In FY21, Suncorp maintained our focus on culture, conduct and business practices to ensure good outcomes for our customers.
The Group-wide Culture Study conducted in April 2020 found clear strengths in relation to flexible work arrangements, compliance focus and a genuine care for customer outcomes.
It also identified areas for improvement including greater connection to our strategy, improved role clarity and accountability, and a better understanding of how our risk practices can help us to deliver on our growth aspirations.
In FY21, a Culture Roadmap was developed to address the insights found in the assessment and to support the effective delivery of our strategy. We measure indicators of cultural shifts through a Culture Dashboard, which indicates that Suncorp continues to have a strong and resilient culture. It also highlights the need to balance the ‘caring’ and ‘compliance’ elements of our culture with greater focus on the ‘performance’ aspects, especially though innovation and courage.
Suncorp will use the Culture Dashboard to understand any additional opportunities and actions required to address cultural challenges, ahead of the next culture assessment proposed for 2022.
#Code of conduct
Suncorp’s Code of Conduct helps bring our purpose to life and is guided by our cultural principles. It also aligns with both the General Insurance Code of Practice and the Banking Code of Practice. Our Code of Conduct also reflects our Risk Culture Principles and is strengthened by our new Being @ Suncorp behavioural standards.
Suncorp recognises that consequence management is critical to drive the best outcome for customers and to ensure the right culture across our organisation. Throughout this year, all executive and non-executive employees continued to have conduct linked with individual performance and reward outcomes.
Suncorp is committed to a fair, transparent and responsible remuneration framework. The Board ensures Suncorp’s remuneration arrangements are strategically aligned and reinforce executive accountability, responsible business practices, effective risk management, as well as drive a company culture.
Increasing the transparency of Suncorp’s business activity and non-financial performance is key to meeting customer and community expectations. In recent years we have improved disclosure of our corporate responsibility objectives, performance highlights and future activity.
A full list of non-financial metrics we track is available in the Sustainability Data Pack.