ABOUT OUR SUSTAINABILITY EFFORTS

 

Tackling the Sustainability Issues that Matter Most

In addition to providing wide-ranging disclosure on our website and our consolidated subsidiaries’ websites regarding our approach to sustained value creation which integrates environmental, social and governance factors, this website 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, we started to report on these issues in 2019. This website is intended to be a companion to our 2019 Annual Report to shareholders and 2020 Proxy Statement and is not intended to serve as a comprehensive accounting of our sustainability efforts at the parent or subsidiary level.

As part of our sustainability reporting efforts, 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. Based on shareholder feedback, we replaced our Sustainability Report with Sustainability Scorecards.  When determining which areas to highlight for each subsidiary’s scorecard, we used as a guide the applicable issues identified by the Sustainability Accounting Standards Board’s (SASB) industry-level materiality guidance, along with consultations with our subsidiary management teams and third-party sustainability experts.

Recognizing that we are at the beginning of our sustainability reporting journey, we are committed to working with our subsidiaries and stakeholders to evolve and refine its content.

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.

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.

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.

Our Core Values and Our Commitment to Sustainability

While Loews’s subsidiaries operate in vastly different businesses, we expect each subsidiary to demonstrate certain shared philosophies and values. Most notable are the following five tenets, which extend across all of Loews:


Loews’s Values

  1. Our view is long, and we rarely measure the significance of an event based on its short-term impact.
  2. We conduct our business and treat our stakeholders with honesty, integrity and respect.
  3. We manage our businesses and resources conservatively, focusing on the downside. This includes maintaining a strong liquidity position, both to protect our interests and to take advantage of opportunities.
  4. We continually evolve because circumstances and markets are always changing.
  5. We work collaboratively and collegially and value diverse opinions and backgrounds, as this enhances decision-making and makes the workplace more satisfying and fun.

Both at the parent company and at each subsidiary, these values influence our position on sustainability. Our steadfast focus on the long term and on the importance of honest and respectful relationships informs our emphasis on ethics, integrity and community. Our preference for conservative resource management translates into how we think about the environment and how we can best adapt to the shifting global marketplace. In every aspect of our operations, we aim to work responsibly, with veracity and dependability.

  • Loews welcomes and values employee input and suggestions, whether formally or informally. Across the Loews enterprise, we expect our people on the front lines to give us feedback, and we appreciate it when they do. We involve and empower employees to become active participants in shaping the future. We believe our efforts are recognized and appreciated by our employees, more than 85% said they would recommend Loews to a friend or family member as a great place to work. 

    Our leaders understand that hiring the right people is critical to our businesses’ long-term strategic success. Each of our subsidiaries has programs in place to help employees build their knowledge, skills and experience, as well as to guide their career advancement. These tools allow each company to invest in its people through every phase of their employment.

    Across the enterprise, the cornerstone of human capital strategy is our commitment to fostering a diverse and inclusive work environment, where all people are respected, trusted and encouraged to contribute their ideas. By employing individuals with different backgrounds and experiences, we can better meet the diverse needs of all our stakeholders. We collect data that is aligned with EEO-1 gender and race categories to evaluate and enhance employee programs. This data includes employee census data regarding women and people of color, promotions, compensation awards, voluntary terminations and employee turnover. This information is used to ensure that we are equitable across groups.

    Additionally, our leadership understands that we are living through a fundamental transformation in the way we work. Automation, predictive analytics, and other innovations are changing the skills that organizations need to drive their businesses. We expect that this transformation will lead to higher-quality jobs for our employees, increased productivity, and better service for each of our subsidiaries’ customers.

  • An effective corporate governance framework is foundational to Loews’s goal of building long-term value for our shareholders, and to establishing the structures and processes necessary to manage all aspects of our businesses. We are committed to high standards in corporate governance, including a strong and independent Board of Directors, a robust ethics and compliance program, and a compensation framework that incentivizes prudent risk management and long-term financial success. Additional information can be found at ir.loews.com and in our annual Proxy Statement.

    At Loews, we also recognize the importance of understanding, evaluating and managing our risks on an enterprise-wide basis. We have an established Risk Council that acts as a cross-disciplinary forum within the parent company to discuss Loews’s stand-alone and enterprise-wide risk profile. The Risk Council also reviews Loews’s corporate risk management framework, which outlines the strategies, policies, procedures and systems established to identify, assess and manage material risks.

    As part of Loews’s Enterprise Risk Management Framework, spanning the holding company and its subsidiaries, the Loews management team regularly discusses risks and opportunities with the Loews Board of Directors. Annually, the Loews Board undertakes an Enterprise Risk Management Review that addresses individual entity and enterprise-wide risks as well as emerging risks.

    Our subsidiaries also have robust enterprise risk management processes that are right-sized and tailored to their individual businesses. Across the enterprise, our subsidiaries implement policies and practices that aim to ensure compliance with statutory and regulatory requirements in the industries in which they operate. Compliance with these policies is monitored closely by management, including through the Loews Risk Council and our internal and external audit processes.

    Loews’s cyber risk strategy is constantly evolving to prevent, detect, anticipate and respond to cyberthreats. Loews’s data privacy and security program consist of policies, controls, and training designed to safeguard company and employee data. Our Cyber Risk Committee provides oversight of the program. Loews works collaboratively with our subsidiaries for cybersecurity information sharing, regular testing and to ensure continual improvement of our cyber risk profiles. Loews and our subsidiaries follow the National Institute of Standards and Technology (NIST) Cybersecurity Framework, which provides guidance for how private-sector organizations can assess and improve their ability to prevent, detect, and respond to cyber-attacks.

    CORPORATE GOVERNANCE GUIDELINES

    CODE OF BUSINESS CONDUCT AND ETHICS

    AUDIT COMMITTEE CHARTER

    COMPENSATION COMMITTEE CHARTER

    NOMINATING AND GOVERNANCE COMMITTEE CHARTER

    PUBLIC POLICY ENGAGEMENT & POLITICAL ACTIVITIES 

  • Loews is committed to the highest standards of ethical, moral and legal business conduct. The Loews Code of Business Conduct and Ethics applies to all our directors, officers and employees and sets forth certain conduct requirements for Loews’s employees who make decisions on Loews’s behalf.

    Across Loews and our subsidiaries, we provide training to ensure that all employees are treated with respect and meet the highest standards of professionalism.  Loews’s values emphasize integrity and teamwork, which demand open communication, collaboration and respect at all levels. To help ensure that these essential elements of a productive workplace are always present, the company provides supervisory and employee based anti-harassment training, as well as recruitment training that emphasizes the importance of inclusion. Additionally, Loews and each of its subsidiary companies have an employee hotline.   All of our subsidiaries also employ a third party to monitor this hotline.

  • Loews recognizes that proper stewardship of the environment is a critical component of our society and economy. Recently, reports from both the U.N. Intergovernmental Panel on Climate Change (IPCC) and the U.S. Global Change Research Program highlighted the significant and growing risks that climate change poses to the economy, environment and societies around the world. We take these risks seriously and are committed to continuously reducing our environmental and carbon footprint.

    At the parent company level, we have a relatively small footprint operating out of offices in New York. Nonetheless, we do our part by striving to promote sustainability through environmentally conscious waste management and sustainable procurement procedures. Loews is also proud of the initiatives its subsidiaries have taken to promote sustainability, to protect and preserve the environment and to minimize the impact of their respective businesses on the environment.

  • Loews and our subsidiaries aim to foster a work environment in which employees can derive meaning and empowerment and feel that they are making an active contribution to the organization and the community in which they operate. At the parent company, we encourage employee volunteerism and have partnerships with a number of organizations including Odyssey House, The American Cancer Society, Only Make Believe and NY Cares. Loews also supports charitable giving for its employees by matching contributions to qualified nonprofit organizations—dollar for dollar—up to $5,000 per year for each employee. Additionally, Loews and our subsidiaries support the work of many arts, cultural and humanities programs. Loews and a number of our subsidiaries provide corporate gifts and encourage volunteerism with several organizations committed to theater, dance, artistic expression, and much more.

    In 2020, Loews donated $1 million to several organizations that directly support the health care providers risking their lives to confront the COVID-19 virus. Giving back to the communities where we live and work has long been an important part of the culture at Loews Corporation, and we are grateful to be able to continue that tradition now with gifts to the following worthy funds:

    • Nurses’ House has provided over $2 million in grants to 1,764 LPNs, LVNs and RN’s nationally. Loews’s donation was one of the largest they received, and they expressed thanks on behalf of all the nurses who have been supported over the past months.
    • The New York Healthcare Heroes Fund has delivered over 300,000 bags of shelf-stable food and essentials to healthcare staff and professionals across the five boroughs – and the initiative has served more than 60 hospitals and facilities across NYC, including NYC EMS Operations and Disaster Services facilities and personnel.
    • The Mount Sinai Frontline Healthcare Workers Fund raised $70 million and has delivered much-needed support to approximately 20,000 frontline staff. Among other things, some of the proceeds have been used to create new centers to support staff who are suffering PTSD as a result of being a healthcare worker in the time of COVID-19.  Additionally, Mt. Sinai has created a center focused specifically on racial disparities in healthcare that is serving as a national model.
    • The Weill Cornell Medicine Frontline Healthcare Workers Fund has been able to provide 17,000 free meals per week to front-line medical staff and 10,000 days of childcare for more than 450 employees.  It was also able to provide $1 million in urgent financial assistance to 30 employees experiencing financial hardship due to the pandemic.

    Additionally, in solidarity with all Loews team members who are being impacted financially by this crisis, the members of the Office of the President (Jim, Jon and Andrew Tisch) reduced their salaries by 50% as of April 1st and their bonuses by 50% for the entire year. The COVID 19 pandemic has also been the ultimate stress test for Loews’s business continuity plan and those of its subsidiaries. We are pleased to report that all of our companies have passed this test with flying colors. Naturally, we could not have met this challenge without the hard work and dedication of our employees who have risen to the occasion with resilience and focus. We thank them all for their commitment and hard work, which has enabled Loews to adapt and move forward through this disruption.

  • Just as Loews sets the tone at the top regarding our enterprise-wide philosophy and values as well as the importance of prudent financial and risk management, Loews regularly communicates to its subsidiaries the importance of being good corporate citizens and acting in an ethically, socially and environmentally responsible manner. With this direction, we leave it up to the subsidiaries to develop and implement the specific policies and programs most relevant to and impactful for their business, their industry and their people.

    Future Sustainability Priorities

    Our commitment to sustainability is ongoing, and in the near term we will continue to focus in particular on the impact of:

    • Environmental and climate risk to our insurance subsidiary;
    • Efficient use of natural resources for our hospitality subsidiary; and
    • Environmental conservation and employee safety in our energy and packaging subsidiaries.

    Going forward, we have always thought of ourselves as students. We will continue to expand our understanding of sustainability best practices, openly engage with and receive input from stakeholders and other third parties on important sustainability issues, and report on these issues through this report and other engagement tools.

SPOTLIGHT: LOEWS HOTELS

At Loews Hotels, we are in the business of hospitality. But we also believe that doing the right thing is everyone’s business. So Loews has a variety of programs and initiatives that are focused on everything from safeguarding our planet to being a positive force in the community to fostering a more inclusive world.

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