Introduction by the Chief Executive Officer

It takes innovation to make the world more sustainable. Global challenges such as climate change, resource scarcity, poverty, and demographic change require new and innovative technologies. We need solutions that will help protect our natural resources, secure competitiveness, and maintain quality of life and prosperity.

Within the Schaeffler Group, sustainability and innovation have been a firmly established part of our corporate culture for years. Schaeffler is a leading global provider of technologies that determine and enable motion in various ways, and a company characterized by innovative strength and technological expertise. As a result, we provide our customers with sustainable solutions for the mobility and energy systems of the future. Our spectrum ranges from electric mobility and renewable energy production to the production and use of hydrogen. 

The planned merger with Vitesco Technologies Group AG gave us the opportunity to announce an important strategic step last year to make the Schaeffler Group even more future-oriented. Together, we want to create a Motion Technology Company that builds on the existing strengths of both companies.

Sustainability is and remains an integral part of our corporate strategy. It is particularly important to us to understand and shape sustainability as a comprehensive and overarching topic. We assume environmental and social responsibility along the entire value chain. That is why we have defined ten action fields which cover all three ESG dimensions – environmental, social, and corporate governance – taking into account the company’s core areas of focus and the requirements of our external stakeholders. These action fields were further substantiated in the 2023 reporting year. This also includes defining key figures and targets as part of our remuneration system. 

Our efforts to implement our comprehensive sustainability strategy are currently focused on seven key ESG targets. These include climate-neutral production as of 2030, a climate-neutral supply chain as of 2040, and an average reduction of 10 percent annually in the Lost Time Injury Rate (LTIR) by 2024. These targets may be ambitious, but achievable. It is important for us to exchange ideas with independent experts outside the company and to obtain their assessment of our progress. In this respect, the review of our climate targets by the Science Based Targets initiative (SBTi) has encouraged us to continue on our chosen course. The SBTi has classified our targets as scientifically founded. These targets are further supported by a clearly defined path – inspired by our Climate Action Plan – to reduce greenhouse gas emissions. After all, we plan to do our part to achieve the targets of the Paris Agreement. When it comes to our production and product portfolio, we at Schaeffler are committed to these targets as well as to the ten principles of the United Nations Global Compact.

To further integrate sustainability into our corporate and leadership culture, we have incorporated ESG targets into the remuneration system for the Managing Directors and management. After all, we can only achieve our ambitious targets if we at Schaeffler continue to increase our awareness of sustainable operations and continuously expand and improve our expertise in the area of sustainability. We understand that our sustainability goals can only be achieved together with strong partners. I am especially thankful to all our customers and suppliers as well as our employees who support us on our journey. Their willingness to break new ground, continuously improve and see fresh momentum for innovation is essential when it comes to shaping the sustainable transformation. 

Like innovation, sustainability is closely linked to transparency. Transparency is the basis for credible and responsible communication and a decisive prerequisite for understanding and communicating the environmental, social, and economic impact of our actions. Transparency creates trust, promotes dialog, and supports the necessary ongoing improvements in the area of sustainability. This is why we publish our sustainability report and communicate our progress. We are guided by our management principles of “Transparency, Trust, and Teamwork.”

On behalf of the entire Executive Board, I hope you enjoy reading this report and would like to thank you for your interest in our sustainability activities.

Yours sincerely,

Klaus Rosenfeld 
Chief Executive Officer

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