ABOUT OUR SUSTAINABILITY EFFORTS

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. In particular, 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.

    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.

    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

  • 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 employeebased anti-harassment training, as well as recruitment training that emphasizes the importance of inclusion.

  • 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.

    Portfolio Companies

    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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