Respect for human rights is core to our approach to being a responsible and sustainable business.
Our business activities are guided by the United Nations' Universal Declaration of Human Rights, the core standards of the International Labor Organization and the principles on human rights and labor standards as set out in the UN Global Compact.
Our commitment to Human Rights has been explicitly incorporated in many of our key policies.
Human rights assessment
We have a comprehensive Statement on Human Rights risk assessment which is designed to frame Aegon's ongoing stewardship of human rights, including both the direct impacts of our daily operations as well as the indirect impacts of our business activities. Based on the UN Declaration of Human Rights, core standards of the International Labor Organization (ILO), and the principles of the UN Global Compact. The statement commits Aegon to upholding international human rights standards at all businesses where the company has sufficient management control and, where possible, to ensure partners uphold the same standards.
Human rights across our policies
Consideration for human rights is built into Aegon’s Responsible Investment Policy, Vendor Code of Conduct and Statement on Inclusion & Diversity. Other company policies also cover aspects of human rights, including:
- Code of Conduct
- Speak Up
- Anti-bribery and corruption
- Conflict of Interest
- Employment Screening
- Anti-money laundering
- Sanctions
- Anti-fraud
- Distribution Risk management
- Third Party Risk management
Human rights assessment
We conduct a Human Rights risk assessment every two years and the latest assessment was carried out in 2022. The assessment is conducted internally and is based on external sources, including Freedom House, Transparency International, UN Development Program and World Health organization.
Aegon's countries of operation are assessed for civil and political rights, corruption, human development, health coverage, business environment, illicit economy, gender equality, working conditions, rule of law and internet inclusion.
Outcome
As per the most recent Human Rights Risk Assessment (2022):
- The operating environment presents little or no significant human rights risk in Aegon’s core country units (the US, the Netherlands and the UK), and in our growth markets in Spain and Portugal.
- In the America’s Aegon’s risk of human rights violation concentrates in Brazil, mainly because of the high corruption perception index.
- In earlier years, Aegon reported elevated risks in Turkey and Indonesia, but Aegon has since ceased its operations in these countries.
- Aegon faces elevated human rights risks in two countries: China and India. These risks are essentially related to outside political factors, local risk management measures have been put in place to mitigate them.
Steps we are taking
Aegon has recommended preventative or remedial measures for local management in the countries with the highest risk. These measures include:
- Implementing a safe and effective Speak Up program
- Raising employees' awareness of human rights risk
- Ensuring basic healthcare and financial services for employees
- Suggesting alternative employee representation where there is no independent trade union
- Ensuring neutrality at times of regime change
- Enforcing a zero-tolerance approach to corruption and discrimination in the workplace