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Corporate Responsibility Officer
The consideration of ecological and social criteria along the entire value added chain and the saving of resources are an integral part our corporate guidelines. These form the basis for long-term profitable growth and for continuous increases in the company’s value.
Corporate Governance stands for executive leadership with a strong sense of responsibility and a focus on sustainable value creation. Effective collaboration between Management Board and Supervisory Board along with openness and transparency in corporate and financial communications are essential elements of Corporate Governance at Schaeffler.
Managing the company with integrity and taking on social responsibility have been an integral part of the active corporate culture at Schaeffler for many years. Schaeffler's business practices are based on fairness, mutual respect and this integrity.
The Schaeffler Group has made a commitment to comply with a comprehensive Code of Conduct that is valid worldwide for fostering a culture of sustainability and regards it as a precondition for the sustained success of the company. The Code of Conduct contains principles for behaving with integrity and in compliance with the law. These principles apply to all in the same way - the Executive Board, managers and every single employee - and are a promise to our stakeholders at the same time. Our Code of Conduct represents who we are and how we treat each other. Thus we profess our support for achieving high social, ecological and employment standards. If, however, any behavior does occur that does not comply with these standards, this naturally has implications for us. Careful checks enable the causes to be found, which then leads to the relevant sanctions.
Issued by company management and with the unconditional support of the Schaeffler family, the Code of Conduct underlines the importance of responsible corporate awareness.
Globalization, urbanization, digitalization, scarcity of resources, and the growing demand for affordable mobility are leading to changed, much more dynamic market requirements and business models. Based on these megatrends, the Schaeffler Group has developed its "Mobility for tomorrow" strategy concept. The company is using this concept to focus on four areas across divisions and regional borders: Environmentally-friendly drives, urban mobility, interurban mobility, and the energy chain. As an integral part of the overall context of the company, the Corporate Responsibility program supports this strategy for growth.
Compliance serves to meet legal requirements as well as internal regulations of the group, making it a fundamental component of the Schaeffler Group’s operations.
Due to the increased significance of compliance, the Board of Managing Directors initiated a fundamental revision of the company’s compliance program, which has been in place for several years, as part of the “ONE Schaeffler” initiative in 2013. To this end, the Board of Managing Directors decided to improve and realign the Schaeffler Group’s compliance management system. In realigning the compliance program, Schaeffler strengthened its regional compliance units.
The Schaeffler Group’s Compliance Management System is based on the three pillars prevention, detection, and reaction. It comprises, in particular, managing and monitoring the activities necessary to prevent, or detect early-on, violations of law in the area of corruption, competition and antitrust law, and economic criminal activity. It serves to actively manage risk and protect the company as well as its employees. The CMS consists of seven components: Compliance culture, compliance objectives, vulnerability analysis, compliance program, compliance organization, communication, and monitoring and improvement.
The Executive Board and the Schaeffler family as shareholders of the Schaeffler Group emphatically support the Compliance Management System and the necessity of consistently complying with legal requirements and internal regulations of the group.
As an integral part of the overall context of the company, the Corporate Responsibility program supports our strategy for growth.
The Schaeffler Group has a risk management system in place to ensure that risks, particularly those to the company’s continued existence as a going concern and to its development, are identified on a timely basis.
Responsibility for the risk management system rests with the Board of Managing Directors of Schaeffler AG. The Board of Managing Directors regularly reports to the audit committee and the Supervisory Board of Schaeffler AG and ensures that necessary risk management measures are approved. The objective is to identify risks, particularly those to the company’s continued existence as a going concern and to its development, on a timely basis and to respond to these risks with appropriate action. Consciously dealing with identified risks and regularly monitoring risk factors increases risk awareness and ensures continuing improvement.
Learn more about the Schaeffler Group's risk management system: