GCO doubles down on its economic, social and environmental commitment with the new 2024-2026 Sustainability Master Plan

"The Plan is structured around four strategic pillars: good governance, sustainable business, social commitment and environmental responsibility. "

GCO has presented its new 2024-2026 Sustainability Master Plan, which lays out the Group's sustainability roadmap for the next three years. The document is based on the new materiality approach required by the Corporate Sustainability Reporting Directive, the new European directive on non-financial reporting that regulates the requirements for writing sustainability reports.

The Plan is structured around four pillars (Good governance, Sustainable business, Social commitment and Environmental responsibility), which GCO has used to define ten strategic lines through which to create value and contribute well-being to society. Based on these, 22 goals to be achieved and 44 actions necessary to achieve them have been set:

• Good governance: a pillar that seeks to reinforce sustainability in governance and improve the management of ESG aspects throughout the Group's value chain. The initiatives in this pillar include linking a percentage of the variable remuneration of senior management to ESG-only targets, establishing a governance framework that integrates sustainability at every level of the organisation, specifying actions and managers, and designing a due diligence system for human rights and the environment.
• Sustainable business: some of the actions proposed for this pillar are the establishment of environmental commitments in underwriting, the implementation of a sustainable claims management programme, and continuing to increase our sustainable investment, in keeping with our investment policy.
• Social commitment: this strategic area considers people's well-being, the promotion of talent and making a positive contribution to society. GCO's activities in this area include rolling out its diversity and equality policy, increasing the presence of women in middle and senior management roles, and increasing the Fundación Occident's annual budget for social action projects.
• Environmental responsibility: in order to establish a plan that contributes to climate neutrality and promotes natural capital through environmental management and nature risk management, GCO has proposed implementing a framework for disclosing biodiversity risks and opportunities, as per the recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD), sourcing 100% of the electricity it consumes in Spain and Portugal from clean energy, and setting decarbonisation targets, among other issues.

In addition, GCO has set up a strategic reporting and transparency line that spans these four pillars and is focused on increasing the internal control of non-financial information and improving the Group's content as it pertains to sustainability.

In the words of GCO's Director of Investor Relations, Rating and Sustainability, Nawal Rim, “sustainability is at the core of our business. Insurance is one of the best ways to guarantee the sustainability and stability of society. With clear, realistic and attainable objectives, the new 2024-2026 Sustainability Master Plan will allow GCO to continue contributing to its commitment to people and society in general, and to comply with the current challenges posed by Spanish and European sustainability regulations”.