Approach to stakeholder engagement
Goals and performance
We engage with our stakeholders through effective and transparent communication. This is one of the principles of The Umicore Way. We believe that the relationships that we are able to foster with these stakeholders have a direct impact on our company's success. As part of our Vision 2015 strategy we have developed two objectives related to our stakeholder engagement: sustainable procurement and engaging with the local community.
We believe it is also important to continuously monitor, control and report the relation of our organization with all the other stakeholders. You can find more information on our stakeholders groups in the Stakeholder Engagement part of our Annual Report. Our main stakeholder groups can be classified as follows:
- Investors and Funders
- Associate and joint venture companies
- Public sector and authorities
- Society in general
Our approach to stakeholder engagement derives in the first instance from our vision, values and organizational principles found in The Umicore Way. Specific charters/policies have been developed to frame specific elements of the company’s approach to stakeholder engagement including the Sustainable Procurement Charter, Conflict Minerals Policy, Human Rights & Working Conditions Policy and External Communications Policy.
Who is responsible?
Stakeholder engagement is considered as a shared responsibility that runs through all entities of the company. Stakeholder engagement at Umicore is, in the first instance, based on a localized approach whereby all sites are required to identify and engage with their respective stakeholders. At Group level a team comprising members of various department including Corporate EHS, Corporate HR, Group Communications, Corporate Finance and Procurement & Transportation meet regularly to map the overall stakeholder engagement process and to convene, whenever necessary, internal or external stakeholder dialogue sessions at Group level.