, as stated in our Code of Conduct "Working with Integrity".

Climate Change Risks and Resiliency

New York Life recognizes the physical risks presented by climate change and the importance of preparing for climate-related events. We assess and manage key risk, including climate risk, within the Company’s Enterprise Risk Management Policy and framework. Our Corporate Resilience program, in conjunction with Risk Management, business partners and corporate areas, provides strategies to help the Company mitigate the potential impact of extreme weather events and other disruptions on our business operations. 

We manage investment risks associated with climate change through our overall investment process.  Our fundamental investment analysis includes an assessment of the environmental, social, and governance (ESG) factors, including climate change, deemed to be material to an investee’s performance.  Our real estate group has integrated ESG and resilience into its investment processes and business strategy and continually aligns its program to industry standards including reporting to GRESB and UN PRI.  New real estate acquisitions are evaluated for acute and chronic climate related physical and transition risks as part of the due diligence process, and we continuously look for opportunities to mitigate climate related risks for our current assets. We also strategically evaluate green building certifications for new acquisitions and developments as well as across our existing equity portfolio.

Oversight

The ESG Steering Committee (“ESG SteerCo”) is a cross-functional management committee that provides oversight of key ESG matters relevant to the Company’s mission and business and escalates material ESG risks and other significant ESG topics to the Company’s Risk Steering Committee. The ESG SteerCo is chaired by the Corporate Secretary and includes other senior executives of the Company. The ESG SteerCo is supported in its responsibilities by various ESG focused committees and working groups across the Company.

The New York Life Board of Directors, directly and through its committees, retains the primary responsibility for risk oversight and delegates in-depth review of certain risk topics to its standing committees. The Audit Committee assists the Board of Directors in fulfilling the Board’s oversight responsibilities with respect to the Company’s Enterprise Risk Management framework. The Audit Committee is also responsible for reviewing the Company’s ESG framework and process, including the assessment and management of the financial risks from climate change.

Commitments

New York Life has long supported programs related to environmental sustainability in the workplace. These programs not only reduce our environmental impact but also the operational costs for our business. In that regard, we aspire to:

• Reduce our Environmental Impact: Reduce our operational Scope 1 and Scope 2 emissions 30% by 2030, from a 2019 baseline. We also strive to reduce energy consumption, water consumption, waste production, and natural resource use. This includes: 
  • Reducing energy consumption associated with operating our buildings, data centers and other technology;
  • Employing electronic communication in lieu of print when permitted, appropriate and feasible; and
  • Adhering to or exceeding applicable recycling guidelines in the communities where we do business.
• Internal Environmental Initiatives: Use Forest Stewardship Council (FSC) certified paper, reduce corporate printing, reduce paper use and storage through mail scanning, reduce available plastics in cafeterias and switch to biodegradable or reusable materials where feasible.
• Performance Measurement: Drive continuous improvement in the environmental performance of our facilities by measuring and monitoring key performance indicators, including energy consumption; electricity use; water consumption; waste diversion; renewable energy; and Scope 1, 2, and 3 GHG emissions.
• Learning and Development: Provide learning, development, and engagement opportunities for all employees to enhance awareness on sustainability issues and ways to reduce environmental impact at the office, at home, and in the community. This includes a monthly ESG webinar series open to all employees, a dedicated ESG pathway on our Learning Exchange, and CANDRIAM Academy. 
  • CANDRIAM Academy is the world’s first free-to-access accredited training platform for sustainable and responsible investing and was created by CANDRIAM, a New York Life Investments company.
• Stakeholder Engagement: Engage customers, employees, institutional investors, and the communities we serve on New York Life’s ESG priorities and report through annual corporate responsibility reports, press releases, and other communications.