We have expanded the list of climate policies we assess company engagement with to incorporate land-use related policy, referring to legislative or regulatory measures to enhance and protect ecosystems and land where carbon is being stored. Assessments under this category are currently underweighted in terms of their contribution to the overall company metrics. This weighting will be progressively increased over the next 6 months.
We adjusted the terminology used to describe the queries running down the left-hand side of our scoring matrix and added additional explanatory text to the info-boxes. This has no impact on the scores and methodology. It has been done following user feedback to improve clarity.
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Nick Hughes is on the board of AFME
Nick Hughes (Head of Capital Markets)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Allen Appen is on the board of AFME
Allen Appen (Managing Director Bonds Financing, Lloyds Banking Group)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Nick Hughes is on the board of AFME
Nick Hughes (Head of Capital Markets)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Allen Appen is on the board of AFME
Allen Appen (Managing Director Bonds Financing, Lloyds Banking Group)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Lloyds Bank General Insurance Limited, Scottish Widows Limited, Embark Group and St Andrew's Insurance PLC (all Lloyds Banking Group) are members of ABI which is a national association member of Insurance Europe
not specified
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Lloyds Bank General Insurance Limited, Scottish Widows Limited, Embark Group and St Andrew's Insurance PLC (all Lloyds Banking Group) are members of ABI which is a national association member of Insurance Europe
not specified
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
As of October 2022, Lloyds is a member of UK Finance which is a national association member of EBF
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
As of October 2022, Lloyds is a member of UK Finance which is a national association member of EBF
not specified
--no extract--
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Lloyds Banking Group is a member of the IIGCC
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Scottish Widows is a member of the IIGCC
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Lloyds Banking Group is a member of the IIGCC
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Scottish Widows is a member of the IIGCC
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Craig Thornton is a board member at the ABI and Chair of the General Insurance Committee and ABI Board Protection Sponsor
Craig Thornton (General Insurance and Protection Director, Lloyds Banking Group)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Antonio Lorenzo is a board member at the ABI
Antonio Lorenzo (Chief Executive, Scottish Widows and Group Director, Insurance, Lloyds Banking Group)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Craig Thornton is a board member at the ABI and Chair of the General Insurance Committee and ABI Board Protection Sponsor
Craig Thornton (General Insurance and Protection Director, Lloyds Banking Group)
InfluenceMap Data Point on Corporate - Influencer Relationship
(1 = weak, 10 = strong)
Antonio Lorenzo is a board member at the ABI
Antonio Lorenzo (Chief Executive, Scottish Widows and Group Director, Insurance, Lloyds Banking Group)
In this section, we depict graphically the relationships the corporation has with trade associations, federations, advocacy groups and other third parties who may be acting on their behalf to influence climate change policy. Each of the columns above represents one relationship the corporation appears to have with such a third party. In these columns, the top, dark section represents the strength of the relationship the corporation has with the influencer. For example if a corporation's senior executive also held a key role in the trade association, we would deem this to be a strong relationship and it would be on the far left of the chart above, with the weaker ones to the right. Click on these grey shaded upper sections for details of these relationships. The middle section contains a link to the organization score details of the influencer concerned, so you can see the details of its climate change policy influence. Click on the middle sections for for details of the trade associations. The lower section contains the organization score of that influencer, the lower the more negatively it is influencing climate policy.
Open PDF file of Data Source
Lloyds Banking Group appears to have had limited engagement on sustainable finance policy. In 2020, Lloyds CEO Antonio Horta Osorio signed and commented on a Corporate Leaders Group letter calling on the UK's economic recovery from Covid-19 to be aligned with its 2050 net-zero goal. The group also appears to support action to achieve net-zero by 2050 as a founding member of the Net Zero Banking Alliance (NZBA).
Subsidiary Scottish Widows has engaged on pension regulation in the UK. In 2018, Scottish Widows responded to the DWP's consultation on pension trustees' investment duties, in which they advocated against a requirement for ESG and climate change considerations to always be included as material in the Statement of Investment Principles (SIP) and articulated some concerns about the feasibility of engaging with members on their ESG preferences. In response to the DWP’s consultation in 2020 on climate risk governance and disclosures by occupational pension schemes, Scottish Widows appeared generally supportive but cautioned against the implementation timeline, highlighting that information requirements should be applied throughout the investment chain.
More broadly, in a 2021 website article, Lloyds appeared to state support for the EU taxonomy and the recent focus by the US’ SEC on climate change disclosures.
Lloyds has described some engagements with specific sustainable finance policies in its ESG and Climate Reports, but has not included further details on direct policy engagement. Lloyds has also disclosed some of its trade association memberships, and some examples of engagements with industry associations, however, it has excluded key memberships and has not clearly described the management of its indirect influence.