Sustainability is ﬁrmly embedded into our company strategy and organization. Sustainability management follows our corporate purpose, “We create chemistry for a sustainable future,” and supports our strategic principle, “We drive sustainable solutions.”
- Recognizing significant topics and trends early on
- Taking advantage of business opportunities
- Minimizing risks
As the world’s leading chemical company, we combine economic success, environmental protection and social responsibility. We have recognized sustainability as a signiﬁcant driver for growth. By integrating sustainability considerations into our decision-making processes, we optimize our business and contribute to long-term economic success. We accomplish this by, for example, embedding sustainability into our organization with clearly defined responsibilities.
Our sustainability management has three duties: We want to identify significant topics early on, take advantage of business opportunities, and minimize risks. We are assisted in this endeavor by constant, trust-based exchange with our stakeholders as well as by our systematic materiality analysis.
We take advantage of business opportunities by offering our customers innovative products and solutions that contribute to sustainable development. We ensure that sustainability is included in the development and implementation of our business units’ strategies and research projects. Our “opportunity finding” method was developed for this purpose: It allows us to identify main sustainability drivers in relevant value chains and for our customers. This is how we aim to identify, and make targeted use of, the potential business opportunities created by sustainability.
We minimize risks by setting ourselves globally uniform standards for safety and security, environmental and health protection, product stewardship, and compliance, as well as for labor and social standards – many of which go beyond legal requirements.
In addition, we have integrated various dimensions of sustainability into our standard processes for evaluating investment decisions in property, plant and equipment as well as in financial assets. We prepare expert appraisals for detailed assessments of sustainability issues to assist in our decision-making.
We have created structures to promote sustainable, entrepreneurial actions all the way from strategy to implementation. The Corporate Sustainability Board is BASF’s central steering committee for sustainable development. It is comprised of the heads of our business, corporate and functional units as well as of the regions. A member of the Board of Executive Directors serves as chair. We have also established an external, independent Stakeholder Advisory Council. Its members bring an important external perspective to the table in discussions with BASF’s Board of Executive Directors, thereby helping us expand our strengths and identify our potential for improvement.