Solvay in 2020
Solvay’s 2020 Integrated report highlights how, facing an unprecedented crisis, we demonstrated that we are ESSENTIAL to customers, employees, and local communities, and brought our Purpose – We bond people, ideas and elements to reinvent progress – to life. We advanced our G.R.O.W. strategy by accelerating our transformation into ONE more efficient and agile Group and stepping up our sustainability commitments. We focused on cash management, prioritizing costs control and investing selectively, generating a record level of cash. This enabled us to emerge STRONGER from the crisis. By focusing on our customers and their needs, and improving earnings quality, we have been preparing for the rebound; we are managing the short term while investing in a strong innovation pipeline for growth.
The report tells the story of Solvay during this year, providing details on how we addressed the crisis together with employees, customers, shareholders and partners. Through dedicated “stories”, the report showcases how we bonded with our stakeholders, listened to their expectations, and worked with them to find solutions that help fight climate change, preserve natural resources and improve quality of life. It also looks at the challenges the Group faces and the steps we are taking to address them.
Moving ahead on our integrated management journey
Solvay’s fifth Integrated Report reflects our progress on an integrated management journey that began in 2012 when the Group introduced an integrated thinking approach to strengthen the connection between its businesses, sustainability and finance. Since then, our business and product portfolio decisions have been made with both economic value creation and sustainability in mind. We also build on our stakeholders’ feedback to improve our report over the years.
In November 2020, we went one step further. Our CEO signed a commitment with the World Economic Forum International Business Council (IBC) to pilot a new set of metrics for stakeholder capitalism aligned with the Manifesto published at Davos in 2020. Solvay already discloses most of the core sustainability information and accounting metrics in the WEF report “Measuring Stakeholder Capitalism – Towards Common Metrics and Consistent Reporting of Sustainable Value Creation”.
Our Integrated Report over the years
2020 Integrated Report
As part of the Group’s integrated management journey, Solvay’s Integrated Report is the result of a close collaboration between the Communications, Investor Relations and Sustainable Development functions. The 2020 Integrated Report has been approved by the Executive Committee.
Solvay’s Integrated report is fully digital and aligned on the guiding principles and content elements of Integrated Reporting, as defined by the International Integrated Reporting Council (IIRC). The Management report provides further details and is available as a downloadable document (). Annual Report
Scope of this report
Solvay’s 2020 Integrated Report provides material information on Solvay for the year ending December 31, 2020. Based on the International Integrated Reporting Council (IIRC) principles and elements of content, it builds on last year’s report, integrating feedback from our stakeholders, including recognized bodies such as the World Business Council for Sustainable Development (WBCSD). It is aligned with the GRI Standards and the WBCSD’s ESG Disclosure Handbook. Solvay has been reporting alignment to the TCFD recommendations for four years.
Solvay bases its materiality analysis on the SASB Materiality Map® list of material aspects and prioritization criteria, and discloses most of the sustainability disclosure topics and accounting metrics listed in the SASB Chemicals Sustainability Accounting Standard version of October 2018. The report 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).