Governance

2020 SUSTAINABILITY REPORT : Collapsed

CHAPTER 6

Governance

2 min read Jun 22, 2021

Our ability to operate responsibly and manage the impact we have as a business, leader, and employer is a key element of our purpose, Always with you, building a more confident future. Effective governance is one of the key pillars that underpins our company’s ability to fulfill our purpose and enables us to deliver on the promises we make to our customers, employees, and shareholders.

Governing Sustainability

MetLife’s Sustainability Function is responsible for coordinating the sustainability strategy across MetLife. The function consists of staff dedicated to ESG strategy management and reporting. The team is overseen by MetLife’s Head of Corporate Affairs, who reports directly to the CEO. The Sustainability function reports regularly to the Governance and Corporate Responsibility Committee of the Board of Directors. The Sustainability group has responsibilities relating to, among other things:

  • MetLife’s sustainability strategy, commitments, policies and key performance indicators;
  • MetLife’s annual sustainability report;
  • MetLife’s index of disclosures aligned to key reporting frameworks, including the Global Reporting Initiative (GRI), Sustainability Accounting Standards Board (SASB), and Task Force on Climate-related Financial Disclosures (TCFD); and
  • MetLife’s monitoring and managing of material ESG issues.

GOVERNING SUSTAINABLY

In 2020, we became the first U.S.-based insurer to join the UNGC, the world’s largest corporate sustainability initiative.

Board of Directors

The Governance and Corporate Responsibility Committee (Committee) meets at least three times each year and makes regular reports to the Board of Directors about the Committee’s activities. The Committee is tasked with various responsibilities, including oversight of MetLife’s:

  • Compliance responsibilities and activities, including our legislative and regulatory initiatives, sales practices, and ethics and compliance programs;
  • Policies concerning our corporate citizenship programs, including activities related to sustainability, environmental stewardship, diversity and inclusion, human rights, and corporate social responsibility; and
  • Development and recommendations to the Board for adoption of corporate governance guidelines applicable to MetLife.

Board of Directors Independence1

Independent - 92%
Nonindependent CEO - 8%

Board of Directors by Gender

Male - 67%
Female - 33%

Board of Directors Tenure

Rounded to the nearest year
0-3 years - 32%
4-6 years - 16%
7-11 years - 26%
12-17 years - 26%

Board of Directors Racial/Ethnic Diversity2

Identify asother thanWhite - 15%
Identify as White/Caucasian - 85%

Diversity of Skills and Experience

Executive Leadership
10
Corporate Governance/Public Company Board
10
Financial Services
5
Global Literacy
10
Regulated Industry/Government
12
Investments
4
Financial Expertise, CFO and Audit
6
Risk Management
10
Consumer Insight/Analytics
3
Technology
7
Corporate A­airs
6

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1 For more information on Board of Directors diversity data, including ISS categorization of diversity, please see the 2021 MetLife Proxy Statement.

2 Aligns with EEO-1 definitions of racial/ethnic diversity.