The Sandvik Group’s sustainability governance is based on its business strategy, business model and international frameworks. Relevant goals are set to address material areas and to efficiently manage related impacts, risks and opportunities. Policies and management systems have been set to ensure financial, environmental and social compliance.
The Sandvik Board of Directors has the overall responsibility for sustainability within Sandvik, monitored by the Audit Committee. The implementation is delegated to the President and CEO of Sandvik.
The Group Executive Management has the overall responsibility for Sandvik’s sustainability strategy and agenda while the business areas and divisions are responsible for the implementation and follow-up. The Communications and Sustainability function is responsible for the coordination within the Group. The business areas are also responsible for the assessment and management of sustainability risks in their operations. KPIs are consolidated and reported to follow up on goals at Group and business area levels. Each year we evaluate our performance and set targets and focus actions for the coming year.
The Sustainability Council is a forum for cooperation and best practice sharing across Sandvik. The Council is comprised of representatives from the business areas and Group functions. The Sustainable Business function coordinates the sustainability agenda together with the business areas.
In 2022, the Board of Directors approved a new Sustainability policy and the targets for Science Based Targets initiative validation. During the year the Communication and Sustainability function reported progress and informed the Audit Committee on relevant sustainability topics. The Audit Committee and the Board of Directors have informed themselves and further discussed related topics, such as SBTi and CSRD.