This document outlines New York Life’s environmental sustainability priorities and actions that demonstrate our commitment to environmental stewardship.
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 associated with our mission underscore our Company's genuine concern for the environments in which we do business. Every decision we make, every action we take has one overriding purpose: To be here when our customers need us.
In that spirit and recognizing that environmental 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. We collaborate with our business partners on climate action and engage our employees in community service and environmental awareness.
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 material risks, 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.
The ESG Steering Committee (“ESG SteerCo”) is a cross-functional management committee that provides oversight of key environmental, social and governance (“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 Chief Legal Officer 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.
New York Life has long supported programs related to environmental sustainability in the workplace. In that regard, we aspire to: