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Governance

We promote good corporate governance and respect our stakeholders. We consider good governance practices, including efficient risk management processes, the foundation for conducting business.

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Our climate ambition work helps us and our customers to become more sustainable.

Our governance structure and practices are the foundation for conducting business.

Cargotec is committed to the principles of the UN Global Compact, OECD´s guidelines for multinational enterprises, the UN Universal Declaration of Human Rights and the ILO Declaration on Fundamental Principles and Rights at Work. These commitments are reflected in the Cargotec Code of Conduct that describes the general requirements, ethical principles and defines our way of working. The practical implementation of the Code of Conduct is ensured through topic area-specific policies, processes and trainings.

Cargotec’s Board of Directors has the overall responsibility for the non-financial and sustainability matters. The Board reviews the non-financial related issues at least once a year as a separate topic and as part of strategy review, since sustainability is an integrated part of Cargotec’s business strategy. The Board confirms Cargotec’s strategy and monitors its implementation. This means that the Board is also responsible for confirming Cargotec’s management approach to the non-financial matters, approving the targets and monitoring progress towards these targets. As the Board Chair leads strategy discussions at Board meetings, the highest level of responsibility lies with them. 

Cargotec Leadership Team and the business area management teams review the non-financial matters according to specific reporting schedules set for each specific non-financial theme. The central corporate functions supporting the target setting and implementation of the targets of non-financial issues are sustainability (including environment and safety management), HR, ethics and compliance, legal, sourcing, R&D and strategy. More details on the management principles of non-financial matters can be found in the Cargotec’s Annual Report 2020

Cargotec’s Leadership Team conducts bi-annual sustainability reviews and approves corporate level sustainability targets. Cargotec’s Senior Vice President, Communications is responsible for sustainability issues within the Leadership Team and reports to the CEO. The CEO, together with Cargotec’s Leadership Team, are responsible for the implementation of the targets and business plans set by the Board. Sustainability matters are followed up and reported externally on a quarterly basis as part of the interim reporting process.

The corporate sustainability team is responsible for setting Cargotec’s sustainability objectives and targets and ensuring they are in line with Cargotec’s international commitments. The annual objectives and targets are approved by Cargotec’s Leadership Team while the key long-term sustainability targets are approved by Cargotec’s Board of Directors. 

The responsibility for the implementation of the key sustainability principles and practices lies with the business areas, while the corporate functions provide expert assistance and strategic guidance. Operationally, sustainability is managed both at the corporate and business area level on a monthly basis. We expect all parties that we work with to apply the same principles.

Cargotec’s Ethics & Compliance function reports directly to the CEO and the Audit and Risk Committee of the Cargotec Board of Directors. Cargotec Board of Directors receives an annual update from the Ethics and Compliance (E&C) team. In addition, the Audit and Risk Committee of the Board receives periodic updates about anti-corruption activities and other Code of Conduct matters during the year. The Cargotec Leadership Team also has a monthly Code of Conduct Panel where the topics are communicated and discussed. 

Cargotec’s Sustainability Council aligns and agrees on actions taken on the corporate and business area level regarding the development, implementation and follow-up of sustainability targets and policies. The Sustainability Council consists of the Corporate Sustainability function (SVP Communications and VP Sustainability) and the corporate strategy and business area management team members, responsible for sustainability issues in their own operations and sourcing.

Cargotec’s sustainability policy sets company-wide global objectives and guidelines for sustainability management, including environmental and occupational health & safety (EHS) management. Our sustainability work is based on the balance between social, environmental and economic objectives as represented in our Sustainability policy. We work continuously towards achieving these objectives considering the complete life cycle of our products and services, and strive for continuous improvement in all our operations. 

Cargotec’s economic responsibility principles are prepared in accordance with the International Financial Reporting Standards (IFRS) as endorsed by the European Union. 

Environment, Health and Safety (EHS) matters covered in our integrated management systems, including processes described in the EHS and Quality management standards ISO 9001, ISO 14001 and ISO 45001 (OHSAS18001). The coverage of externally certificated systems at Cargotec’s assembly sites based on headcount are as follows: ISO 9001: 93 percent, ISO 14001: 85 percent and ISO 45001 (OHSAS18001): 80 percent in 2020. The EHS matters are also integrated into the R&D processes in each business area to ensure that the environmental, health and safety aspects are taken into account in product development at a reasonable level within each individual product type. 

You could read more also in our GRI index.

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