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2024-12-03 16:46

Phoenix Financial

Impact & sustainability

Our Strategy

In recent years, we have witnessed a growing recognition of the critical role businesses play in shaping a sustainable future. At Phoenix, we understand the profound and significant impact our decisions have.  Accordingly, we are committed to aligning our strategy with responsible and ethical practices. Our goal is to ensure a sustainable future for our clients by leading the effort to raise awareness of climate change risks in Israel and providing supportive solutions to our clients and portfolio companies.

We believe that our commitment to sustainability and environmental, social, and governance (“ESG”) principles strengthens the resilience of the Phoenix and positions us well to handle events both domestically and globally.

As part of our strategic plan, we are deepening our sustainability commitment in a systematic way across our organization and throughout business activities related to our organizational footprint, our products and services, and our investments.

Managing Climate Impact

Capturing opportunities and managing risks from climate change and energy transition in products and investments
  • 10 billion NIS in investments and credit with a positive environmental impact
  • 6 green insurance products that assist in adaptation and mitigation
  • 1 Climate risks report

Investment Stewardship

Creating long-term value as a leading investor through dialogue and voting influence
  • 235 Israeli public companies in the portfolio
  • 130 Israeli public companies in which Phoenix has a meaningful stake
  • 52 votes in 2023 with an emphasis on corporate governance

Strengthening Social Resilience

High-impact initiatives (e.g., education, health, culture) and portfolio of venture nonprofits
  • 10 non-profits supported (focus on education & Health)
  • 2,500 boys and girls provided with better starting point for their future
  • 70,000 visitors in Phoenix Israeli art collection exhibition

ESG highlights

1
Environment
10% reduction of own operations emissions (scope 1+2). 32 carbon intensity of assets (tons of CO2 equivalent per NISm invested); first in industry to measure Scope 3
2
Social
0.5% rate of charitable donations from income, plus organizing support from international partners for Barzilai hospital; 4,600 volunteering hours 55% of managers are women, 31% women at *senior management Governance
3
Governance
First in the industry to integrate ESG targets in compensation framework Leading ESG Scores with active reporting and transparency

Our ESG Ratings

As we aim to be a role model in our industry, we closely monitor sustainability ratings and industry benchmarks to enhance our performance and transparency.

We actively engage with the following rating agencies:

Global Ratings

The Phoenix has been the first and only Israeli insurance group to actively engage with S&P Globals Ratings since 2022.
Phoenix scored 43 (out of 100) in the 2023 S&P Global Corporate Sustainability Assessment (Score date: 02/09/24)

Local Ratings

The Phoenix is the Industry leader in Israel with a score of 74/ 100 (Nov-23)
Greeneye is a leader in the field of responsible investments in Israel, conducting ESG analysis of all listed companies on the Tel Aviv Stock Exchange.

Phoenix score 85/100 (set on July 2023)
Since we started actively engaging with Maala in 2021 we have improved our ESG score by 45%.
Maala is a non-profit corporate membership organization. Founded in 1998, Maala is considered to be the Israeli standards-setting organization and publishes the  Maala ESG Indices on the Tel Aviv Stock Exchange annually.
The Phoenix has been active on Maala’s ESG rating  that annually rates around 25% of the largest companies in Israel.

Sustainability Reports

Additional information

All rights reserved to PHOENIX HOLDINGS INC. Our address: Derech HaShalom 53, Givatayim