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The Schaeffler Group's strategy is based on the group’s commitment to drawing on its strength as an automotive and industrial supplier and partnering with its customers to shape the mobility of the future. To put this commitment into concrete terms, it has developed the following vision: “As a leader in technology, we combine a passion for innovation with the highest standards of quality to shape the future of mobility - for a world that will be cleaner, safer, and smarter.”
In following this vision, the Schaeffler Group’s actions are guided by the core values of a global family business: Schaeffler’s actions are sustainable, innovative, excellent, and passionate. This applies to its own operations as well as to its global supply chain. Fairness, mutual respect, and integrity are the cornerstones upon which the Schaeffler Group’s actions are based. The Schaeffler Code of Conduct sets out the principles and practices that all Schaeffler employees, managers, and the Executive Board must follow, and the Schaeffler Group expects the same of its business partners.
To the Schaeffler Group, responsibly managing its own supply chain also means raising service providers’ and suppliers’ awareness of the group’s requirements and expectations. This applies to high-quality and efficient cooperation as well as to compliance with obligations and norms regarding environmental and social issues. National legislators’ requirements regarding responsible procurement are high. For instance, the British Modern Slavery Act requires companies to disclose steps they have taken to prevent modern slave labor in their supply chain. In response, responsibility in the supply chain was identified as a focus issue within the sustainability strategy “Responsibility for tomorrow 2030+”. It represents the Schaeffler Group’s objective of cooperating with its suppliers to make its own supply chain more and more sustainable.
Establishing sustainability in procurement requires the Schaeffler Group’s partners to adhere to the group’s commitments. The Schaeffler Group’s Supplier Code of Conduct plays a key role in this. It sets out minimum requirements for suppliers regarding, for instance, respect for human rights, handling information subject to data protection legislation, and conduct regarding the environment, health, and safety. The Schaeffler Group’s Supplier Code of Conduct (SCoC) is based on the principles of the United Nations Global Compact (UNGC) and the core conventions of the International Labour Organization (ILO). Any violation of principles, guidelines, or requirements set out in the SCoC is considered a fundamental breach of contract by the supplier causing such violation and results in an escalation process that may result in the termination of the supplier relationship. Acknowledging the SCoC is an integral part of contracts governing new supplier relationships.
The Schaeffler Group reviews potential suppliers with respect to their compliance with environmental and social standards before integrating them into its supplier portfolio. If the initial assessment (formerly known as assessment of potential) of possible new business partners with respect to energy, environment, health, and safety (EnEHS) issues indicates that they do not meet the required minimum standards, they are eliminated from the selection process during supplier development. If violations are serious, existing business relationships are terminated as well.
The company’s comprehensive material compliance management system is designed to ensure that any components and raw materials used comply with the applicable legislation, regulations, and standards. The Schaeffler Group’s compliance management system helps the company and its employees comply with all relevant local, national, and international laws and regulations.
See chapter "Governance structure" for further detail.