The Umicore Way
The Umicore Way is the cornerstone of everything we do at Umicore. It outlines our values and the way in which we wish to achieve our strategy and our overall commitment to the principles of sustainable development. The Umicore Way is not only for Umicore employees but also covers our relationships with all our stakeholders. Our ultimate aim is that by living The Umicore Way we will become an even more successful and respected company.
Materials for a better life
We believe that materials have been a key element in furthering the progress of mankind, that they are at the core of today’s life and will continue to be enablers for future wealth creation.
We believe that metal related materials have a vital role, as they can be efficiently and infinitely recycled, which makes them the basis for sustainable products and services.
We want Umicore to be a leader in providing and creating material based solutions which contribute to fundamental improvements in the quality of life.
Customers are at the core of our mission
We develop, produce, apply, market and recycle metal-related materials and we contribute to material based solutions. We combine our competences in metallurgy, chemistry and materials science with a thorough understanding of our customers’ needs, applications and systems. We focus on three business areas where we can attain leadership positions which are recognized by our customers and which allow us to create value: Catalysis, Energy & Surface Technologies, and Recycling. Our ambition is to be the preferred partner of our customers. We are committed to the growth of our business through the competence of our people, excellence in operations and technological innovation.
The values of openness, innovation, respect, teamwork and commitment are crucial to our success. We promote these values and ensure that deficiencies in living up to these values are addressed in an appropriate way.
As part of our commitment to sustainability, we take into account the environmental impact of our operations. In this respect:
- We seek continual improvement of our environmental performance.
- We actively participate in the management and remediation of risks that are the result of historical operations.
- We implement risk management strategies based on valid data and sound science.
- We facilitate and encourage responsible design, use, re-use, recycling and disposal of our products.
We uphold fundamental human rights and respect those rights in conducting the Group’s operations throughout the world. We engage with the communities around our operations and seek to make a positive contribution to these communities. We engage in effective and transparent communication with all our stakeholders and use this dialogue to further improve our performance.
As we strive to be a preferred employer of both current and potential employees, we are guided by the following principles:
- We do not compromise on safety and seek to create an accident-free working environment for all.
- We aim to ensure Umicore is a healthy place to work and we seek to continually improve our occupational health performance.
- We empower all our employees to contribute to our success. Performance is appraised regularly and rewarded equitably.
- We support our employees, offer them training and challenge them with development possibilities.
- We believe in equal opportunities, fairness and diversity. We recruit and promote on the basis of qualifications for the work to be performed.
- We engage in constructive dialogue with our employees and their representatives.
We aim for shareholder value creation with a primary focus on the medium and longer term. We seek sustainable growth - growth which takes into consideration financial, environmental and societal aspects. Our key measure of value creation is Return on Capital Employed. We seek returns from each of our activities that are in excess of the cost of the capital needed to sustain the activity. In our communication with the financial markets, we strive to give an accurate, fair and comprehensive picture of the company.
Business Units: Business Units are the key organizational units. We believe in decentralization and in entrusting a large degree of autonomy to each of our business units. The business units in turn are held accountable for their contribution to the company’s value creation and commitment to sustainability. Business units are clustered in Business Groups according to strategic business development themes.
Shared Operational Functions are organized in areas where economies of scale or the advantages of a centralized expertise are significant.
Corporate departments manage specific companywide tasks and common resources, set general policies and exercise a control function.
The Management Board creates a vision for the Group and approves the strategies of the business units and monitors their implementation. It develops the overall company strategy and submits it to the Supervisory Board. It approves all major human resources and capital allocation decisions.
The Supervisory Board is responsible for the overall strategy of the company. It appoints the CEO and the members of the Management Board and oversees their performance. It ensures that Umicore operates in accordance with principles of good corporate governance.
Wherever we operate, our reputation is a valuable asset, and it is determined by how we act. We avoid any action that would jeopardize respect for Umicore:
- We have high standards of business and personal ethics; we adhere to our internal policies, and follow all applicable laws and regulations in the countries where we operate.
- We support and strive for fair competition, and thus refuse to enter into unlawful discussions or agreements with competitors concerning pricing, market sharing, or other similar activities.
- We avoid all situations that create or have the potential to create a conflict between the interests of Umicore and our personal interests. We refuse to offer any improper financial advantage for the purpose of obtaining business or other services.
- We respect and safeguard all company assets, whether tangible or intangible, including all proprietary information, intellectual property and innovative ideas.
- We seek business partners whose policies and practices regarding ethical, social and environmental issues are consistent with our own.