Prudential Financial Inc

InfluenceMap Score
D+
Performance Band
62%
Organisation Score
36%
Relationship Score
Sector:
Financials
Head​quarters:
Newark, United States
Official Web Site:
Wikipedia:

Prudential Financial (Prudential) and its asset management arm PGIM appear to have had somewhat limited engagement on sustainable finance policy. Prudential has stated support for action to keep global temperature rise to 1.5C in line with the goals of the Paris Agreement. PGIM has mentioned engaging with financial regulators on ESG topics but has suggested that financial market actors may be more effective than regulatory action to incorporate sustainability into the financial system.

In a 2021 perspectives paper, PGIM appeared to support the need for legislative action to improve companies’ ESG disclosures. This support for regulatory action on ESG reporting has been reiterated in videos on PGIM’s website. In its 2021 ESG Report, Prudential appeared supportive of efforts by the SEC and the IFRS to develop climate disclosure standards. In comments to the SEC in 2021, PGIM supported the need for policy to improve corporate ESG disclosures. However, in 2022 PGIM took a mixed position toward the SEC’s draft climate disclosure rule, suggesting some physical risk and scenario analysis disclosure requirements were too granular but supporting and advocating for increased ambition in the rule’s Scope 3 emissions disclosure requirements. In comments to the International Sustainability Standards Board in 2022, PGIM took a mixed position toward climate disclosure standards which are likely to influence government policy, advocating for greater ambition in some areas, including a double materiality approach, and less ambition in other areas, including specific scenario analysis disclosure requirements.

In a 2021 report, PGIM stated support for improved ESG standards for financial products, similar to the EU Green Bond Standard. In various papers and briefings, Prudential has referred to policies to incorporate ESG into investor duties. In a 2020 white paper, QMA, the investment management business arm of Prudential, appeared to support increased investor disclosure requirements under the EU’s Sustainable Finance Action Plan, but warned against regulatory overreach. In a blog post from 2020, Prudential appeared to oppose the Department of Labor proposed regulation that sought to limit ESG investing.

In a 2021 white paper, Prudential appeared to support the need for central bank action on addressing climate risk, including stress tests and climate risk monitoring to efficiently allocate capital. In its 2021 ESG Summary Report, Prudential mentions providing feedback on climate-related risk supervisory guidance, but details of this engagement are unclear.

Prudential does not have a clearly identifiable, dedicated disclosure of its sustainable finance policy positions or details of governance of indirect influence beyond listing memberships to industry associations.

QUERIES
DATA SOURCES
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Strength of Relationship
STRONG
 
 
 
 
 
 
 
WEAK
 
48%
 
48%
 
30%
 
30%
 
42%
 
42%
 
11%
 
11%
 
39%
 
39%
 
41%
 
41%
 
55%
 
55%

How to Read our Relationship Score Map

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.