At LANXESS, identifying the key impacts of our actions and understanding the concerns of our stakeholders helps to build the foundation of sustainability management. We conduct our materiality analysis in accordance with the requirements of the Global Reporting Initiative (GRI), which is an important instrument for systematically prioritizing areas for action and effectively using resources. The results also shape the structure of our external reporting on corporate responsibility. The analysis is based on four principles: sustainability context, materiality, completeness and stakeholder involvement.
The materiality analysis in 2020 is based on our extensive materiality analysis from 2017. It was based on four principles: sustainability context, materiality, completeness, and inclusion of stakeholders. As a result, we defined seven material sustainability topics that were again confirmed by the Board of Management and the Corporate Responsibility Committee in 2020 an thus formed the relevant management framework. The topic of good corporate governance forms the basis for all of our business activities.
LANXESS's corporate culture is based on five central values: respet, ownership, trust, professionalism and integrity. These values apply always and everywhere – and to all employees. We seek to foster a corporate culture in which responsible and morally irreproachable actions and striving for performance do not contradict but complement each other.
Our central values, supplemented by operational guidelines and organizational structures – summed up as good corporate governance – enable our employees to act responsibly in their day-to-day work and thus turn a relatively concept into a specific corporate success factor. At LANXESS, good corporate governance is embodied by a values-based and safety-conscious corporate culture, effective management systems and a commitment to internationally recognized principles of responsible management, such as the principles of the U.N. Global Compact.
LANXESS is focused on safely and responsibly manufacturing chemical products at sites worldwide in a competitive and sustainable way. Continuous process improvements and investments are the basis of our success. Our focus on safety and sustainability goes beyond our facilities, as we proudly work with members in the local communities where we operate to be a reliable partner and societal contributor.
LANXESS products are manufactured and marketed carefully and strategically to minimize any impact on human health or environmental harm. We systematically evaluate the sustainability of our entire portfolio, and apply our in-depth sustainability criteria in the development of products and applications.
LANXESS aims to be a company whose success is driven by the personal commitment of each employee - aligning with our corporate slogan "Energizing Chemistry.” We have incorporated our values into the “Formula X” which consists of the following six principles of action seek solutions, keep it simple, take ownership, act as a team, think new and act fast. Following Formula X enables each of our employees to instill these practices in their daily work.
Long-term customer relationships are important to us. These partnerships are based on mutual trust. LANXESS works tirelessly to ,recognize, understand and meet our customers' requirements with a goal of customer satisfaction, loyalty, and joint success.