#Advocating for the things that matter
Stakeholder engagement is highly valued by Suncorp as an important means of building trust and confidence.
Regular proactive engagement with a range of stakeholders helps us make considered and balanced decisions. We identify key stakeholders based on the level of interest and impact they have on our business, and the opportunity to collaborate for more positive outcomes. We use a process of ongoing formal and informal engagement, ensuring we are proactive, respectful, transparent and uphold the highest ethical standards.
#Engaging with government and industry
Through our engagement with government we seek to deliver enhanced outcomes and positive changes for our customers and other stakeholders.
We are committed to conducting these activities transparently, ethically and honestly. Suncorp’s Political Donations Policy continues to prohibit direct cash donations to political parties or candidates.
During the year, Suncorp made 11 public submissions to government inquiries, consultation processes and draft legislation in Australia and New Zealand.
We continue to work through our industry associations including the Australian Banking Association (ABA), the Insurance Council of Australia (ICA), the Insurance Council of New Zealand, and the Financial Services Council in Australia and New Zealand, to address systemic issues, improve standards and ensure better outcomes for our customers and stakeholders.
#Increasing Competition in the Banking Sector
Suncorp, along with other regional banks, continues to advocate for greater competition in the Australian banking sector. We believe that addressing structural inequalities for smaller banks in the banking system will improve competition and provide better access to banking products for all consumers.
#Compulsory Third Party (CTP) Scheme reform
We continue to advocate for better insurance cover for consumers and fairer competition in CTP schemes across the country.
Scheme reform allowed competitive underwriting with a limited number of insurers in South Australia from 1 July 2019, with AAMI quickly establishing a market-leading position. In the Australian Capital Territory, a new scheme that offers insurance cover for all people injured in motor accidents was approved for implementation from 1 February 2020, providing treatment, care and income benefits for up to five years.