2Sustainability Strategy Management
2.1Responsibility and commitment
Cicor places a strong emphasis on sustainability across all levels of the company. The corporate strategy, including sustainability is integral part of the Cicor Board of Directors' agenda. Rather than being discussed in a separate committee, sustainability is integrated strategically at Cicor. Results and progress towards sustainability goals are reviewed annually by the Board of Directors and the management. The Board of Directors also oversees and approves the reporting on non-financial aspects and the due diligence in relation to minerals and metals from conflict-affected areas and child labor.
The Annual Report includes the management report, sustainability report, corporate governance report, remuneration report, financial report, and financial statements of Cicor. The sustainability report, which is available as a separate document, contains information about non-financial aspects according to art. 964b of the Swiss Code of Obligations. Responsibility for economic, environmental, and social topics is embedded in the entire management structure, with final reporting line to the board of directors. The Board of Directors is always available to address stakeholder and shareholder concerns; concerns raised at the Annual General Meeting are handled in accordance with the Articles of Association . In 2023, no significant concerns were raised directly with the Board of Directors outside the Annual General Meeting. For more details on the governance arrangements, please refer to the Corporate Governance Report .
Cicor is aware that being a sustainable company is a priority for its customers and stakeholders. The Group recognizes that upholding strong Environmental, Social, and Governance (ESG) values is paramount to its success and goes beyond being just a responsible corporate citizen. The company perceives a comprehensive ESG strategy as a benefit in all its business relationships. Customers’ perceptions of Cicor’s ESG practices can impact their decision to place orders. Thus, the Group further developed and implemented its ESG and Compliance Strategy in 2023. This included the introduction of a Group Compliance Officer, updating the Group’s risks and chances, launching projects to improve Cicor’s supplier management, and the implementation of new KPI’s as well as a monthly recording of environmental data. Workshops to improve the knowledge and awareness of diverse compliance matters have been held for example at our sites in Wangs and Ulm. Additionally, an e-learning platform will be launched in 2024 to provide all employees easy access to training material on ESG and compliance knowledge. Building on these measures and the advanced understanding of compliance topics gathered throughout the last years, Cicor plans to extend its ESG and Compliance strategy in 2024, with the aim of creating and implementing a comprehensive Compliance Management System covering all ESG topics.
The guiding principles for thought and action at Cicor are meeting customer expectations, ongoing improvement, and fulfilling relevant legal requirements at all times. Thus, Cicor’s corporate policy incorporates all three commitments. Following all of these principles requires consistent, high-quality services that use minimal resources and support first-rate safety. Therefore, Cicor’s quality policy, environmental policy, and health and safety policy are equally important components of the corporate policy. The performance in these aspects is how the Group measures its success in meeting its corporate policy.
Cicor also expects its suppliers to mirror its commitment by executing business operations that preserve the environment, contribute to the social wellbeing of the communities in which they are present, and demonstrate accountability and transparency in sustainability performance. Furthermore, the Group seeks partnerships with suppliers dedicated to continuously improving their sustainability programs, and who share Cicor’s goals and values. The health and safety of the public should be safeguarded at all times, while any adverse effects to communities, environment, and natural resources must be continually minimized. To this end, suppliers must adhere to appropriate environmental permits and reporting, pollution prevention, waste reduction, hazardous substance management, wastewater and solid waste controls and processes, air emissions controls and procedures, and all applicable laws and regulations regarding materials restrictions. With this shared commitment, suppliers assist Cicor in achieving its sustainable supply chain objectives by continuously delivering price competitive and environmentally sound goods and services.
2.2Material topics
This report has been drafted in accordance with the GRI Standards. As a basis for this sustainability report, a materiality analysis was carried out in 2021. This process started with an analysis that evaluated a wide range of internal (documents, guidelines, directives) and external sources (sustainability standards, industry information, peer analysis). Material topics were those identified by Cicor as relevant for its business success, that have a significant economic, environmental, or social impact, and/or are relevant from the perspective of external stakeholders. The material topics were determined and evaluated in a workshop with Cicor’s management. The results of this materiality analysis are depicted in the materiality matrix which was reviewed in the reporting year and its current validity was confirmed.
Materiality matrix
2.3Stakeholder management
Establishing and maintaining good relationships with all stakeholders is essential for long-term business success. Cicor defines stakeholders as individuals or groups that have an economic relationship with the company and/or are affected by the company’s actions. Within the divisions, stakeholders are identified and prioritized through management reviews, SWOT (strengths, weaknesses, opportunities, and threats) analyses or specific stakeholder analyses as part of the certification processes. The most important stakeholders include customers, employees, suppliers, and shareholders. Cicor regularly exchanges information with all stakeholders to understand the individual needs of each stakeholder group and identify new developments and market requirements in a timely manner. Depending on the group, this contact takes place in different ways and at different levels, while day-to-day communication is the paramount interaction – that is, regular contact with customers and suppliers, and personal discussions with employees to assess satisfaction and wellbeing. The goal of these interactions is to bring business-relevant issues to light.