Governance and organization
Sustainability is an integral part of strategic management and corporate planning at Comet. Only by embedding sustainability in our management practices can we take a comprehensive approach to our operations. Through forward-thinking governance, as outlined in our corporate governance report, we positively influence environmental, social, and economic development. We aim to weave sustainability into all business processes, ensuring that its measurement and management are embedded within our corporate strategy and governance. Effective sustainability management requires this comprehensive integration throughout the corporate structure. For more on our commitment and approach, please refer to our Sustainability Policy.
The Board of Directors oversees and approves the sustainability strategy, including climate-related issues. As part of the reporting process, the Board is also responsible for the review and approval of the annual sustainability report, including the climate transition plan and the climate reporting. It is informed quarterly about the status of strategy implementation and thus monitors the achievement of sustainability targets. The Board of Directors’ committees deal with the topics that fall within their area of responsibility, such as eco-design for the Technology Committee and non-financial elements of executive compensation for the Nomination & Compensation Committee (NCC). The Board of Directors has delegated the implementation of the sustainability strategy to the Executive Committee. Climate and other ESG issues will be discussed quarterly by the Board of Directors as part of the Group’s business transformation agenda. In addition, climate risks have been integrated into the discussion of business risks since the second half of 2023. Their discussion and review is on the agenda of the Board of Directors at least twice a year.
The Executive Committee is responsible for implementing the sustainability strategy and for preparing the annual sustainability reporting. The Chief Executive Officer (CEO) acts as sponsor of the sustainability program and is therefore accountable for sustainability at Comet. In executing the strategy, the Executive Committee is supported by a Sustainability Board, chaired by the Vice President of Investor Relations & Sustainability (VP of IR & Sustainability). The VP plans, organizes and monitors operational execution, coordinates cross-functional activities, and updates the Executive Committee in regular quarterly meetings on the progress in the strategy’s implementation.
Comet utilizes monetary incentives through its long-term incentive plan (LTIP), as detailed in the compensation report. These incentives are designed to drive long-term profitable growth, support sustainability initiatives, increase shareholder value, and retain key executives.
The Sustainability Board, comprising senior management representatives, meets quarterly to discuss ongoing initiatives, launch new projects, and propose targets for approval by the Executive Committee, ensuring alignment across the Comet Group. The detailed development and operational implementation of climate and other sustainability initiatives takes place in project teams made up of representatives who are responsible for the respective topic in their divisions or in the Group functions.