Getty Images. As the New Jersey insurance fraud prosecutor, Thompson supervised a staff of over 100 people who investigated and prosecuted insurance fraud, including health care, auto, Medicaid, disability and workers compensation. CFOs will also have to change. Terence will further The Hartfords legacy of leadership in environmental action, social responsibility and the highest standards of corporate governance., See related article: The Hartfords New Study Finds Employers Believe Worsening Employee Mental Health Is Hurting Their Financial Performance. Christopher J. For example, an electric-car maker that rushes to get green vehicles on the road may need to source cobalt from conflict areas in Africa; a food company that sources organic food from far-flung locations can create more carbon emissions than if it sourced food locally. See the full leadership team at Craft. Typical CSO-led initiatives included recycling, waste reduction, environmentally friendly energy consumption, and employee volunteer programs. While some companies incorporate ESG targets into executive compensation, for the most part targets are divorced from value creation and set in ways that often mean additional bonuses for executives if the company meets only diversity or climate targets (even if these are not the only material ESG issues for the company). The Hartford is a leader in property and casualty insurance, group benefits and mutual funds. But todays investors want something different. As a testament to Paivas progress, Vales CFO Gustavo Pimenta was the only CFO on a Demystifying ESG panel at the 2002 Financial Times Mining Summit, and he impressed the audience with his fluency in sustainability topics. Chairman and Chief Executive Officer The Hartford Chris Swift, Chairman and CEO of The Hartford, reflects on the many ways the company brings its character to life. Acknowledging trade-offs is a step toward solving a long-running problem in corporate sustainabilitythe tendency to focus on the important at the expense of the existential. (Photo: Business Wire), HARTFORD, Conn.--(BUSINESS WIRE)--Dec 1, 2022--. The second stage was understanding and responding to increasingly sophisticated stakeholder issues. Successfully executing on our sustainability strategy involves further integration of ESG principles and practices across the enterprise. The final step, not yet common but clearly beginning to happen, is joint meetings that include all actors on both the company and investor side. Shields will lead the Office of Sustainability as it guides The Hartford's overall ESG strategy, initiatives and disclosures and will oversee . 27, 2023, 02:50 PM. The frameworks provided by the Universal Declaration of Human Rights and the United Nations Guiding Principles on Business and Human Rights inform, influence and help shape ongoing improvements to business practices in our own operations, as well as those of our suppliers and business partners. HARTFORD, Conn.-- (BUSINESS WIRE)-- The Hartford expanded roles for two executives, Deepa Soni and John Kinney, who will report directly to The Hartford's Chairman and CEO Christopher Swift effective Aug. 2. He was an early signatory to the, Swift remains at the forefront of CEOsdiscussing the need for public-private partnerships to address mental health and addiction in the workplace. The Evolving Role of Chief Sustainability Officers 860-547-8664 Historically CSOs have acted like stealth PR executivestheir primary task was to tell an . Du kan ndra dina val nr som helst genom att klicka p lnkarna Instllningar fr integritet och cookies eller Integritetspanelen p vra webbplatser och appar. The 8 Responsibilities of Chief Sustainability Officers HARTFORD, Conn.--(BUSINESS WIRE)-- Investors should consider the important risks and uncertainties that may cause actual results to differ. He will also continue to serve as assistant corporate secretary, supporting the Board of Directors oversight of ESG as well as assessing emerging ESG-related regulation. We recently interviewed 29 CSOs across a diverse collection of industries and countries and held discussions with 31 investors, and we found a noticeable shift in the authority and focus of the sustainability function. Philip Morris International, where one of us (Robert) is a paid adviser, is working to further integrate its sustainability and corporate strategy by connecting executive pay to its sustainability goal of creating a smoke-free future. The company is a 2023 Catalyst Award winner, listed on the 2023 Bloomberg Gender-Equality Index and was named as a 2022 Best Place to Work for LGBTQ Equality by the Human Rights Campaign Foundation. Shields has held a variety of leadership roles since joining The Hartford in 2006, most recently, serving as head of Corporate Law and interim head of sustainability. We found that many CSOs report to the board at least several times a year and field questions from board members on an ongoing basis. All Rights Reserved. The Hartford Financial Services Group, Inc., (NYSE: HIG) operates through its subsidiaries under the brand name, The Hartford, and is headquartered in Hartford, Connecticut. Currently, Mollica is executive vice president, head of private/not-for-profit business for the division. Investors should consider the important risks and uncertainties that may cause actual results to differ. Prior to joining The Hartford, Shields served as an associate in the business law department of Goodwin Procter LLP. Swift, who was named CEO in 2014, was the driving force in the companys transformation, resulting in a more focused, disciplined leader in property and casualty, group benefits and mutual funds. Thats a great step forward. Sandy Nessing, the CSO of the electric utility company AEP, saw a big shift in the focus of her role as investor interest in ESG began to grow, starting around 2017. 427 followers . Prior to joining The Hartford, Shields served as an associate in the business law department of Goodwin Procter LLP. Environmental Impact | The Hartford Matthew Sturdevant We assume no obligation to update this release, which speaks as of the date issued. This press release features multimedia. Third, it is crucial to enhance the integration between corporate boards and the CSO function, as well as overall corporate sustainability efforts. View source version on businesswire.com:https://www.businesswire.com/news/home/20221201005216/en/. 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Investors are beginning to ask that the CSO join these meetings. The Hartford Names Claire Burns Chief Marketing And Communications Officer Investment by governments, corporations and investors into technologies, infrastructure, services and other areas that will help promote global sustainability objectives is occurring at an unprecedented rate. Nati Hecker. Get Free Insurance Industry News Updates Delivered to Your Email! LIFE Private Placement open to all Investors! (Photo: Business Wire), Terences deep knowledge of The Hartfords businesses and functions and his legal and corporate-governance expertise position him well to lead The Hartfords Office of Sustainability in this complex and dynamic environment, said Burns, who chairs The Hartfords Sustainability Governance Committee. One visible manifestation of the shift is that CSOs are now more involved in investor meetings, and investors are embracing this change. Space Hippie is Nikes lowest-carbon-footprint shoe based on recycled content, and innovations from that effort have been applied to other products. Coalition Against Insurance Fraud Names Thompson Deputy Executive Director. Melbourne's two chief heat officers, Tiffany Crawford and Krista Milne, have a unique work goal: Find solutions to help the city's over 5 million urban residents survive the brutal summers. Terences deep knowledge of The Hartfords businesses and functions and his legal and corporate-governance expertise position him well to lead The Hartfords Office of Sustainability in this complex and dynamic environment, said Burns, who chairs The Hartfords Sustainability Governance Committee. The Hartford - The Hartford Announces Expanded Roles For CIO Deepa Soni Our commitment to an inclusive culture includes the network we work with. susan.spivak@thehartford.com, The Hartford Names Terence Shields Chief Sustainability Officer. These important risks and uncertainties include those discussed in our 2021 Annual Report on Form 10-K, subsequent Quarterly Reports on Forms 10-Q, and the other filings we make with the Securities and Exchange Commission. The Hartford Names Terence Shields Chief Sustainability Officer Board of directors for Citizens Financial Group, Inc. The HR department and the Marketing department are more confident in their Executive Team, while the Product department and employees . Rather, there has been a lot of vague advice on the role, including suggestions that the CSO should take responsibility for all stakeholder interactions, and even innovation and organizational culture. A 2018 study conducted by one of us (Alison) found significant barriers to the professionalization of the CSO role, including enormous inconsistency across sectors, a lack of role clarity, and insufficient access to power and resources. The Associated Press is an independent global news organization dedicated to factual reporting. That knowledge, in turn, will strengthen CSOs internal influence and increase their effectiveness overall. Nuanced conversations about ESG and strategy require high-caliber talent heading up the CSO department. In some cases, the person responsible for sustainability oversees additional areas, such as innovation and technology. 860-547-6233 One striking example of how this plays out to the detriment of strategic sustainability: Marathon Oil executives got a bonus for meeting climate targets the same year the company was fined for a major oil spill. In addition to leading the private/not-for-profit management liability business and served as head of the financial institutions business line. As a company in business for more than 210 years, we know what it takes to be sustainable. Chief Compliance Officer, Group Benefits at The Hartford Avon, Connecticut, United States. In addition, you may automatically receive email alerts and other information about The Hartford when you enroll your email address by visiting the Email Alerts section at https://ir.thehartford.com. Shields dually reports to Chief Marketing and Communications Officer Claire Burns and General Counsel David Robinson. content that covers The Hartford's sustainability record for calendar year 2014. The Hartford has appointed Terence Shields to the newly created role of chief sustainability officer, leading Environmental, Social and Governance (ESG) efforts across the enterprise. Kathleen Bromage, currently chief marketing and communications officer, to retire at the end of 2021 The Hartford has appointed Claire Burns chief marketing and communications officer effective Sept. 1. View source version on businesswire.com: https://www.businesswire.com/news/home/20221201005216/en/, Get the latest news and updates from Stockhouse on social media, Stockhouse.com uses cookies on this site. The CFO came back from an investor meeting and said, What is ESG? she explains. All rights reserved. Today many are interacting with investors and helping set strategy. Burns will report directly to Chairman and CEO Christopher Swift and succeeds Kathleen Bromage, who will remain in an advisory role and continue to oversee Hartford Next through the end of the year. CSOs can play a vital role in educating them, and they should actively participate in these discussions. Our Approach to Climate Change As a U.S. insurer with a track record of environmental leadership, we believe that advancing the energy transition, both with product solutions to support renewable energy and decarbonization technologies and by continuing to reduce our own greenhouse gas emissions (GHGe), is a societal and business imperative. Thats why were committed to prioritizing people, coming together to find the common good that keeps us connected. Jennifer Nuest has joined Amwins in the newly created role of transportation practice leader, becoming the firms first full-time practice leader for the industry. Shields has held several leadership roles since joining Hartford, Connecticut-based The Hartford in 2006. Chief sustainability officer - Wikipedia Shields will lead the Office of Sustainability as it guides The Hartford’s overall ESG strategy, initiatives and disclosures and will oversee the execution of the company’s ESG agenda. 12/01/2022 | 09:05am EDT The Hartford has appointed Terence Shields to the newly created role of chief sustainability officer, leading Environmental, Social and Governance (ESG) efforts across the enterprise. More than half the worlds population sees AP journalism every day. The finance function houses this expertise, making the CFO an ideal candidate for the CSO to report to. She succeeds Kathleen Bromage, who is currently chief marketing and communications officer and head of the company's Hartford . Please go to the link in the email message to retrieve your password. New sustainability reporting standards, such as from the International Sustainability Standards Board, necessitate rigorous internal control and measurement systems, similar to those for financial reporting. They cannot be all things to all people, and they shouldnt try to be the PR voice of the firm. Consumer packaged goods companies would rather talk about brands with purpose than their lobbying efforts against sugar taxes. Mining companies focus on their impact on the communities that surround their operations. At Unilever, CSO Rebecca Marmot, who reports directly to the CEO, helps ensure that sustainability is at the heart of the companys strategy and integrated throughout the organization. As a vocal advocate among the business community, he champions the City of Hartfords revitalization and our companys initiatives that advance equal economic, educational and workplace opportunities for our neighbors. Press release content from Business Wire. HARTFORD, Conn., (BUSINESS WIRE) -- The Hartford has appointed Terence Shields to the newly created role of chief sustainability officer, leading. The role of the chief sustainability officer is undergoing a rapid and dramatic transformation. Compliance teams can help ensure rigorous, legally defensible disclosures with regard to material risks. Shields holds a bachelors degree in psychology from the University of Michigan and a juris doctorate from Boston College Law School. This phenomenon has contributed to widespread cynicism and a backlash against greenwashing. "World's Most Ethical Companies" and "Ethisphere" names are registered trademarks of Ethisphere LLC. Board composition and treatment of sustainability will vary (many leading companies have an ESG committee or an external stakeholder advisory board, for instance), but all board members must understand the relationship between sustainability and value creation, incorporating it into strategy discussions and capital spending plans. Amwins Hires Nuest to Accelerate Transportation Industry Practice. This pivotal change requires close collaboration with other members of the senior leadership team and active engagement with investors. More information on the company and its financial performance is available at https://www.thehartford.com. Until that day arrives, however, it is crucial to adapt and evolve the CSO role. The Hartford Names Terence Shields Chief Sustainability Officer
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