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ESG governance

ESG governance

As of 2021 our Executive Board is informed frequently of relevant market and sales performance and determines the strategic course on this basis. This topic is mainly monitored and managed by our CEO and CFO, as well as via the segments.

  • The CEO division develops the long-term ESG strategy. There the Group ESG Strategy team manages the ESG activities within the Group, producing reports, executing our climate strategy, analysing market trends and working closely with the business areas to implement their product strategies.
  • The Group Sustainability Board implements the ESG strategy. It is the essential forum for discussions and decisions on ESG topics and their implementation. It also monitors the milestones set as part of the ESG strategy. The Board convenes four times a year and in 2021 its members comprised one representative from each of the Executive Board divisions, plus the Head of Group ESG Strategy and one Executive Board member (2021: CFO).
  • The individual business areas are responsible for the concrete implementation of the ESG business strategy.

In addition to the individual product areas, our risk management function is also involved with ESG topics.

At the Supervisory Board level it is mainly the Strategy and Sustainability Committee that deals with ESG, advising the Executive Board on matters of strategic importance. These include sustainable corporate governance and our ESG business activities.