Covestro has been recognized as a LEAD company of the United Nations Global Compact, a global movement of responsible and sustainable corporate governance. The material producer was honoured for its high engagement in the initiative during the UN Global Compact Leaders’ Summit 2018 at UN Headquarters in New York. The move reflects Covestro’s ongoing commitment to the United Nations Global Compact and its ten principles for responsible business as well as the company’s efforts of fulfilling its vision to make the world a brighter place.
Lise Kingo, CEO and Executive Director of the UN Global Compact, said, “LEAD companies represent the highest level of engagement with the UN Global Compact. Achieving the Sustainable Development Goals and creating the world we want will not happen without bold action from the responsible business community. We need companies of all sizess – like the ones recognized today – to improve their performance, no matter where they are on their sustainability journey.”
Impact of high performance materials
“We feel very honoured to be recognized as one of the LEAD companies,” said Dr. Markus Steilemann, CEO of Covestro. “By actively engaging in the various platforms of the UN Global Compact, we aim to contribute to positive change in areas where we as a world leading producer of high performance materials can have the biggest impact.”
To be eligible for LEAD recognition, companies must be a participant in at least two Action Platforms, to demonstrate their commitment to defining and fostering leadership practices in line with the ten principles and Global Goals. The companies must also submit or commit to submitting an annual sustainability report detailing progress on implementing the ten principles, within the same calendar year.
Covestro has demonstrated its commitment to the UN Global Compact this year by participating in the following Action Platforms: Sustainable Ocean Business, Reporting on the SDG’s, Breakthrough Innovation, Business for Humanitarian Action.
Since joining the UN Global Compact in 2015, Covestro has been proud to be part of a global movement of sustainable companies and stakeholders. By integrating a principles-based approach to sustainability, Covestro is taking shared responsibility for achieving a better world.
The United Nations Global Compact is a call to companies everywhere to align their operations and strategies with ten universally accepted principles in the areas of human rights, labour, environment and anti-corruption, and to take action in support of UN goals and issues embodied in the Sustainable Development Goals. The UN Global Compact is a leadership platform for the development, implementation and disclosure of responsible corporate practices. Launched in 2000, it is the largest corporate sustainability initiative in the world, with more than 9000 companies and 3000 non-business signatories based in over 160 countries, and nearly 70 Local Networks.
With 2017 sales of EUR 14.1 billion, Covestro is among the world’s largest polymer companies. Business activities are focused on the manufacture of high-tech polymer materials and the development of innovative solutions for products used in many areas of daily life. The main segments served are the automotive, construction, wood processing and furniture, and electrical and electronics industries. Other sectors include sports and leisure, cosmetics, health and the chemical industry itself. Covestro has 30 production sites worldwide and employs approximately 16200 people (calculated as full-time equivalents) at the end of 2017.