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NF1 About this report

This is our eighteenth consecutive year of sustainability reporting, and our commitment to annual sustainability reporting remains unchanged. The report was published on March 13, 2024. The data presented refers to the fiscal year 2023. The most recent Sustainable Business Report was published in March 2023. The non-financial notes encompass information on strategy, management approaches, stakeholder dialogues, and sustainability data.

Information meeting the Swedish legal requirements on sustainability reporting, the Statutory Sustainability Report, and Sandvik Sustainable Business Report, are found under About SandvikFinancial and sustainability targetsSustainability shiftRisk management, Non-financial notes. Please refer to note P12 for a list of entities included in the figures unless otherwise specified.

This report adheres to the Global Reporting Initiative, GRI Standards 2021. The figures presented are accumulated for the 2023 fiscal year for all active reporting units, unless stated otherwise. An operational control approach was used for consolidations. It encompasses material aspects defined in the materiality assessment described in Key risks 2023 and has undergone external review. No restatements of information from previous reporting periods have been made.

Our reporting aligns with the Task Force on Climate-related Financial Disclosures (TCFD), and we also adhere to the Sustainability Accounting Standards Board (SASB) reporting standard. Our climate impact is disclosed through the non-profit organization CDP.

Sandvik has been a signatory to the UN Global Compact (UNGC) since 2013, reporting on the ten principles in accordance with the UN Global Compact advanced level criteria.

As of September 2023, the Science Based Targets initiative (SBTi) has approved Sandvik science-based greenhouse gas emission reduction targets.

An independent assurance provider, engaged by the Board of Directors and the CEO of Sandvik, has undertaken a combined assurance of the Sandvik Annual Report 2023.

The Sandvik Code of Conduct, Sandvik Supplier Code of Conduct, and Sandvik Business Partner Code of Conduct are publicly accessible on Group policies, classified as internal documents, are available on the company intranet, having received approval from the Group Executive Management team. 14 policies, including the Anti-Bribery and Corruption Policy, have also been approved by the Board of Directors. These commitments apply organization-wide, including for business relationships, and are communicated via the line organization.

For additional details on our reporting, please visit