Life insurer Prudential has made two senior appointments in Asia Pacific as it unveils a new sustainability strategy.
El Lynn Yeoh has been named director of strategy and operations, sustainability at Prudential, moving up from her role as head of ethics and environmental, social and governance (ESG) at Prudential Singapore, Prudential’s wholly owned subsidiary in the city state.
Tan Ping Ping has been appointed head of sustainability at Prudential Singapore, switching from her role as the company’s head of corporate affairs.
Yeoh will report to Diana Guzman, Prudential’s chief sustainability officer. Tan will report to Dennis Tan, Prudential Singapore’s chief executive officer.
Both executives will work on implementing Prudential’s new sustainability strategy, which is based on the principle of double materiality – that is, by ensuring relevance to both the company’s financial and non-financial impact performance.
The strategy has three pillars: accessible health and financial protection, responsible investment and sustainable business.
The health and financial protection piece of the strategy is closely aligned with Prudential’s product offering. The responsible investment piece involves decarbonising the company’s portfolio and the sustainable business pillar focuses on cleaning up Prudential’s value chain.
Prudential is aiming to be a net-zero asset owner by 2050, and cut its weighted average carbon intensity by 55 per cent by the end of the decade. The company also aims for all of its managers to have sustainability-linked key performance indicators by 2026.
Last September, the company appointed a head of environment, to examine how nature as well as climate affects the business. The firm is now looking to appoint a director of social sustainability director, to explore how social sustainability affects the business, Guzman told Eco-Business.