Rating agency that evaluates the degree to which suppliers’ business practices are aligned with sustainability principles. In addition, Covestro had no cause to terminate a supplier relationship in the reporting year or in the previous year solely on account of an externally determined result or a serious sustainability deficit, e.g., human rights violations like child labor or forced labor. External, independent auditors trained and accredited by TfS conduct on-site audits of selected companies – and follow-up audits, if necessary, based on the TfS sustainability criteria. Sustainability ratings are not only a decision-making basis for institutional investors and customers, but also help us to continually review our sustainability activities and supplement them as needed. Additional information is available at: www.covestro.com/de/sustainability/what-drives-us/rating-and-indices. To identify the material sustainability topics for Covestro, we applied the three dimensions of materiality: “business relevance,” “stakeholder relevance,” and “impact.” The topics were combined into thematic areas for the first time in the reporting year and broken down into four categories (Innovate, Manage, Observe, Acknowledge) to reflect the activities appropriate to the topics to be derived for Covestro. In our opinion, all the SDGs are equally important, are closely interconnected, and influence each other. Um sie zu erreichen, muss viel passieren: vom Recycling jeglichen Abfalls bis hin zum Verzicht auf fossile Rohstoffe und Energieträger. In the year under review, around 95% of our total purchasing value was attributable to these target-relevant suppliers. New and renewed supply agreements in particular generally contain special clauses requesting that suppliers adhere to the sustainability requirements outlined in the Code of Conduct and entitling Covestro to verify compliance. An open and continuous exchange with our regional, national, and global stakeholders is the foundation for mutual understanding and societal acceptance of Covestro’s decisions. In the year 2020, assessment results considered critical by Covestro were identified for nine target-relevant suppliers (previous year: nine); that is, these suppliers failed to meet the required minimum result by a significant margin. Financial instruments linked to sustainable performance provide interesting opportunities for Covestro. At the end of fiscal 2020, the number of supplier evaluations whose results met our sustainability requirements amounted to 1,204 (previous year: 1,133). The EcoVadis analysts assess supplier responses and supporting documents under consideration of international standards, such as the UN Global Compact, and consolidate the data into a scorecard available online that shows results by category. We consolidate our activities in the material topic of inclusive business in a program under which we aim to meet needs in what are known as underserved markets. Covestro harnesses sustainability and innovation for first partly bio-based film Copied to clipboard Now more than ever before, OEMs and designers are looking for sustainable alternatives to the traditional materials used in their applications. 3. Neste and Covestro are starting a strategic cooperation in Europe to promote the use of sustainable raw materials in plastics production. The share of on-side audits in which suppliers met the minimum result we defined –45 out of 100 possible points – was 100% for the on-side audits conducted in the year under review (previous year: 100%). H&M Group’s latest Sustainability Performance Report highlights the progress that has been made on our way towards a more sustainable fashion future. Combined Management Report 2019 February 2020 PDF Innovation and Technology May 2019 PDF Non-Deal Debt Roadshow April 2019 PDF 2018 Sustainability Report / GRI … € in Mio. What drives us is the ambitious goals that we want to reach by 2025. During the reporting year, we continued to promote the implementation of four strategic principles in procurement (reliability, sustainability, cost transformation, and innovation). The member companies undertake to implement ten universal principles and regularly document their progress. Additionally, Covestro was ranked above average once more by another rating agency, Sustainalytics, placing third out of 120 specialty chemical companies assessed. Integrated Management System for Health, Safety, Environment, Energy, and Quality, Results of Operations, Financial Position, and Net Assets of the Covestro Group, Results of Operations, Financial Position and Net Assets of Covestro AG, Report on Future Perspectives and on Opportunities and Risks, Group-Wide Opportunities and Risk Management System, Compensation of former members of the Board of Management, Recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), Covestro Group Consolidated Income Statement, Covestro Group Consolidated Statement of Comprehensive Income, Covestro Group Consolidated Statement of Financial Position, Covestro Group Consolidated Statement of Cash Flows, Covestro Group Consolidated Statement of Changes in Equity, Notes to the Consolidated Financial Statements of the Covestro Group, 2. Based on our continual improvement process, we reviewed and redesigned our existing HSEQ management systems during the reporting year. They are reviewed annually and, if necessary, modified in line with the latest developments. Provisions for Pensions and Other Post-employment Benefits, 27. Covestro continually observes whether other financial instruments can be linked meaningfully to sustainability aspects. Continually maintaining and enhancing our sophisticated management systems is a key priority in ensuring societal acceptance of our ongoing business activity (license to operate). nexxar - digital reporting evolved - Online Report. This report covers the period from January 1 to December 31, 2020. Corporate Media Relations In fiscal 2020, the procurement spending of Covestro’s main sites in Germany, the United States, and China accounted for just under 79% of Covestro’s global spending. Innovate - Covestro Annual Report 2020 To become fully circular, it needs developments and advances in various areas. The section on sustainable procurement also inquires about the extent to which the sustainability standards of upstream suppliers are considered. The Shell Sustainability Report describes our social, safety and environmental performance in 2020 and significant events for us during the year. European Union Regulation (EU) 2017/821, which entered into force on January 1, 2021, stipulates an expanded duty to perform human rights due diligence for the 3TG that includes all global conflict and high-risk regions. In addition, we work closely with our strategically most important suppliers to improve their sustainability performance. In fiscal 2020, six online training sessions were offered in various languages, and one supplier day was held in China. Covestro saw a strong end to an exceptional year in 2020 and benefited, especially in the second half, from its consistent crisis prevention measures and a recovery in demand. Covestro beschäftigt sich aber auch mit der Zukunft der Mobilität, um positive Beiträge zum UN-SDG 11 leisten zu können. In the year 2020, Covestro received special recognition from the rating agency ISS ESG, which again awarded us Prime status with an overall score of B–. Covestro supports all criteria by the TfS initiative concerning the areas of ethics, employee rights, human rights, health and safety, and the environment. It evaluates the degree to which suppliers’ business practices are aligned with sustainability principles. Accounting Policies and Valuation Principles, 4. Confirmations of conflict mineral-free procurement are documented centrally in the respective material/supplier combinations in our database. 2020 Sustainability Report Download our 2020 report, covering calendar years 2018-2019. We intend to manage this responsibility with our integrated HSEQ management system. In addition to the key topics in the “Innovate” and “Manage” categories, additional topics were identified that could become more important for Covestro in the future. Directives are binding for employees throughout the Group and are available to all staff in an in-house database. In the year 2019, the international rating agency EcoVadis gave us its top Gold rating, we also retained the previous year’s A rating from MSCI ESG Research, one of the world’s largest provider of sustainability analyses and ESG ratings. This year, we established a new materiality assessment process to further strengthen the link between sustainability and our strategy and risk management activities. Covestro uses a structured prioritization process to select the suppliers to be evaluated and initiates either an online assessment or an on-site audit for these suppliers – provided that there are no current results. All required standards are defined in Covestro’s Supplier Code of Conduct, which is available online in 13 languages and is the basis for our collaboration with suppliers. For the purpose of monitoring the quality of the audits, the initiating TfS member takes part in audits selected on a random basis and evaluates them using a standardized checklist. The Sustainability function advises the other corporate functions by sharing its extensive technical expertise on topics such as life cycle assessment (LCA), human rights, and the United Nations Sustainable Development Goals (SDGs). A regenerative economic system in which resource input, waste production, emissions, and energy consumption are minimized based on long-lasting and closed material and energy cycles. The results of the assessments carried out in the previous year and the reporting year are summarized in the following chart: The detailed results in all areas indicate a neutral or positive trend (unchanged or increased share of online assessments reaching a score of 45 or higher). The number of supplier evaluations conducted and the overall results are reviewed regularly and reported to the Board of Management member responsible for Production and Technology. September 2020 Springe zum Inhalt [AK + s] Springe zur Navigation [AK + 3] Quartalsmitteilung 3. A total of 96% of R&D project costs incurred have already been assessed, and 51% of them exceed the threshold we have defined. Covestro has set ambitious measurable targets through 2025 aimed at systematically promoting sustainability in supplier management. In the reporting year, Covestro already entered into two financing agreements that link changes in its sustainability rating to financing costs. Covestro responds to such infractions with specific action plans and demands that the suppliers in question implement appropriate corrective measures; supplier assessments will be conducted in future to verify compliance. Depending on the topic and its relevance, Covestro’s departments identify and prioritize major stakeholders and select the appropriate dialogue format and frequency of contact in each case. The risk assessment for country and material groups that we use for our risk analysis is based on recognized external sources. They provide concrete specifications on the important issues of value creation, sustainability, innovation, people, HSEQ, and compliance. The requirements of the EU regulation on conflict minerals are being reviewed and integrated into the processes. Covestro Quartalsmitteilung zum 30. Where necessary, we establish suitable indicators of progress for this purpose. Media Contact. Most of this amount – around 79% – went to local suppliers in the individual countries. The 17 United Nations Sustainable Development Goals were ratified by all UN member states and entered into force on January 1, 2016. In spite of the coronavirus pandemic and its effects on our suppliers, the number of supplier evaluations conducted in the reporting year rose to 846 (previous year: 778). Annual Report 2020 The circular economy is becoming a global guiding principle. In order to increase our contributions in the future, we are aligning our R&D portfolio with the SDGs, and the further operationalization of this goal was again a focal point of this reporting year. Compliance with the directives is verified using annual internal audits. The “Environmental Impact of Own Operations” cluster is a core element of our integrated HSEQ management system. In this way, we want to ensure that we make positive contributions to the SDGs, including and especially in challenging areas – e.g., in areas where we currently have a low profile – or that our activities are at least neutral. In analyzing the supplier evaluations for the year 2020, we identified deviations from our sustainability requirements in all listed areas. Binding ethical and legal principles are anchored in our compliance directive, which includes important guidelines on fair and respectful working conditions and on fighting corruption, among other topics. Effects of the Coronavirus Pandemic on Financial Reporting, 11. We report in detail on our progress in the relevant sections: We have a close and collaborative relationship with our stakeholders. Support is provided by a centralized team of experts with global responsibility for these issues. Corporate Media Relations Provisions for Pensions and Other Post-employment Benefits, 27. The majority of these relate to products in our core business that, during their use phase, help conserve large amounts of energy. The share of online assessments in which suppliers met the minimum result we defined –45 out of 100 possible points – was 71% for the online assessments conducted in the year under review (previous year: 70%). Events after the End of the Reporting Period, Limited Assurance Report of the Independent Auditor regarding the supplementary sustainability information, Additional information is available at: www.supplier-code-of-conduct.covestro.com, Additional information is available at: www.tfs-initiative.com, nexxar - digital reporting evolved - Online Report. Our project portfolio for research and development should be aligned with the SDGs. We therefore offer our suppliers a range of opportunities for training and dialogue. They assess our company not only from a legal standpoint, but also according to whether we do business in a sustainable and ethical manner. In many cases, more energy is saved during usage than was used in their production – for example, in building insulation. The following chart provides an overview of our key stakeholder groups and the relevant dialogue formats. The strategy focuses on four key pillars: Stronger Community, Higher Standards, Closer Collaboration, and Extended Reach. As a chemical industry player, Covestro has a particular responsibility – of which we are continually aware. “Solutions Contributing to SDGs” is another cluster whose increase in relevance we have observed. Covestro has been using various digital dialogue formats (for example, for the Annual General Meeting as well as employee and customer events) to ensure that we stay in touch with our stakeholders during the coronavirus pandemic. Their objective is to combat global poverty, protect the planet, and secure peace and prosperity for all. All of the results from the online assessments and on-site audits are available to members of the initiative on an online platform, thereby enabling continual monitoring of suppliers with a view to improvements. Events after the End of the Reporting Period, Limited Assurance Report of the Independent Auditor regarding the supplementary sustainability information, See “Integrated management system for health, safety, environment, energy, and quality.”, See “Sustainability in the supply chain.”, See “Integrated management system for health, safety, environment, energy, and quality,”. Reports Our annual reports as full PDF and as a short HTML version, interim reports, Sustainability Reports, the Continental Magazin, Investor Presentation (Fact Book), outlook and financial key figures are available here. In addition, relevant suppliers accounting for a repeat purchasing value exceeding €100,000 per year are assessed. This means they do not have to complete multiple evaluation surveys by various (potential) customers. Covestro analyzes and documents the online assessments and on-site audits. 2020 GRI report In addition to this online report, we published a PDF of our full Global Reporting Initiative (GRI) and Sustainability Accounting Standard Board (SASB) responses , which contains descriptions of our management approaches and, in some cases, expanded data sets. The comprehensive materiality analysis described here is scheduled to take place every three to four years. In addition, issues and action plans as well as target attainment are monitored in a management review. Covestro uses tin-containing compounds in production and therefore monitors all its suppliers of tin-containing raw materials. This requires us to integrate sustainability principles into all of our business activities, while at the same time ensuring adequate focus on the issues of greatest relevance to us and our stakeholders. TfS provides a wide range of information materials and various online training courses on its website. Most of this amount – around 79% – went to local suppliers in the individual countries. This puts Covestro among the best 10% of rated companies in the chemical industry. The value generated per carbon unit used (e.g., in the form of fossil raw materials such as coal, oil and natural gas). To this end, we have initiated many activities that will reduce energy usage in our production and cut greenhouse gas emissions. We need the ability to recycle any given material, for example. Contingent Liabilities and Other Financial Commitments, 32. Raw materials must be based on renewable feedstock so as not to deplete the planet’s resources. Geschäftsbericht 2020 Circular Economy – die Kreislaufwirtschaft – wird zum globalen Leitprinzip. Sustainability is measurable Our sustainability goals Covestro has set ambitious sustainability goals for 2025. We consider the results in these ratings and the inclusion in sustainability indices as an indication of our environmental, social, and governance performance. * The results provided by the external providers EcoVadis SAS and Together for Sustainability AISBL were not subject to the audit by KPMG AG Wirtschaftsprüfungsgesellschaft. An initiative undertaken by various companies in the chemical industry to standardize supplier assessments globally in order to improve sustainability practices in the supply chain. It also took feedback and opinions of external and internal stakeholder into account. 102-51 Date of most recent report The most recent Annual Report and the associated GRI supplementary information were published in February 2020. Moreover, our Regional Program Managers in the EMLA, NAFTA, and APAC regions are working on permanently improving our sustainability program. Suppliers must document their responses to the questionnaire with corresponding supporting documents. Information on the processes for identifying, preventing, and mitigating the actual or possible negative impact on nonfinancial aspects. Covestro will be supplied with material from renewable sources to replace a significant portion of the fossil raw … Investments Accounted for Using the Equity Method, 22. We update a list of potentially affected suppliers on an ongoing basis, and monitor the validity of all existing supplier confirmations. This nonprofit organization pursues the goal of establishing a program of global standards for responsibly sourcing goods and services and standardizing supplier evaluation methods worldwide. A particular focal point in fiscal 2020 continued to be the topic of “Human rights due diligence.” We also updated our methodology for systematically assessing our water risks in the reporting year and now consider not only physical but also regulatory risks at our production sites. Effects of the Coronavirus Pandemic on Financial Reporting, 11. Rating agency that evaluates the degree to which suppliers’ business practices are aligned with sustainability principles. A materiality analysis enables companies to systematically identify the most important sustainability issues from the internal and external perspective. Only assessments of our active suppliers that are no more than three years old are included. We publish the nonfinancial Group statement pursuant to Sections 315b and 315c in conjunction with Sections 289c through 289e HGB as an integrated part of the Group Management Report. Period Releases Webpage PDF 2011 2011 Form 10-K 2011 Annual Report with Form 10-K Proxy Statement for 2012 Annual General Meeting 2011 Statutory Dutch Annual Report 2009 to 2011 Reconciliation of EBITDA to Net Income • Preliminary volume effect in sales amounts to -22% in Q2’20. Change in Presentation for Rebates Granted to Customers and Trade Working Capital, 5. Our principles are anchored in publicly available corporate policies. In prioritizing the suppliers for these evaluations, Covestro considers a combination of country and material risks. Bayer AG - Climate Change 2020 C0. € in % in Mio. Online assessments (conducted by external, independent, TfS-accredited provider EcoVadis) and on-site audits (conducted by external, independent, TfS-accredited auditors) of Covestro’s suppliers, both initiated by Covestro and shared within the TfS initiative, are taken into account. For Covestro, it is important for our own procurement staff, in particular, to have a comprehensive understanding of the significance of sustainability in the supply chain. Using a structured survey process, we verify that our suppliers and their upstream suppliers obtain tin-containing material that is free from conflict minerals. By the end of the year 2020, we achieved a reduction of 46.2% (previous year: 46.1%). 31 March, 2021 Although we have made good progress advancing our sustainability agenda, the last twelve months have served to further reinforce the importance of sustainability and the need to accelerate this work. All of our suppliers with regular purchasing volumes of more than €100,000 per year are expected to comply with our sustainability requirements by 2025. Specific action items in our Group-wide circular economy program were identified for implementation and approved by the Board of Management. Moreover, some of our products contribute to saving energy during the usage phase. Covestro uses a standardized TfS assessment process to evaluate whether the suppliers maintain the required sustainability standards. Since the start of the TfS industry initiative in the year 2011, the now 29 members of TfS have evaluated the sustainability performance of a total of 13,776 suppliers through online assessments and have performed 2,202 on-site supplier audits. During the reporting year, Covestro once again played an active role in all TfS work streams in designing and improving the TfS program and the associated evaluation process. A network of sustainability officers guarantees access to this expertise for all corporate functions and all regions in which we operate. Continually improving our suppliers’ sustainability performance is a priority for Covestro and is supported by the TfS initiative, which regularly organizes supplier days and promotes further training, among other activities. We found that Covestro already makes substantial positive contributions to all 17 SDGs and many subgoals. The Code is derived from the principles of the UN Global Compact and our Corporate Commitment on human rights. All of our suppliers with regular purchasing volumes of more than €100,000 per year are expected to comply with our sustainability requirements by the year 2025. Personnel Expenses and Employee Numbers, Notes to the Statement of Financial Position, 17. Of these supplier assessments, 950 involved our target-relevant suppliers, who account for 79% (previous year: 81%) of our target-relevant purchasing value. SUSTAINABILITY REPORT 2020 Home > Sustainability OUR VISION SABIC recognizes that in order to succeed in today’s global marketplace, sustainability must be … Information on the processes for identifying, preventing, and mitigating the actual or possible negative impact on nonfinancial aspects. ALLIANCE TO END PLASTIC WASTE PROGRESS REPORT 2020 1 14 ALLIANCE TO END PLASTIC WASTE PROGRESS REPORT 2020 WELCOME: CEO’S MESSAGE OUR VISION FOR A …
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