Sustainability integrated into corporate governance
The Group’s governance structure includes complementary governance bodies at FORVIA and HELLA with efficient decision-making processes at all levels of the Group. It takes into account every financial, societal, social and environmental challenge in light of the Group’s convictions, values and commitments.
Key figures
83%
independent Board members
14
Board Members, including 2 employee representatives and 5 women (42%)
1
Governance, Nomination & Sustainability Board Committee
4
Executive Committee meetings on sustainability initiatives per year
2
ESG criteria integrated in the remuneration (gender diversity and CO₂ emissions)
Driving the Group’s sustainability strategy
Over the years, sustainability has become an integral part of FORVIA’s decision-making process. Given the importance and scope of the sustainability issues involved in many strategic decisions, each governance body handles these issues within its area of expertise.
Group risk mapping integrating extra-financial risks
FORVIA’s list of extra-financial risks is based on an in-house materiality analysis carried out in 2018 by a multidisciplinary working group from various departments. Comparisons were drawn with a risk universe for peers within the automotive sector. The preliminary list of risks was based on a methodology linked to frequency of occurrence and degree of seriousness, which was then discussed in around twenty interviews with external stakeholders. The Executive Committee then approved a final list of risks and opportunities. These are updated on a yearly basis, and supplemented by the sustainability roadmap monitoring indicators.
Internal strategic plan process: Business Groups and functions integrating sustainability
As part of an annual internal process, Business Groups present their three-year strategic plan to Executive Committee members, integrating the greenhouse gas footprint reduction roadmap and more broadly the sustainability roadmap, including implementation strategies (planning, budget, resources, KPIs, etc.).
Investment decisions steered by an internal CO₂e price
Global warming, regulations, taxes and incentives impact the CO₂e footprint of vehicles. Since 2021, the Group has thus included a CO₂e footprint price in new product development. The aim is to be in a position to make the right decisions and look ahead to the first vehicle’s production by 2025. The internal CO₂e price will also be applied to the current product portfolio, incentivizing serial CO₂e improvements. FORVIA’s current internal CO₂e price is €100/tCO₂e.
