The Board of Directors for Prudential Financial, Inc. (NYSE: PRU) has introduced a multi-stakeholder framework that extends the board’s accountability to shareholders, employees, customers and society.
“As board members, we believe our duty includes enabling positive change for a much broader set of individuals, groups and interests, in addition to creating strong value for shareholders,” said Gilbert Casellas, Prudential board director and chair of the Corporate Governance and Business Ethics Committee. “We are proud to make this commitment to all of Prudential’s stakeholders and to ensuring it is fulfilled.”
The framework further aligns the board with Prudential’s new company purpose statement to “solve the financial challenges of our changing world” for stakeholders including shareholders, employees, customers and society. Prudential revised its stated purpose earlier in 2019 based in part on input from employees and leaders from across the company.
“Solving financial challenges is at the heart of who we are as a company and how we define and create meaningful value that benefits all of our stakeholders,” said Charles Lowrey, chairman and CEO of Prudential. “This board-level commitment reinforces the importance of the purpose-driven work and business strategy which has guided Prudential throughout its 144-year history and which will continue to inspire our future as a company.”
On behalf of the board, Prudential will continue to report on the progress of its purpose-driven goals, initiatives and related work in its annual and sustainability reports.