Suncorp New Zealand
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OVERALL |
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Owned |
AUS |
Rating |
N/A |
Banking and insurance
Company Ownership
Suncorp Group New Zealand Ltd | NZL | website | ||||
Suncorp Group Ltd
owns 100% of Suncorp Group New Zealand Ltd |
AUS | website | ||||
Financial services Suncorp operates in 3 divisions: General Insurance, Banking and Life Insurance. |
Company Assessment
PRAISE | CRITICISM | INFORMATION | ||
Suncorp Group New Zealand Ltd | ||||
This company is a signatory to the New Zealand-based Climate Leaders Coalition. Signatories have each committed to measuring, reporting and reducing their emissions, as well as working with their suppliers to reduce their emissions.
Source: Climate Leaders Coalition (2020)
This company is a member of the New Zealand-based Sustainable Business Council, signifying a commitment to reduce their greenhouse gas emissions and build sustainability into their purchasing decisions. Members are required to introduce annual reporting practices, which outline their progress on environmental, social, governance and economic issues.
Source: Sustainable Business Council (2020)
This company has corporate responsibility claims on its website under the headings Trust and Transparency, Responsible Financial Services, Sustainable Growth, and Resilient People and Communities.
Source: company website (2020) |
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Suncorp Group Ltd | ||||
In 2023, the Carbon Disclosure Project (CDP) asked companies to provide data about their efforts to reduce greenhouse gas emissions and mitigate climate change risk. Responding companies are scored across four key areas: disclosure; awareness; management; and leadership. This company received a CDP Climate Change score of B.
Source: CDP (2023)
This company received an S&P Global ESG Score of 69/100 in the Insurance category of the S&P Global Corporate Sustainability Assessment, an annual evaluation of companies' sustainability practices (last updated 8 Dec 2022). The rankings are based on an analysis of corporate economic, environmental and social performance, assessing issues such as corporate governance, risk management, environmental reporting, climate strategy, human rights and labour practices.
Source: S&P Global (2022) |
Just like the big banks, insurance companies play a pivotal role in enabling fossil fuel projects. Two of Australia's big three insurers, QBE and Suncorp, provide the insurance that allows big fossil fuel projects to get off the ground and continue operating. These companies also invest in the fossil fuel industry through their considerable share portfolios.
Source: Market Forces (2018)
In 2018 this company was ordered by ASIC to refund 41,428 customers a total of $17.2 million over worthless add-on insurance sold to car owners.
Source: ABC (2018) |
According to the democracyforsale.net website, this company donated $366,222 to Australia's major political parties between 2012 and 2018, as disclosed to the Australian Electoral Commision (AEC).
Source: Democracy For Sale (2018)
As listed on the We Mean Business website, this company has committed to the following climate action initiatives: commit to 100% renewable power.
Source: We Mean Business (2021)
This company is listed by the Workplace Gender Equality Agency (WGEA) as a Employer of Choice for Gender Equality citation holder. The citation is designed to encourage, recognise and promote active commitment to achieving gender equality in Australian workplaces.
Source: WGEA (2022)
Between 2015 and 2018 this company paid $1.4 billion tax on a total income of $47 billion, earning the number 11 spot on Michael West's Top 40 Tax Payers 2020. West calculated which of Australia's largest companies have paid the most tax using three years of tax transparency data published by the Australian Tax Office.
Source: Michael West (2018)
UNPRI is a set of six principles direct institutional investors may adopt to consider environmental, social and corporate governance issues when investing. UNPRI is a voluntary agreement.
Source: UNPRI (2020)
ShareAction's 2018 report rates the world's 80 largest insurers on their approach to climate-related risks and opportunities. Based on their management of material climate risk, insurers are rated from AAA if they show climate leadership, to D if their approach is limited. The lowest X rating is given to those showing no evidence of addressing climate issues. This company received a CCC rating.
Source: AODP (2018)
Modern slavery disclosure is a critical step in mitigating the risk associated with modern slavery practices in companies' operations and supply chains. The quality of the disclosure signals the level of commitments and efforts that the companies have put in managing these risks. In 2021 the Monash Centre for Financial Studies analysed and ranked the disclosure quality of the modern slavery statements submitted by the 300 largest listed companies on the Australian Stock Exchange (ASX300). This company's modern slavery disclosure statement received a grade of C.
Source: Monash University (2021)
BankTrack is a global network of civil society organisations and individuals tracking the operations of the banking sector and the activities they finance. BankTrack aims to promote fundamental changes in the banking sector so that banks adopt just and sustainable business practices. Follow the link to see this bank's profile.
Source: BankTrack (2018) |
Company Details
Type | Wholly-owned subsidiary |
Founded | 1999 |
Contact Details
Address | New Zealand |
Website | www.suncorp.co.nz |