In the line with Global Reporting Initiative (GRI) standards, “Tawuniya” releases its inaugural ESG (Environmental, Social, and Governance) Report for 2021

The Company for Cooperative Insurance (Tawuniya) released its 2021 ESG (Environmental, Social, and Governance) Report, the first ever report since its establishment in 1986. The report comes as culmination of the solid legacy that Tawuniya has built is the Kingdom as the insurance industry pioneer, charting the course for a brighter future for this mission-critical industry in the Saudi Economy. (Click here, to read the report). 

This report reflects part of Tawuniya’s strategic commitments for 2025 that focus on leading ESG practices in the Kingdom, and in line with the ambitious vision 2030 initiatives to enhance and reinvigorate the future of Saudi Arabia with sustainability at the heart of everything the Kingdom does, from developing policies and investments to planning and infrastructure. 

Tawuniya’s initiative to reveal its ESG commitments as the insurance industry leader comes at the back of the Kingdom’s approach and visionary leadership that aims to reach Net Zero emissions by 2060, which drives the collective commitment to creatively and responsibly meet present and future energy and climate challenges to shape a more sustainable future. 

Tawuniya’s CEO Mr. Abdulaziz Al-Boug stated: “We are proud to release of the first ESG report for Tawuniya that forms a pivotal moment in our corporate history aligned with the ambitious goals that were set by our strategy of 2025, activating its main objective of sustainability as a core pillar in our business. At Tawuniya, we strive to hold ourselves to the highest standards of environmental, sustainable, governance practices that are benchmarked to global leaders and best practices aiming to deliver positive societal impact”. 

Al-Boug also added: “In the coming years, our corporate framework will expand to cover the three pillars of environmental, social responsibility, and governance measures, taking several initiatives to enhance and monitor our business practices, the leading edge of which is the development of a sustainable investment policy, modernizing and developing our environment, social responsibility, and governance for procurement contracts with our suppliers, in addition to developing customized sustainable insurance products. The aim is to establish a more pleasant work environment, promoting diversity and equity, building employee training programs and workshops to develop their skills, improve performance, increase retention of professional staff, and reaching zero neutrality for Tawuniya in the future in line with international standards.” 

Tawuniya’s Chief Financial Officer, Dr. Ammr Kurdi, also noted: “we realize that our future success as an organization is linked to enhancing transparency and effective communication with Tawuniya’s stakeholders, as this depends largely on the trust our investors, customers, and stakeholders put in us. Therefore, we decided to develop our first ESG report, based on the Global Reporting Initiative (GRI) standards, which are the most integrated and applied standards model among companies and governmental agencies, aiming to provide stakeholders with a clear and transparent representation of the business model of our company in the insurance industry locally and internationally.” 

Dr. Kurdi further added: “we truly believe that setting our new mindset and path towards emphasizing environmental, sustainability, and governance practices will help steer Tawuniya towards a brighter future. We are also confident that such initiatives will exceed the expectations and interests of our current and future investors, which will further enhance the value we build for them.” 

The report highlights institutional efforts to reduce environmental impacts, promote social responsibility, and the application of an ideal governance framework for the benefit of all stakeholders of Tawuniya. It is composed of several sections related to the company's approach to sustainability and its main indicators that confirm Tawuniya’s commitment to several of the Sustainable Development Goals (SDGs) issued by the United Nations Development Program. The selected SDGs are aligned with the following key goals: good health and well-being, application of fair policies, economic growth compatibility, industry and infrastructure innovation, sustainable cities and communities, environmental initiatives, and meaningful partnerships. 

The report also states the company’s pledge towards several key environmental and societal initiatives, in addition, to the best governance practices in the insurance industry; showcasing a number of its environmental and social initiatives, and governance practices, in support of the Kingdom's objectives of vision 2030.