Tower Limited has become the first insurer in New Zealand to earn the Ethics Mark from the Chartered Institute of Procurement & Supply (CIPS), establishing a new benchmark for ethical procurement within the country’s insurance sector.
The CIPS Ethics Mark is an internationally recognised standard that signifies an organisation’s adherence to ethical procurement principles.
Tower’s head of procurement and commercial services, Dane McIndoe (pictured left), described the achievement as a reflection of the company’s ongoing commitment to responsible business conduct.
“Obtaining the mark is about living up to our value of ‘we do what’s right’. It also aligns strongly with our purpose to inspire, shape, and protect the future for the good of our customers and communities,” he said.
He further noted that the Ethics Mark formalises Tower’s approach to responsible sourcing and fair treatment of stakeholders.
“It provides peace of mind that Tower is operating ethically, sustainably, and with our customers’ best interests at heart,” McIndoe said.
He also encouraged other businesses in New Zealand and the Pacific region to consider pursuing the Ethics Mark, stating: “The more companies who commit to ethical practice, the better the environmental and social outcomes for New Zealand and the Pacific as a whole.”
The CIPS Corporate Code of Ethics offers a voluntary framework for organisations seeking to reinforce ethical standards in procurement and supply chain management.
The code requires participating organisations to ensure a consistent understanding of business ethics throughout all levels, comply with relevant laws and regulations, and actively work to prevent unethical practices such as bribery, corruption, and human rights violations.
Key elements of the code include conducting business relationships with integrity, treating all stakeholders impartially, and supporting corporate social responsibility initiatives.
Organisations are also expected to implement procurement strategies that address unethical practices in the supply chain, minimise negative impacts on human rights and the environment, and maintain ongoing compliance through regular monitoring and staff education.
Accountability is a core principle, with organisations expected to take responsibility for ethical conduct, demonstrate leadership, and provide safe mechanisms for reporting concerns.
Tower’s recognition for ethical procurement comes as the company reports a strong financial performance for the half-year ending March 31, 2025.
The insurer posted an underlying net profit after tax (NPAT) of $61.7 million, a significant increase from $36.6 million in the same period last year. Reported net profit reached $49.7 million, up from $36 million previously.
The company attributed its improved results to favourable claims experience, steady premium growth, and effective cost management.
Gross written premiums for the period were $297 million, representing a 4% year-on-year increase.
