Organization

Umicore believes in decentralization and in entrusting a large degree of autonomy to each of its business units. The business units in turn are accountable for their contribution to the group’s value creation and for their adherence to group strategies, policies, standards and sustainable development approach. 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 Executive Leadership Team (ELT), led by the CEO, is responsible for the management of the company, including proposing the overall strategy of Umicore to the supervisory board, operational and day-today management, screening and addressing the various risks and opportunities that Umicore may encounter in the short, medium or long term, defining and applying Umicore’s ESG approach, and legal representation of the company with respect to third parties. The Executive Leadership Team approves the strategies of individual business units and corporate divisions and monitors their implementation. Final accountability for all aspects of Umicore’s business and performance lies with the ELT.

The Executive Leadership Team has set up four tactical boards that develop part of the corporate strategy and monitor its implementation. They are each led by a member of the Executive Leadership Team, with representatives from each business group, and managed by an internal expert:

  • People & Organization Board (managed by the EVP People & Organization)
  • Digital & Operational Excellence Board (managed by the SVP Digitalization)
  • ESG Board (managed by the ESG Director)
  • Technology & Innovation Board (managed by the SVP Corporate R&D)

The supervisory board is responsible for Umicore’s general policy and strategy. It supervises the Executive Leadership Team and is also vested with specific, reserved powers, such as establishing the annual accounts, drafting the annual report and paying an interim dividend. The supervisory board is assisted in its role by an audit committee and a nomination & remuneration committee.

Business integrity

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.

Umicore has a global commitment to integrity in everything we do. Read more here on reporting any concerns or questions.