Solvay is committed to bonding with its stakeholders, building lasting relationships with six stakeholder groups: customers, employees, investors, suppliers, local communities and the planet (via governments and NGOs). We hear their expectations and build on their feedback to move forward. These bonds inform our strategy and operations, feeding into innovative solutions that create value for all.
Customers
How we bonded in 2019
- Comparison of respective materiality analysis
- Direct contacts with GBU teams (management, R&I, sales, supply chain)
- Rating questionnaires (CDP, EcoVadis)
- SPM profiles
- Net Promoter score (digital surveys every two years)
trigger
Our stakeholders' expectations
- Steady increase in number of customers assessing Solvay’s performance via EcoVadis, CDP, or specific questionnaires confirms focus on risks & opportunities in supply chain
- Increasing number of customers express need for innovative solution in line with circular economy principles
Our responses
- 53% of Group sales classified as “sustainable solutions”
- 7 Solvay products and technologies awarded Efficient Solutions label by the Solar Impulse Foundation
- About 100 customers representing 15% of our sales require Solvayʼs EcoVadis evaluation
- Solvay in the top 1% of companies assessed by EcoVadis in the chemical industry
Our challenges
- EcoVadisʼ 360° screening identified controversies, fines or penalties over environmental/social issues in last five years
- EcoVadis assessment recommended better documentation of sustainable procurement actions and third party due diligence on ethics
- Provide a comprehensive view of our portfolio and technologies
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Materiality analysis
Sustainable Portfolio Management
Customer welfare
Sustainable business solutions
Bonding with a global aerospace customer
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Employees
How we bonded in 2019
- Purpose survey among all employees
- Regular dialogue between Group managers and employees through Performance and Development annual appraisal
- Labor relations dialogue with employee representative bodies at four levels: site, country, Europe, and Group
- IndustriALL agreement
- Solvay Way Awards
trigger
Our stakeholders' expectations
- More transversality through breaking down silos
- Engagement on sustainability principles by employees from top management to shop floor
Our responses
- Solvay Cares fully deployed in 2019
- Well-being at work program: 140 sites assessed performance
- 34% employees participated in Solvay Way action plans
- High rate of response to Purpose survey (13,000 of which 50% from production sites) and listening sessions (3,000+)
- 100% employees covered by collective agreement
Our challenges
- Involve employees in Solvay ONE Planet initiatives, e.g. Stop Office Waste project
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Recruitment, development and retention
Employee engagement and well-being
Solvay Way
Living sustainability
Employee health and safety
Bonding for our Purpose
Investors
How we bonded in 2019
- Direct contacts with institutional and individual investors and shareholders
- Rating agencies questionnaires, credit rating agencies, proxy voting agencies
- Participation in diverse financial events
trigger
Our stakeholders' expectations
- Solid financial performance and consistent shareholder reward
- Sustainability and focus on long-term value creation
- Strong focus on innovation, governance, ethics and transparency
Our responses
- Definition of our new G.R.O.W. strategy to enhance shareholder value
- Focused management team with extensive experience and business leadership (incl. portfolio P&L responsibilities)
- Sustained margin and strong cash-generation, with clear ESG credentials
- Decision to adapt the projects unveiled in 2018 related to the footprint of R&I sites in France and the transformation of Brussels' headquarters because of the sharp increase in the projects' cost and the evolution of the economic context
Our challenges
- Climate action confirmed as priority topic, especially in 2020 letter from Larry Fink (Blackrock CEO)
- Facing challenging environment in key markets
- Impact of COVID–19 crisis
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Research and innovation
Management of the legal, ethics, and regulatory framework
Capital, shares and shareholders
Key financial figures
Bold steps in sustainability
Our GROW strategy
Suppliers
How we bonded in 2019
- Regular Performance Review on site
- Supplier days
- Supplier commitment to Solvay Supplier Code of conduct
- Corporate Social Responsibility questionnaire
- 3rd party assessments through EcoVadis and TfS
trigger
Our stakeholders' expectations
- More collaboration on goal setting, strategic thinking and sustainability
Our responses
- 38,500 suppliers
- 625 core suppliers
- 1,043 new supplier assessments via EcoVadis and 309 audits through the TfS Audit Program
Our challenges
- EcoVadis assessment recommended better documentation of sustainable procurement actions and third party due diligence on ethics
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read lessLocal Communities
How we bonded in 2019
- Engagement at site level within Solvay Way framework: developing and steering relationship with local stakeholders
- Annual Citizen Day at Group level
trigger
Our stakeholders' expectations
- Contribution to local material aspects
- Sensitivity to local environmental and social issues
Our responses
- 168 sites & 26,000 participants worldwide came together to serve communities for Solvay’s 2019 Citizen Day
- 47% of employees participated in at least one societal action
- 4 GBUs & 26 plants involved in raising awareness on Biodiversity as new Solvay Way practice
Our challenges
- Take action on biodiversity: monitor and reduce pressure on biodiversity beyond climate change
- Sensitive handling of social media, which can make a local issue global
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Solvay Way
Societal actions
Bonding with the world around us
Scorecard
Planet (NGOs & Governments)
How we bonded in 2019
- Constructive dialogue with public authorities on issues of legitimate interest to Solvay
- Participation in global and regional trade associations: WBCSD, ICCA, BusinessEurope, CEFIC
- Partnership with the Ellen MacArthur Foundation
- Partnership with the Solar Impulse Foundation
trigger
Our stakeholders' expectations
- Acceleration of actions to reduce Greenhouse gas emissions and address climate change
- Confirmation of UN SDGs as reference for sustainability priorities at planetary scale
- Introduction of metrics to describe sustainable value creation as per WEF’s International Business Council (IBC) work on “Toward Common Metrics and Consistent Reporting of Sustainable Value Creation”
Our responses
- Review of SDGs where Solvay can have most +/- impact across the value chain: SDGs 7, 13, 14 & 15 on Climate; SDG 12 on Resources; and SDGs 3, 6, 8 & 17 on Better Life
- 10 new ambitious goals defined under our new sustainability strategy, Solvay ONE Planet
Our challenges
New Solvay ONE Planet targets
- Greenhouse gas emissions reduction: double reduction speed to align with “well below 2°C temperature increase” (2015 Paris Agreement) and achieve –26% by 2030 (Baseline 2018)
- Coal: phase out coal for energy by 2030 wherever available technologies and renewable or waste-to-heat sourcing exist
- Reporting of corporate metrics in line with the UN SDGs (WEF initiative): we disclose 18 of 22 indicators listed in the document published January 2020.
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Membership of associations
Societal actions
Circular economy
Greenhouse gas emissions
United Nations Sustainable Development Goals
Sustainable Business solutions
Bonding for greener energy