IRB Brasil RE takes the first steps to implement its Environmental, Social and Governance Policy (ESG), with the beginning of the process of unfolding the principles and guidelines in its activities. “We want, in close collaboration with business partners and other stakeholders, to expand knowledge, engagement and the development of concrete solutions so that the ESG agenda is part of the business model and the decision-making process”, says Ellen Gracie Northfleet, member of the Board of Directors of IRB Brasil RE and coordinator of the Ethics, Sustainability and Governance Committee.
Available in full on the company’s website (www.irbre.com), the IRB Brasil RE’s ESG Policy was approved by the Board of Directors at the end of June, the same week that Susep, the insurance and reinsurance sector’s regulatory agency, published its first standard on this subject. Circular No. 666/2022 lists sustainability requirements to be observed by all insurers and reinsurers.
“The approval, publication and, most importantly, the beginning of the application of our ESG Policy is a milestone that puts IRB Brasil RE in tune with a society and a market that demands responsible, transparent and sustainable conduct. It addresses the management of climate, environmental, social and governance risks, as well as business opportunities and socio-environmental responsibility actions”, highlights Raphael de Carvalho, CEO of IRB Brasil RE.
IRB Brasil RE’s concern with the topic is not new. In 2015, the company started a movement with social sponsorship, which has grown over the years, mainly in the areas of health, sport and culture. Five years later, it developed a strategic plan for the Social Responsibility area. As early as March 2021, the creation of a robust ESG policy advanced.
“All guidelines will be implemented and operationalized gradually and consistently, in line with an action plan defined and approved internally”, emphasizes Daniele Sibucs, the executive responsible for leading the ESG topic at IRB Brasil RE.
The nomenclature Environmental, Social and Corporate Governance or simply ESG was used for the first time in 2004 in a UN Global Compact report. The document, in partnership with the World Bank, emerged from a demand by the then Secretary General of the United Nations, Kofi Annan, to the 50 largest global CEOs of financial institutions, on how to integrate, in the capital market, the governance, social and environmental factors.