Page 13 - Turkinsurance Digital Magazine

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In addition, considering that insurance and What are your suggestions and messag-
pension companies evaluate both their own es in the field of sustainable finance that
assets and the assets of the insured by in- you can give to companies?
vesting in financial assets, it can be con-
sidered among the key decisions of the fi- First, the growth of the company and its
nancial managers of these companies that affiliated group, which is common in tra-
insurance companies should make sufficient ditionally only by changing the perspective
space in their investment portfolios for fi- that focuses on the environment, social fac-
nancial products that contribute to sustain- tors, and the development and progress of
ability, invest in green and renewable ener- society as a whole, I think it should be with
gy sources, and are exported in accordance a holistic perspective that will allow you to.
with ESG criteria.
Finance teams will have a very important
What are the tasks of CFOs in achieving role in determining and implementing com-
ESG goals? panies' sustainability strategies. Therefore,
raising awareness in finance teams and fo-
CFOs have very important tasks in devel- cusing on long-term value creation in deci-
oping approaches that will efficiently meet sions, determination of business manners,
stakeholder reporting needs and achieving budgets and planning will enable sustain-
the ESG goals of organizations. The fi- able investments, reduce carbon footprint, “Develop a
nance function has a critical role in com- ensure equality between men and women, controlled, efficient
municating the contributions of insurance increase access to quality education, and
companies to society through various met- contribute to the welfare of the whole so- and transparent
rics and in developing incentive programs ciety. It is very important to consider the sustainability
that provide tangible sustainability results. non-financial performance of the company
It is also important that insurance compa- in these matters together with the financial measurement
nies use the influence of their CFOs to de- performance by making action plans that framework and
sign an approach that will efficiently meet will contribute to this. After all this strategy
stakeholder reporting needs and guide their is determined and plans are made, it is nec- working model to
organizations to achieve their goals. essary for the sustainability of the strategy monitor and report the
to monitor and constantly review whether
The report also lists recommendations on they are implemented or not. risks, opportunities
what should be the priorities of finance and ESG performance
managers to contribute to ESG goals. Ac- Sustainability requires a holistic approach
cordingly, finance managers should take an that covers the entire society. In addition of the organization in
active part in the development of the sus- to their own company strategies, insurance the field of ESG”
tainability strategy of the enterprise, while companies need to be able to influence the
focusing on long-term value and ensuring suppliers they work with, the employees
its financial flexibility. CFOs should rethink they employ and their families, the custom-
their capital allocation strategy to support ers who buy their products, the people they
business agility, flexibility and long-term come into contact with due to the policies
value. Develop a controlled, efficient and issued, and even their competitors. Again,
transparent sustainability measurement the design of products should focus not only
framework and working model to monitor on financial risks, but also on environmen-
and report the risks, opportunities and ESG tal, social and societal risks. It will be of
performance of the organization in the field great importance for companies to have a
of ESG. Again, it should contribute to the discourse that considers environmental, so-
creation of a rigorous, sound stakeholder cial and social interests in their communica-
narrative language on sustainability, in- tion with their stakeholders, in order not to
cluding the purpose of the organization and lag behind the competition in the sector in
the contribution of the insurance sector to the coming period.
society.