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We have a governance structure that allows us to take a strategic and holistic approach to economic, environmental and social factors in order to create long-term value. The Board of Directors has the ultimate responsibility for developing the sustainability strategy and for our sustainability performance. The Board of Directors is also responsible for identifying material ESG issues, risks and opportunities and establishing appropriate ESG policies.
We created the Sustainability and Corporate Capabilities function to ensure a strategic and integrated approach to corporate sustainability and to create maximum value for our stakeholders. The Head of Sustainability and Corporate Capabilities (CSO) reports to the CEO and CFO.
Our mandatory Board Committees work actively to monitor ESG issues and report to the Board of Directors. Sustainability is a regular agenda item for the mandatory Corporate Governance Committee.
In addition to the mandatory committees, we use other non-mandatory committees with representatives from the relevant business units to cover ESG-related critical matters.
The Executive Management (CEO/CFO) oversees ESG-related actions across our processes and reports to the Board of Directors about critical initiatives, developments, key performance indicators and commitments. The Sustainability Executive Committee steers our corporate sustainability strategy, advises Executive Management accordingly and monitors, measures and reports performance and progress in a comprehensive and in-depth manner. With the establishment of the Sustainability and Corporate Capabilities function, we restructured the Committee and we expanded it to include all unit heads. The Committee reports to the Executive Management and is chaired by the Head of Sustainability and Corporate Capabilities. Sustainability performance and initiatives have been part of our Company/CEO scorecard, which is approved by the Board of Directors.
Sustainability targets on the Company scorecard include areas related to climate change. These targets are then disseminated to the relevant business units and their realization impacts annual performance, thus remuneration.