Corporate Social Responsibility
The Board of Directors recognises the importance of high standards of corporate social responsibility, considers the social, environmental and ethical implications of the Group's operations, and has adopted policies and procedures to reflect its responsibilities to its stakeholders.
Environmental
The Group's operations as an insurer do not impact the environment to the same extent as many other companies. Nevertheless, the Group is committed to achieving best practice in the areas in which it does have an environmental impact. For example, the Group operates a comprehensive document scanning system which enables employees worldwide to view documents electronically rather than on paper, minimising waste. The Group also encourages employees wherever possible to recycle paper and other renewable products. The Group strives to minimise energy consumption through the use of automatic light controls that switch off lights when employees are not at their desks.
The Group during 2006 upgraded its video conferencing capabilities in London, Bermuda and the United States. Catlin encourages employees, where possible, to conduct both internal and external meetings via video conference rather than travel.
Ethical
The Board has considered significant risks, including regulatory and reputational risk, that could arise from ethical issues and, as a result, the Group has reviewed, revised and adopted over the past several years relevant policies and procedures. In particular, the Board has adopted the Catlin Code of Ethical Conduct, which codifies the commitment by Catlin and its employees to conduct its affairs in a fair, proper and ethical manner and in compliance with applicable laws, regulations and professional standards.
Other matters reviewed and/or adopted during the period include share dealing and inside information guidelines, a whistleblowing policy, anti-fraud and anti-money laundering policies, and broker remuneration guidelines.
The Board recognises that to maintain an ethically aware corporate culture requires not just policies and procedures, but more importantly leadership by example, and it, together with executive management, strives to achieve that goal.
Health and safety
The Group strives to ensure the health, safety and welfare of its employees at work and of others who may be affected by Catlin's operations. Employees are expected to take reasonable care for their own health and safety at work as well as those of others, and to co-operate with management to create a safe and healthy working environment. The discharge of health and safety responsibilities is accorded equal priority with that of other statutory duties and objectives.
Community involvement and charitable donations
The Group encourages employee involvement in community programmes. In London, where the majority of the Group's employees are located, Catlin is a member company of the Lloyd's Community Programme ('LCP'), which provides educational, training and other forms of support to residents of Tower Hamlets and other East London boroughs. The Group encourages employees to participate in the LCP.
The Group has historically provided support to the Sick Children's Trust, a UK-based charity which provides support and accommodation for the families of children undergoing hospital treatment. Stephen Catlin, chief executive of Catlin Group Limited, is chairman of the Sick Children's Trust, and other executives contribute time to the charity. During 2006, the Group sponsored the Catlin Insurance Challenge as part of the London Triathlon to encourage triathletes working in the insurance sector to raise funds for the Sick Children's Trust and other charities.
In Bermuda, Catlin contributes to numerous charities and community development concerns.