Loews Corporation is a diversified company whose strategic imperative is, and always has been, to create value for our shareholders over the long term. While our shareholders are crucially important, we also have long-term responsibilities to all Loews’s stakeholders. The well-being of our employees, of the communities where we live and work, and of our society at large is inextricably linked to our ability to achieve our value-creation goals.
We are known for being thoughtful stewards of capital with long-term perspectives. As such, we manage our businesses and resources conservatively, taking advantage of opportunities presented by business cycles and responding as circumstances, markets, and industries change. While history certainly influences our decisions and actions, we look to the future and to the sustainability of our businesses, our communities, and our people.
As always, our focus is on sound, prudent management of our financial and human resources— and without paying careful attention to the world around us, we’d be unable to be the effective managers we must be. That’s why our sense of civic responsibility is intrinsic to how we conduct ourselves and to how we manage Loews. We encourage our people to volunteer their time and share their resources in ways that make a positive impact in our world—and we like to think we model this kind of engagement by being deeply committed ourselves to philanthropic and social enterprise organizations.
At Loews we are proud of our notably collegial corporate culture, and we believe that it plays a major role in helping us to achieve our strategic goals and to sustain the company’s organizational health. We are the sum of the people who work here, and Loews employees at every level contribute to our collective success by communicating openly, supporting one another’s work, and collaborating creatively to deliver optimum results. We encourage each of our subsidiaries to foster, in their own ways, a culture that’s similarly open and respectful.
We have always believed that doing the right thing is paramount—and we’ve done the right thing as a matter of course, usually without any public fanfare. Today, as companies across the world have increased their focus on sustainability issues, we’ve chosen to share Loews’s efforts and those of our subsidiaries in this report.
This report provides information on the sustainability issues that matter most to Loews and our subsidiaries. Although Loews and our subsidiaries have long-standing sustainability programs and initiatives, this is our first report dedicated to highlighting them. It is intended to be a companion to our 2018 Annual Report to shareholders and 2019 Proxy Statement, and is not intended to serve as a comprehensive accounting of our sustainability efforts at the parent or subsidiary level.
Going forward, we will update this report annually. Recognizing that this is our first edition, we are committed to working with our subsidiaries and stakeholders to evolve and refine its content.
In this report, we address, on an entity-by-entity basis the sustainability issues that we consider to be most relevant, focusing first on our core philosophy and values and how they guide our enterprise-wide commitment to sustainability, and then on notable sustainability programs at each of our subsidiaries. We relied on the Sustainability Accounting Standards Board’s (SASB) industry-level materiality guidance, along with consultations with our subsidiary management teams and third-party sustainability experts, when determining which issues to highlight.
At the holding company level, we provide an overview of our commitment to sustainability—the sustainability of our businesses, the environment, and the communities where we operate. We also offer a framework for how Loews interacts with its subsidiaries on various key issues and how we set the tone for these issues.
At Loews and across our subsidiaries, sustainability issues can be broadly placed in the following categories:
Given the diverse nature of our businesses, these broad categories are relevant to our different entities in unique ways. Therefore, this report addresses the categories that are specifically relevant to the applicable entities.
Our strategic imperative is, and always has been, to create value for our shareholders over the long term. While our shareholders are crucially important, we also have long-term responsibilities to all Loews’s stakeholders. The well-being of our employees, of the communities where we live and work, and of our society at large is inextricably linked to our ability to achieve our value-creation goals.