nib release 2023 sustainability, community and climate-related disclosure reports

nib Group have released their 2023 sustainability, community and climate-related disclosure reports. Some highlights from the reports include:

·         25,990 HealthChecks were undertaken by nib members.

·         Employee Experience Surveys in FY23 found an overall engagement score of 81%.

·         289 staff volunteered 1,546 hours across 14 charities.

·         34 suppliers completed continuous improvement plans to manage modern slavery risk.

·         The strategic procurement team has taken a proactive step toward reducing nib’s carbon footprint by introducing environmental criteria into the Request for Proposal (RFP) process.

·         nib introduced a new values-based employee recognition program where all employees have the opportunity to nominate their colleagues and vote on the most extraordinary achievements.

·         nib worked with Ngāti Whātua Ōrākei to facilitate the ‘Cultural Coalition’ Program (Whatua te Aho Tukurua). This six-week program teaches participants Māori language and values, encouraging employees to integrate these learnings into regular work activities and practices.

·         Gender pay equity gap has reduced to 2.75%.

·         985 Kiwis visited Clearhead’s Te Reo Māori website and chatbot

nib has identified climate-related risks including:

·         increased market pressure to provide community support and insurance affordability for those experiencing climate hazards;

·         increased illness & comorbidity due to chronic and compounding climate change hazard;

·         trauma, illness, property destruction and disruption leading to high rates of psychological distress;

·         increased incidents and severity of climate hazards causing pressure on discretionary income;

·         chronic and compounding climate change impacts putting pressure on health services;

·         energy and emissions performance standards creating compounding capital expenditure and operational costs;

·         limitations of current regulatory and pricing mechanisms to respond to climate hazards;

·         risk nib won’t meet growing mandatory reporting and regulatory requirements.

nib has developed a risk-management framework to manage and mitigate its material risks, and their board and management regularly identify and analyse risks and the effectiveness of the controls in place to manage these risks.

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