In 2019 we took major steps to unleash Solvay’s full potential, adapting our strategy – aligned with our newly unveiled Purpose – and revising our key policies accordingly. These major new steps are outlined in this Annual Integrated Report, along with our continued integrated management progress.
2019 opened a new chapter in the story of our Group. Ilham Kadri, our new CEO, has been writing its first pages, bringing a fresh viewpoint to a comprehensive review of our strategy and culture. Inspired by our teams, she has worked with them to unveil Solvay’s Purpose – the why that unites us all and gives us a shared direction. This report shares those pages and details how they dovetail with our complex and fast-changing business environment. How they have shaped our new G.R.O.W. strategy and new sustainability program (Solvay ONE Planet), our new operating model (Solvay ONE), our new employee engagement model (Solvay ONE Team), our governance and our sustainable value creation model.
Much was new in 2019, but connecting with stakeholders remains at the heart of our business and fundamental to achieving our Purpose. And this report also tells their stories, how Solvay has met their expectations, and what we need to improve.
Your guide to this report
This is the fourth edition of Solvay’s Annual Integrated Report, based on the International Integrated Reporting Council (IIRC) principles and elements of content. The ReInventing Solvay section takes an integrated thinking approach, putting selected contents into the perspective of our Vision and strategy, linking material information, and looking ahead to the future. It also highlights how we create sustainable value for all stakeholders in the short, medium and long terms.
This edition takes integration further by introducing our Purpose and how it meshes with our model and our medium-term strategy. It also outlines our value chain, giving an overview of Solvay’s core business activities, and strengthens our stakeholder engagement by showcasing our response to their needs.
Links in the ReInventing Solvay section open detailed analyses in the Management Report, including a focus on high materiality issues.
“Our approach to integrated thinking continues to evolve and gain momentum. Our new sustainability targets, Solvay ONE Planet and our new Purpose will support the delivery of superior, long-term value as an integral part of our G.R.O.W. strategy. We continue to welcome initiatives to standardize disclosures by corporates and utilization by investors in relation to Environmental, Social, and Governance as an integral part of value creation – indeed we particularly commend and appreciate the recent Consultation Draft ‘Towards Common Metrics and Consistent Reporting of Sustainable Value Creation’ prepared by the World Economic Forum’s International Business Council.”Karim Hajjar, Member of the Executive Committee, Chief Financial Officer
Navigating our 2019 Annual Integrated Report
The scope of this report
The 2019 Annual Integrated Report provides material information on Solvay for the year ending December 31, 2019. It builds on last year’s report, integrating feedback from our stakeholders, including several recognized bodies such as the Global Reporting Initiative (GRI), the International Integrated Reporting Council (IIRC) and the World Business Council for Sustainable Development (WBCSD).
It is aligned with GRI Standards, the Recommendations of the Task Force on Climate-related Financial Disclosures (TCFD), and the WBCSD’s ESG Disclosure Handbook. Its contents also serve as a progress report on the implementation of the ten principles of the UN Global Compact and the Sustainable Development Goals (SDGs). Unless otherwise stated, all social and environmental indicators are consolidated using the “financial control” approach described in the Greenhouse Gas Protocol Corporate Standard.