How Coface North America is putting CSR into action

At Coface, corporate social responsibility (CSR) isn’t a buzzword – it’s woven into every aspect of our company. “Whether it's fostering diversity and inclusion or being stewards for the environment, corporate responsibility is just good business," says Oscar Villalonga, CEO of the North American Region (NAR). "By making equity and sustainability a part of our overall corporate strategy, we are a more responsible employer, insurer, and business partner to our clients. We’re also positively contributing to the lives of our employees and communities."

At the core of Coface’s CSR initiatives are three guiding principles. They are:

• Being a good employer. We value and support employees through education and training programs that promote diversity, equity, and inclusion. This includes creating leadership opportunities for women and minorities, mentorships, advocating for the LGBTQ+ community, and volunteer opportunities.
• Being a good insurer. Business ethics and compliance guide us and make sustainability a driver of new business initiatives.
• Being a responsible enterprise. We are committed to reducing our environmental impact through our plan to reach carbon neutrality by 2050 and making sustainability a driver of new business initiatives.

In every Coface region these guiding principles are being put into action through measurable milestones. Some actions support global commitments, like growing female talent in succession planning and senior management roles, while others focus on region and country-specific opportunities which expand and complement the Group commitments. At NAR and all other regions, leaders closely monitor and report progress on these ambitions as part of routine operational reviews to keep employees and stakeholders informed.

Learn more about these efforts and how NAR elevating and expanding our regional CSR commitments to better serve our customers, clients, and communities.

BEING A GOOD EMPLOYER

Attracting and retaining top talent is essential to any business. For many prospects, a company’s purpose and commitment can play a decisive role in the hiring process. With this trend in mind, NAR has been proactive about cultivating a workplace culture and environment that reflects our values as a company, celebrates the diversity of our communities, and supports causes important to our team. 

To strengthen representation and allyship at Coface, the company recently introduced a new initiative focused on building support, understanding, and community for underrepresented groups across the company. The allyship program is championed by NAR CEO Oscar Villalonga and will include small group trainings and programming that highlights research-backed actions to create a more inclusive workplace.

“Allyship has a transformative and positive impact in the workplace,” says Oscar. “Through employee engagement and knowledge sharing, we can scale inclusive best practices which can contribute to person success and also Coface success.”

At the Group and regional levels, Coface routinely monitors progress in equity and representation commitments. One method includes conducting an annual Global Gender Equity study which focuses on three main objectives: closing the salary gap between men and women, facilitating and supporting the careers of women, and promoting diversity within its teams. The survey results reflect progress towards the company’s commitment to build more female leadership in its current and future states. Results show Coface has made significant strides in recent years. Today, the company proudly boasts four of our seven regional CEOs are female. Forty-six percent of succession plans for Top 200 roles include female talent, and, overall, female representation in senior management roles has increased 7 percent since 2018. 

In addition to building more diverse and equitable teams, the North America region has also focused on supporting employee-chosen causes through volunteerism and fundraising efforts. Last year, NAR introduced a paid, half-day volunteer benefit for all full-time employees. The benefit allowed employees to volunteer as a team or individually with an organization important to them. Many NAR employees chose to volunteer in groups to increase their impact while bonding as a team.

PHOTO: Coface Canada employees pose for a photograph during a volunteer event to support a shoreline cleanup in their community in late 2023.

Coface employees also raised funds throughout the year to support various causes that are important to our team. These efforts included urgent humanitarian aid for catastrophic events and services benefiting the LGBTQ+ community and people living with disabilities. Through company matching, these funds were amplified to make a bigger impact.

PHOTO: Coface sponsored the Eden Autism 5K fun run in Princeton. The organization provides services and support to help individuals with autism lead fulfilling, productive, and engaging lives in their communities to the full extent of their abilities

Being a responsible enterprise

Reducing carbon emissions while making sustainability a driver for new business is a core part of Coface’s CSR commitments. Across the globe, employee-driven Green Teams are helping regions plan and advance local efforts to reduce carbon emissions – and keep employees motivated along the way. Last year, the NAR Green Team launched region-wide green weeks when all employees work remotely to help reduce emissions caused by office commutes. During green weeks, employees were also challenged to participate in green activities like data storage clean up and ridesharing.

Beyond these efforts, regions are also examining their office footprints and rightsizing space demands to better reflect the need of new hybrid and remote work environments. According to the International Energy Agency, the building sector accounts for one third of global energy consumption and emissions. With this insight in mind, NAR was able to reduce its Princeton, New Jersey headquarters to a smaller, more flexible environment. This change will deliver reduced emissions while also adding collaborative shared spaces for the hybrid workforce.

being a good insurer

At Coface, we have long believed that trade can be a force for good. This includes exploring new transactions and business opportunities that provide social good or benefit. Last year, Coface participated in the largest debt-to-nature swap in history. This historic transaction was designed to help protect the Galapagos Marine Reserve, one of the world's largest and most biologically diverse marine protected areas. Working in collaboration with the U.S. International Development Finance Corporation, Coface played a vital role in the reinsurance of Ecuador's financial package to reduce its debt while allocating hundreds of millions of dollars to protect the Galapagos Islands.

"Our support for Ecuador and the Galapagos Islands is an example of how our products can help protect our planet," says Lars Wallin, Head of - Financial Institutions for Coface in North America. "We're looking forward to supporting more green initiatives globally and will continue prioritizing sustainability."

what's next for csr in the nar?

CSR remains a central focus for our company and the future of our business. In March, Coface announced a new strategic plan, Power the Core, which includes CSR as a core element in our 2027 ambitions. 

As we move forward, customers and stakeholders can expect that CSR will continue to guide our business. Through initiatives that foster diversity, equity, and inclusion and prioritize sustainability, Coface is committed to making a difference in the workplace, our communities, and our industry. 

Download our CSR infographic here.