Governance and organization
Sustainability must be part of strategic management and corporate planning. This is because the company can take a holistic view only when sustainability is integrated in the ways the company is managed. Through forward-looking governance practices, Comet can positively influence environmental, social and economic development. Accordingly, we strive to integrate sustainability into each of our many business processes. To do so, the measurement and management of sustainability performance must be integrated into corporate strategy and governance. Taking sustainability into account throughout the corporate management process is therefore a prerequisite for effective sustainability management.
The Board of Directors is responsible for overseeing and approving the sustainability strategy. It is also responsible for the review and approval of the annual sustainability reporting as part of the reporting process. The Board receives quarterly updates on the progress made in implementing the strategy and thus monitors the achievement of the sustainability targets. Specific subject areas are dealt with by the relevant committees of the Board of Directors. For example, the Audit Committee covers reporting, the Technology Committee deals with eco-design, and the Nomination & Compensation Committee handles the non-financial aspects of executive compensation. The practical implementation of the sustainability strategy is delegated by the Board of Directors to the Executive Committee.
The Executive Committee is responsible for executing the sustainability strategy and preparing the annual sustainability report. The Chief Executive Officer (CEO) assumes the role of sponsor for the sustainability program. The Executive Committee is supported in the implementation of the strategy by the Vice President of Investor Relations & Sustainability (VP of IR & Sustainability).
The VP of IR & Sustainability is responsible for planning, organizing and monitoring the operational implementation of the sustainability program. He or she coordinates the cross-functional and cross-project activities and, as chair of the Sustainability Board, leads the preparation of this body’s decisions. The VP of IR & Sustainability reports to the Executive Committee on a quarterly basis on the progress made in executing the strategy.
The Sustainability Board, consisting of representatives from the upper management levels of the company, also meets quarterly. It discusses ongoing sustainability initiatives, initiates new projects and prepares sustainability targets for approval by the Executive Committee. The Board ensures the coherence of the sustainability initiatives within the Comet Group.
The detailed elaboration and operational implementation of the sustainability initiatives is carried out in various project teams that cover the material topics. These are made up of representatives from the divisions and Central Services (Group functions) who are responsible for the respective topic in their area of activity.