Nigel Wilson’s view
Group CEO and Chair of the Group Corporate Responsibility and Ethics (GCRE) Committee
As a socially useful company, we play a wide role in providing financial services to our customers at the most exciting, critical or difficult moments in their lives providing investment and associated growth for the wider economy and through our CSR work in many of the communities in which we operate.
Legal & General’s 12% growth in EPS and our increased operating profit, at £1,087m (2011:£1,053m) reflect our improving business strengths in project execution, operational scale and efficient manufacturing and distribution. We now serve approximately 7million customers within the UK Business and over a million in our overseas markets, and our responsibility to those customers is greater than ever.
We have plenty of ambition, capability and opportunity to grow further in 2013. We are an economically useful company that is fundamental to the UK economy in many ways: as an employer, a taxpayer, an investor in infrastructure, a responsible provider of long-term capital to UK companies and important insurance, savings and investment products to our millions of customers. We play an important role in broader society, including through our employees and the suppliers we do business with.
This sustainability report gives you an insight into how we have achieved these results, our commitment to acting fairly and how we engage with external organisations to gain insights into the environmental, social and economic factors that will help shape our organisation in the longer term.
I’m pleased to highlight a number of actions in 2012, which have improved our value to society and the economy.
What “Every Day Matters” means to us
During 2012 we worked hard to embed our “Every Day Matters” organising thought, which sits at the heart of our brand, into everything we do. This included a “One Day” exercise in September where we asked employees to tell us about their interactions with customers and each other on that day. Throughout this report you will find examples of their experiences and the difference we make to our millions of customers every day.
pictures paint a thousand words
Have a look at what I mean by this
Our employees are very supportive of the direction in which we are taking the company in terms of our strategy, social purpose and the benefits that we bring our customers. In fact 86% of our employees think we run an ethical company, which is the highest score we have ever achieved on this topic. This is important because it means that we have employees that feel confident that they are doing the right thing when they are working with our customers.
Wer work hard to gain further insights into the things that matter to our customers. This year we undertook several new pieces of research looking at changes to demographics and life stages, the low levels of savings and protection in the UK and the impact this can have on peoples’ lives if they find themselves unable to work. In our ‘35Cubed’ review we saw a changing and complex network of financial transactions within families. Our ‘Deadline to the Breadline’ report highlighted that the average UK family still has only 19 days before their savings run out.
Increasingly we are using our CSR efforts to help our employees to tackle issues that impact customers at the fringes of our traditional markets. Our research into harder to reach parts of the market or those areas where we have traditionally not traded helps us to better understand our markets and ultimately trade with a wider social purpose.