Describe the process(es) your organization has in place to ensure that your engagement activities are consistent with your overall climate change strategy[…]Our transition plan is voted on at AGMs and we also have an additional feedback mechanism in place. Sustainability is of strategic importance to ZF. We proactively assume responsibility for sustainable management in all three dimensions. Sustainability was defined as a binding target in our Next Generation Mobility corporate strategy. We will make significant investments that are required to improve our environmental performance and prepare for new regulations or customer expectations. ZF has been collecting and reporting non-financial information in detail for years and actively involves different stakeholders. Developments are recorded systematically and early on and taken into account when coping with the associated risks.
In coordinating sustainability topics within the company, the sustainability department is supported by a cross-divisional and cross-functional committee. Comprised of the sustainability leads of all divisions and the most material corporate domain functions. Through the sustainability department the committee regularly reports into senior management up to the Board of management. The tasks of the sustainability department include:
• Developing and implementing an appropriate sustainability strategy and monitoring progress for the ZF Group. In this endeavour, it assists the Board of Management in fulfilling its responsibility for oversight of relevant sustainability and corporate social responsibility aspects of the company.
• Regularly reviewing the materiality matrix.
• Drawing up an annual review of ZF's sustainability strategy.
• Anchoring the top issues in the sustainability program as well as in the respective departmental strategy and management.
• Regularly reviewing the appropriateness and effectiveness of ZF's strategy, targets and measures.
• Providing regular progress reports on target achievements or related measures.
• Monitoring external trends and requirements and recommending additional actions in response.
• Within the context of risk management, identifying, assessing and managing risks associated with sustainability issues.
• Reviewing and approving the annual Sustainability Report.
• Coordinating the internal and external communication of sustainability – stakeholder dialogue.
To gain an overview of newly arising company topics and to elaborate initial starting points for dealing with them, the steering committee may establish working groups that will then address specific tasks in depth.