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Our approach to CR

Within Friends Life, we approach corporate responsibility (CR) as integral to how we run our business. Corporate responsibility or sustainability is a journey, not a destination. As such, we strive to embed best practice responsible business practices into each area of our operations through our governance and management structures, and to communicate regularly and transparently to all our stakeholders.

We recognise that to grow and prosper we must have a sustainable business model which focuses on meeting our customers' and other stakeholders' needs. Our business principles and values reflect this approach to responsible business.

Management systems

The Company has a well-developed and integrated CR management system, which identifies:

• Main Board responsibilities
• Company-wide strategic execution through defined roles and responsibilities
• Performance indicators for all main impact areas
• An objective and target-setting mechanism built into the Company's strategic business planning and performance management processes
• An internal communication programme
• An internal verification process

Our corporate responsibility vision and strategy is debated at the Friends Life Group plc Board at least annually. Friends Life's Chief Executive has responsibility for implementing the strategy and discharges this responsibility through his senior management team, with the support of the CR function.

Friends Life Group plc CR Strategy Committee (CEO chair) is responsible for:

• CR strategy, policies and priorities
• Budget and resources
• Advocacy
• Overall supervision of Friends Life's CR programme
• Risk management
• CR Report sign-off
• Compliance with Resolution Group CSR Policy

Friends Leadership CR Management Committee is responsible for:

• Alignment and coordination of CR plans across the business
• Driving delivery and reporting progress against targets
• Discussing strategic CR issues
• Friends Life’s CR performance
• CR Report approval

CR team is responsible for:

• Formulating CR strategy and policy for the Board
• Implementing CR strategy through work with business operations
• Managing CR performance through CR KPIs
• Stakeholder engagement
• Benchmarking international best practice
• Communications