Climate change along with increasing mobility and urban growth are global challenges of our time. Covestro has made it a goal to contribute to meeting these challenges with high quality materials and application solutions. Sustainability therefore is an integral part of the Group´s strategy and governance. We want to help advance society (people) and preserve the environment (planet), while at the same time creating economic value (profit). These three pillars of sustainable development – people, planet, profit – are the foundation of our entrepreneurial decisions and activities as well as our relationship with our stakeholders.
In order to underline our self-conception as a sustainably operating company, we have, ever since our beginnings, been a part of the “UN Global Compact” and its internationally accepted principles, and regularly report on our progress. Moreover, we are committed to the industry initiative “Responsible Care ” and actively engage in global sustainability forums, such as the World Business Council for Sustainable Development (WBCSD) .
As a company, Covestro is part of society and feels that it has a responsibility to tackle current challenges such as climate change, shortage of resources, health protection and poverty. Those sustainability issues upon which we can have a significant impact have been incorporated into the corporate strategy and thus underpin many of our activities. This applies both to our products and processes as well as our conduct toward stakeholders.
We view our stakeholders as partners with whom we work closely. After all, not only do they evaluate the company in terms of our compliance with legal aspects, but also whether we act in a sustainable and ethical manner. In order to identify fundamental sustainability issues, we continuously analyze the interests, expectations and requirements of our main stakeholders, and these are integrated into our actions and goals.
Since 2016, Covestro has been following its own sustainability program for the entire Group which defines ambitious goals to be achieved by 2025 and is consistent with the Group’s own sustainability agenda and the corporate values. The individual goals address key matters from different areas ranging from procurement through production and marketing to innovation.
Binding principles – the German Corporate Governance Code
Ensuring fairness, increasing transparency, creating trust and increasing understanding – these are the fundamental goals of the so-called German Corporate Governance Code (DCGK for short) introduced on May 5, 2015. This is a legal framework that regulates the management and monitoring of companies listed on the stock exchange. Open corporate management, transparent communication, internal company control mechanisms, long-term risk management and promotion of gender diversity at top management levels – these are just some of the principles that are enshrined in this code.
In both 2016 and 2017 , Covestro met all of the recommendations published in the official section of the Federal Gazette by the Federal Ministry of Justice and Consumer Protection, and we will continue to meet these again in future. We do so thanks to our positions and policies or through our own sustainability report that is drawn up in accordance with the standards of the Global Reporting Initiative, GRI.