Responsible business approach
Lloyd's responsible business approach underpins our core mission, which is to support global economic growth, enable human progress, and help nations, businesses and communities recover post disaster by paying claims
We want to be known as a responsible business leader, operating in a way that makes those who work for us feel proud of their contribution to what we do and how we do it.
Our programmes focus on four key themes which are integral to Lloyd’s and the wider insurance sector. These are:
- Managing risk
- Building resilient communities
- Empowering individuals to reach their potential
As part of our journey to become a more responsible business, we signed up to the United Nations Global Compact last year to commit to their sustainability principles. As a new member, this is our first report on our activities in relation to the Global Compact’s ten universal principles for human rights, labour, the environment and anti-corruption. Our actions in these areas improve our responsible business practices, thereby supporting the United Nations Sustainable Development Goals. Read the Lloyd’s United Nations Global Compact 2019 report here. This only applies to the Corporation of Lloyd’s activities, and will not apply to any Lloyd’s market activities or any market oversight activities the Corporation carries out with the market.
You can read more about some of the responsible business areas that we are focussing on below.
Lloyd’s investment philosophy focuses on generating long-term, sustainable capital growth for Central Fund assets. Our approach to responsible investment is detailed in our strategy for the Lloyd's Central Fund and is built upon three core pillars; Protecting, Providing and Promoting.
Lloyd’s mission is to deliver an effective and sustainable approach to all third party sourcing and supplier management, with a clear purpose to support our Protect, Promote and Provide principles while achieving maximum value, minimising risk and driving efficiencies to invest in the future.
As part of our commitment to being a responsible business, Lloyd’s is part of the Living Wage campaign.
The campaign for a working living wage for all employees started in east London 16 years ago. Today over 30,500 businesses across the UK are part of the Living Wage campaign. Our commitment to the initiative means that all Lloyd’s employees, including those working for our sub-contractors, are guaranteed a fair wage that accurately reflects the cost of living.
We are committed to ensuring that there is no modern slavery or human trafficking taking place in our supply chains or in any part of our business. We continue to implement appropriate policies to support our commitment to act ethically and with integrity in all our business relationships.
You can find out more in our Modern Slavery Act Statement.