NORMA Group’s Approach to Corporate Responsibility
Corporate Responsibility (CR), for NORMA Group, means reconciling the impact of its business with the needs of society. This is done by ensuring that the management and employees follow legal requirements and integrate social and ecological aspects into the company’s strategy and processes. NORMA Group’s products already make a valuable contribution to a more sustainable society by helping to reduce the negative effects of global challenges such as resource scarcity and climate change.
NORMA Group has been implementing the concept of CR since 2012. The goal is to act in a responsible, sustainable, and lawful manner in all areas of the company’s functions. To ensure that NORMA Group remains oriented toward this goal, CR has been integrated as a core element of the corporate strategy. STRATEGY AND GOALS The Group-wide CR POLICY defines the basic understanding of responsibility as a company. It was revised in 2020 and covers three key areas of action: “Environment,” “Social” and “Governance.”. The policy describes the strategic approach with the aim of coordinating NORMA Group’s responsibility in a structured way and further developing it in a targeted manner. In its CR Policy, NORMA Group also reaffirms its commitment to the UN Global Compact, the United Nations’ Sustainable Development Goals and ILO Fundamental Principles and Rights at Work.
Management of CR
To strategically align and further develop the CR measures, NORMA Group set up the CR Roadmap, which includes objectives for each area of action. CR TARGETS AND SUSTAINABLE DEVELOPMENT GOALS For all material topics, the relevant departments propose targets, which are reviewed and approved by the Executive Board. GRAPHIC G007: ‘MATERIALITY MATRIX’ Subsequently, these targets are cascaded to the regional and local organizations of NORMA Group. The departments are responsible for backing up these CR targets with measures and developing guidelines as well as management approaches. This way, the CR topics can be addressed standardized internationally. The Group-wide approaches are complemented by nationally adapted, decentralized measures. To what extent CR topics are managed and implemented Group-wide or decentralized depends on how the respective CR objectives can be achieved as effectively as possible.
The Chief Financial Officer of NORMA Group is responsible for Corporate Responsibility and ESG (Environment, Social, Governance) since January 2022. This also includes the cross-departmental and cross-location coordination of CR topics in the areas of purchasing, quality, human resources, legal and compliance, among others. The CR areas of environment, occupational health, and safety (EHS) are the responsibility of and coordinated by the Chief Operating Officer. CORPORATE GOVERNANCE REPORT The implementation of the coordination in the CR area is carried out by the Investor Relations, Communications and Corporate Responsibility department.
These contents are part of the Non-financial Group Report and were subject to a separate limited assurance examination.