Umicore has articulated its mission, values and basic organisational philosophy in a document called “The Umicore Way”. This document spells out how Umicore views its relationship with its customers, shareholders, employees, and society. It is attached as Appendix 1. In terms of organisational philosophy, Umicore believes in decentralisation 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 Umicore Group’s value creation and for their adherence to group strategies, policies and standards.
In this context, Umicore believes that a good corporate governance system is a necessary condition to ensure its long term success. This implies an effective decision-making process based on a clear allocation of responsibilities. It has to allow for an optimal balance between a culture of entrepreneurship at the level of its business units and highly effective steering and oversight processes. The major group responsibilities are held at the following levels:
- The Shareholders’ meeting
- The Supervisory Board
- The Chief Executive Officer (“CEO”)
- The Executive Leadership Team ("ELT")
- Each of the Members of the Executive Leadership Team, responsible for the day-to-day management within their respective area of competence
- The Managers of the Business Units and of the Corporate and Support Functions, reporting to a Member of the Executive Committee
- The employees
This Corporate Governance Charter, based on the recommendations set out in the 2020 Belgian Code on Corporate Governance, deals in more detail with the responsibilities of the Shareholders, the Supervisory Board, the ELT and the CEO.