1. Sustainability of Insurance Firms in Connecticut : a case study of Hartford Financial Services Group
- Author
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Lawlor, Michael John and Lawlor, Michael John
- Subjects
- Insurance companies Connecticut., Compagnies d'assurances Connecticut., Insurance companies, Connecticut
- Abstract
The purpose of this study was to review Sustainability Reports (SRs) issued by The Hartford Financial Services Group (HIG) and find out the following: the concepts of corporate social responsibility (CSR) that are reported, the standards of the reports, the degree in which corporate activity regarding CSR are reported, and how readily the information is made available. Copies of HIG's SRs were obtained through the Global Reporting Initiative's (GRI) Sustainability Disclosure Database, and reports of HIG's Annual 10-K sent to the U.S. Securities and Exchange Commission were obtained through HIG's Investor Relations website. The disclosures were classified based on the "three pillars of sustainability" as defined by the Brundtland Commission and Morelli (2011). The HIG's 2016 Sustainability Report was also classified using a framework developed by Cuperus (2012) and the results were scored with a system developed by Van Tudler and Van der Zwart (2006). HIG's total score was classified as "active" In its FY2016 Report, the company received a "reactive" score only in the Consumerization indicator, but it scored "pro-active" in all other indicators used for the assessment and no indicators were scored as "inactive. This positive scoring of HIG's SR Report shows that the company has a corporate culture which evaluates the effects of its actions on stakeholders. Additionally, the score reveals that HIG has implemented policies and actions that go beyond regulatory and contractual obligations, with a focus on credibility, integrity, survival and long-term returns
- Published
- 2018