Corporate Governance
Governance Topics
Corruption violates the public trust, threatens economic and social development, and impedes fair trade. To combat corruption, most of the countries in which MetLife conducts business have enacted anti-corruption laws and regulations that criminalize corrupt behavior. To comply with these laws and regulations, MetLife has adopted a zero-tolerance policy toward all forms of bribery and corruption that may be committed by MetLife colleagues or a third party acting for or on behalf of MetLife. Our Global Anti-Bribery and Corruption Policy sets forth guidelines and procedures designed to mitigate bribery and corruption risks; promote integrity, transparency and “do the right thing” as an integral part of our corporate culture; and advance our reputation for trustworthiness throughout the world.
MetLife is committed to maintaining processes and controls designed to combat money laundering and the financing of terrorist activities. MetLife has an established Anti-Money Laundering Compliance Program which sets forth guiding principles and global minimum standards for:
- Compliance with applicable anti-money laundering laws and regulations;
- Protection of the Company from being used by money launderers, terrorists and other criminals for illicit purposes; and
- Education of employees about identifying money laundering and terrorist financing risks and behavior.
MetLife’s Antitrust Guidelines provide basic guidance on antitrust laws in the United States for employees of MetLife and its affiliates. MetLife’s policy is to conduct business in full compliance with antitrust laws. Those laws are designed to promote the preservation of a competitive economy for the benefit of consumers by preventing or punishing behavior that constrains competition and thereby leads to higher prices, lower quantity or quality of products and services, or decreases innovation.
Any activity or conduct which reduces or eliminates competition may be subject to antitrust scrutiny. These guidelines are intended to ensure that, as MetLife competes vigorously, it also competes fairly. Penalties for violations of the antitrust laws can be both civil and criminal in nature, can be very severe, and can be to both corporations and to individuals who authorize, order, or participate in the prohibited conduct.
To help employees protect themselves and the Company we have included guidelines in our Code of Business Ethics to treat our competitors with respect and comply with competition laws.
The Company’s long-term success depends on the collective judgment, skills, experience, qualifications, and personal attributes of its Directors. For more detail on MetLife’s Board, see Proposal 1—Election of Directors in our latest Proxy Statement.
We require MetLife employees to disclose outside business activities, personal investments and other situations that might cause a potential, perceived or actual conflict of interest through our Conflict of Interest and Outside Activity Disclosure Program. Our objective is that employees do not put personal gain or benefit ahead of the interests of MetLife, our customers or our shareholders. The program emphasizes transparency and mitigation to manage risk.
To learn more about the risk management framework and practices, please see the latest Sustainability Report.
MetLife is a purpose-led company committed to consistently delivering financial protection and support for our customers to maintain their trust and build enduring business relationships.
As stated in our Code of Business Ethics, this includes conducting business in a manner that ensures fairness, clarity, and transparency for our customers. The MetLife Customer Protection Policy articulates customer fairness principles that guide MetLife’s business practices globally.
- MetLife is always with our customers and treats customers fairly throughout the product lifecycle.
- MetLife builds a more confident future by designing and offering products that address customer financial needs.
- MetLife keeps promises to customers and delivers customer benefits timely and accurately when due.
In addition, the MetLife Customer Protection Policy outlines the requirements for managing customer protection risks throughout the organization and further details specific requirements for upholding the principles within five key areas: product governance, marketing, sales practices, complaints management, and customer benefits.
MetLife’s customers, employees and business partners around the world provide us with their personal information and other confidential information every day. MetLife is committed to protecting, responsibly using and processing such information in compliance with applicable laws and regulations. Our policies and procedures are designed to protect the confidentiality and security of personal information and create effective mechanisms to handle information appropriately worldwide, which includes key areas such as safeguards and risk management; monitoring; data incident response; cybersecurity and e-discovery investigation; and threat intelligence.
Please see MetLife’s Annual Report and Proxy Statement for additional information.
Our executive compensation practices are aligned with MetLife’s commitment to create value and help build a confident future for all. By aligning competitive total compensation opportunities with our business strategy, we help attract, retain and motivate high-performing executives who aim to deliver business results in the best interest of our stakeholders. Our executive compensation philosophy, objectives and program details for key executives are disclosed in our latest Proxy Statement.
We manage information security risk through, and as part of, MetLife’s Information Security Program, instituted to maintain controls for the systems, applications and databases of MetLife and our third-party providers. The primary goal of the program is to protect the confidentiality, integrity and availability of data MetLife owns or possesses, as well as our technology assets, through physical, technical and administrative safeguards. This includes controls and procedures across business units and at the enterprise level for monitoring, detecting, reporting, containing, managing and remediating cyber threats.
MetLife’s Chief Information Security Officer (CISO) manages the program, collaborating with lines of business and corporate functions. MetLife's Board of Directors oversees the Program.
MetLife is committed to advancing innovation across our business. By engaging as many employees as possible in the creative process and building a safe environment for experimentation, we are able to tackle the real challenges confronting our global enterprise—providing breakthrough solutions for our businesses and customers.
MetLife has created an integrated innovation ecosystem designed to surface new ideas and rapidly move them to market to improve customer experiences, generate new sales approaches and new products and improve internal processes. We have an environment of continuous learning that provides MetLife “first mover” advantage in identifying and capitalizing on emerging trends.
- We invest in top venture capital firms, allowing us to interact with them daily to identify the best ideas across industrial sectors.
- We forge strategic partnerships with leading tech companies.
- We take a direct investment stake in startups via MetLife Next Gen Ventures.
- We empower employees to innovate and test new ideas leveraging an annual fund dedicated to experimentation.
MetLife’s Sustainable Financing Framework (Framework) aligns our business and investment activities to generate long-term value for our investment portfolio, shareholders and other stakeholders. The Framework guides our issuances of green, social and sustainability bonds, term loans, preferred stock, subordinated notes and funding agreements by MetLife, Inc. and its subsidiaries, including Metropolitan Life Insurance Company and Metropolitan Tower Life Insurance Company.
MetLife’s Global Government Affairs team engages, in a manner consistent with the Code of Business Ethics, with policymakers and relevant stakeholders to support MetLife’s businesses, employees, customers and the communities where we operate. As part of its efforts, Government Affairs supports policies that promote a more confident future for our customers and communities.
For more information, see our Code of Business Ethics.
Protecting MetLife begins with each of us. MetLife’s success and reputation depend on our exercising appropriate judgment and making ethical decisions consistent with MetLife’s Purpose and Code of Business Ethics.
The identification and resolution of issues and concerns is critical to maintaining the trust of our customers, business partners, employees and stakeholders. At MetLife, we are committed to fostering a culture of honesty and integrity, where employees feel empowered to report any concerns or issues confidentially and without fear of retaliation.
We encourage everyone to lead by example, holding themselves and others accountable, and to raise issues and concerns. Reports can be made anonymously to the extent permitted by law. The Ethics & Fraud HelpLine is administered by a third party and persons reporting will not be tracked.
Reporting channels include:
- Speak Up Tool, a desktop icon available on MetLife-issued company computers;
- Global Investigations Unit;
- Ethics & Fraud Helpline, available to anyone globally online or by phone and administered by a third-party;
- Compliance Risk Management;
- Human Resources Business Partners and Employee Relations;
- Direct manager or any other level of management; and
- Local or Regional HelpLine or Whistleblowing Contact.
Customer and external stakeholder concerns and grievances can be reported through MetLife customer service departments or the stakeholder’s relationship manager.
MetLife takes all reported concerns seriously. Concerns are reviewed and addressed, as appropriate. When warranted, and consistent with applicable law, MetLife takes appropriate corrective action, up to and including termination of employment for employees and termination of a work assignment or other business association with MetLife for non-employees and other third parties. MetLife prohibits any form of retaliation against anyone for raising a concern in good faith or assisting with an investigation.
We continue to develop and deploy new technologies with intentional design and human oversight. To guide this work, MetLife has implemented a Global Responsible Artificial Intelligence Policy to align with our values, uphold trust among our customers, our people, and our other stakeholders, and advance responsible innovation with confidence across the enterprise. The Policy is based on seven principles that provide the foundation for the ethical, transparent and secure use of AI solutions. They include fairness; transparency and explainability; privacy; accountability; performance; data governance, quality and retention; and resiliency and security.
MetLife is in the business of mitigating risk and protecting families and their futures. We manage risk so that individuals and communities can realize their full potential. MetLife has a well-established risk management framework that constantly evolves and is designed to address material financial and non-financial risks (including compliance risks) to our business.
MetLife operates under a Three Lines of Defense model. Each employee has a role to play in risk management under the Company’s risk and control framework. The lines of business and corporate functions are the first and primary line of defense in identifying, measuring, monitoring, managing and reporting risks. Global Risk Management forms the second line of defense, providing strategic advisory services and effective challenge and oversight to the business and corporate functions in the first line of defense. Internal Audit serves as the third line of defense, providing independent assurance and testing over the risk and control environment and related processes and controls.
MetLife, Inc. and its employees, wherever located, must comply with sanctions laws applicable to them. In the United States, restrictions imposed by economic and trade sanctions programs are administered and enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”). In addition, MetLife complies with sanctions programs where applicable administered by the European Union, the United Nations, and the United Kingdom as well as applicable sanctions laws and regulations in each country in which MetLife operates. Our Global Trade and Economic Sanctions Program sets forth global minimum requirements to facilitate compliance with all applicable laws and regulations and ensure a consistent approach to effectively mitigate sanctions risk at MetLife. MetLife and its employees may not conduct prohibited business directly or indirectly with sanctioned individuals and entities, including persons on OFAC’s Specially Designated Nationals list, or engage in prohibited activities with sanctioned countries or their governments.
In addition to the ongoing outreach of the Company’s Investor Relations team, Chief Executive Officer, and Chief Financial Officer, MetLife conducts an annual governance-focused shareholder engagement process. This process is led by the Senior Vice President (SVP) and Secretary (Corporate Secretary) and involves the SVP, Executive and Global Compensation, the VP Global Sustainability, and, as necessary, the Independent Chairman of the Board; the Vice President, Investor Relations; and other members of management. MetLife invites shareholders and leading proxy advisory firms to meet and share their views on issues important to them.
Shareholders are invited to discuss topics such as: the Company’s purpose and strategy; corporate governance including board composition, refreshment, and succession planning; annual board and committee evaluations, biennial individual director evaluations; enhanced director competencies, individual and committee skills matrices; new director onboarding; director continuing education; board oversight of risk; shareholder rights and proxy access; executive compensation program review; goals and assessment of executive performance; sustainability strategy alignment to facilitate business objectives; and sustainability priorities and highlights. The discussions inform the Company’s sustainability efforts, executive compensation programs and disclosure practices. Our latest Proxy Statement provides details on recent engagement with our investors. The MIM Stewardship Policy describes the firm's active engagement with the companies MetLife invests in.
MetLife engages with a broad array of stakeholders on a regular basis. We deeply value the time and input we receive from our stakeholders and the opportunities for dialogue. Our latest Sustainability Report provides insight on the stakeholder groups with which we engage, the nature and frequency of our engagement, and programs and partnerships on which we collaborate.
Sustainability is embedded throughout MetLife and coordinated through a unified enterprise approach that drives alignment, accountability and governance processes and our ability to operate responsibly across all business areas. The Board's Governance and Corporate Responsibility Committee has oversight of the Company’s sustainability, strategy and execution, including the assessment and management of various sustainability opportunities, priorities and risks. The Board's Audit committee oversees controls and processes relating to material financial information and non-financial data included in the Company's disclosures.
MetLife’s Global Sustainability function is dedicated to sustainability strategy, management and reporting. The Chief Sustainability Officer leads the function, and reports to MetLife’s Regional President of Europe, Middle East and Africa (EMEA) and Head of Global Sustainability, who reports to the CEO. Many other groups and leaders, including HR, Risk, Investments, Technology and more, have sustainability-related responsibilities embedded in their roles.