Sustainability strategy and management
The sustainability strategy “Responsibility for tomorrow” is based on the Schaeffler Group’s vision and mission and supports the objective of adding long-term shareholder value. It complements the strategy “Mobility for tomorrow” by adding, inter alia, social and ecological aspects of the business based on a long-term focus.
The 17 Sustainable Development Goals (SDGs) issued by the United Nations as part of its “Agenda 2030” guide the company’s sustainability focus. For the first time, the Sustainable Development Goals reflect all three dimensions of sustainability: social issues, the environment, and the economy. This puts the onus on companies, as well, to make concrete contributions with a view to their business activities. The Schaeffler Group lives up to this obligation and its responsible corporate behavior contributes to ten of the 17 United Nations SDGs.
The activities aimed at meeting the SDGs are grouped in the four fields of action set out in the “Responsibility for tomorrow” sustainability strategy:
- Field of action: “Sustainable management”
- Field of action: “Customers and products”
- Field of action: “Environment and energy”
- Field of action: “Employees and society”
The company’s sustainability strategy centers around the Schaeffler Group's significance analysis, which also provides the basis for selecting information to be included in the sustainability report. The significance analysis was developed together with key stakeholders in 2016 and updated in 2018. The approach follows the G4 framework for non-financial reporting of the GRI (Global Reporting Initiative), and therefore complies with the current GRI standards.
A “sustainability program” that is updated annually sets out specific objectives and measures within the four fields of action for the non-financial issues identified in the significance analysis; these objectives and measures are then used in the operating and strategic measurement and management of Schaeffler’s sustainability performance. The sustainability program represents the medium-term, dynamic element of the sustainability strategy.
In accordance with section 315b (3) HGB, Schaeffler AG has prepared a combined separate group non-financial report that is not part of the group management report and that combines the non-financial report of the parent company with that of the group in accordance with section 289b (3), section 315b (3), and section 298 (2) HGB. The combined separate non-financial report is publicly available from the company’s website.
Additional detailed discussion, key indicators, and background information on sustainability as well as the Schaeffler Group's sustainability program are published in the Schaeffler Group’s sustainability report 2018.