Sustainability management and organization
- The Sustainability Committee is the central decision-making body
- Sustainability targets have been integrated into the variable remuneration of top management since 2020
Incorporating governance into sustainability management
For the Schaeffler Group, sustainable corporate success means assuming environmental and social responsibility – in production, in the use phase of customer's products and by incorporating suppliers. Sustainable behavior is viewed as a cross-sectoral topic throughout the entire company.
Part of GNFK StartWith the sustainability roadmap, the Schaeffler Group addresses key topics such as climate protection, occupational safety, and a sustainable supply chain. The company relies on a Sustainability Committee as a central decision-making body to give these topics the attention they deserve. The Sustainability Committee meets on a quarterly basis and consists of eight Schaeffler AG Executive Board members, four regional CEOs, and the function heads of departments associated with sustainability. Based on the Sustainability Coordination Council’s preliminary work, the Sustainability Committee makes central strategic decisions for sustainable development, sets non-financial Group targets, and monitors the progress of the execution programs. The Sustainability Committee has defined company-wide sustainability targets – the achievement of the energy efficiency target and the CDP score have an impact on the top management’s remuneration.
The Sustainability, Environment, Health and Safety (SEHS) department – as part of the HR function – is responsible for the group-wide sustainability management. It defines performance indicators, supports execution programs, conducts internal and external sustainability reporting, and organizes and supports dialogues with key stakeholders. The operational implementation of sustainability-related topics is executed decentralized in various functions, divisions, and regions of the Schaeffler Group.Part of GNFK End
In the reporting year , the internal reporting was expanded to include a monthly Sustainability Performance Report, submitted to the Chief Executive Officer, among others. The report provides a summary of current sustainability developments as well as information about various topics, including the status of targets such as the reduction in occupational accidents.
To reinforce its global commitment to sustainable development, the Schaeffler Group is a signatory and supporter of the ten principles of the “UN Global Compact”. It reinforced this obligation by signing the “Statement from Business Leaders for Renewed Global Cooperation” in the reporting period.
Activities in the UN Global Compact can be found at: UN Global Compact
Sustainable projects refinanced by green Schuldschein loan
As part of its advanced Sustainability Strategy, the Schaeffler Group has also broken new ground in corporate financing. Based on current market standards for sustainable financing, the Schaeffler Group Green Finance Framework was developed. Following the portfolio approach, financing proceeds are used for qualified projects according to strictly defined eligible sustainability categories.
EUR 300 m
refinanced sustainable projects for zero-emission mobility and climate-friendly energy production
As debut “green” financing transaction under its Green Finance Framework, the Schaeffler Group has placed a “green” Schuldschein loan in the second quarter of 2020. In this transaction sustainable projects from 2017 to 2019, particularly in the categories of zero-emission mobility and generation of climate-friendly wind power, were refinanced with a total volume of EUR 300 m.
With the Schaeffler Group Green Finance Framework and the Schuldschein loan transaction, the company has laid the foundation for prospective financing of sustainable investments.
Schaeffler Group Green Finance Framework and second-party opinion at: Green Finance Schaeffler Gruppe