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Strategy
Our Taking-the-Turn strategy addresses the transitional risks and opportunities associated with vehicle electrification, as well as the need to operate the business in a more sustainable manner to address climate change and maintain a diverse and talented workforce. We have further refined our Taking-the-Turn strategy to reflect three main pillars that combine to drive sustainable growth: Technology (Electrification), Transformation (Sustainability) and Talent (Learning).
Technology
At the heart of our Taking-the-Turn strategy is product development and application engineering to support the electrification of the automotive industry. To meet the unique requirements of HEVs and BEVs, we are capitalising on our extensive knowledge of fluid components, lighter weight materials, systems architecture and manufacturing processes to provide our OEM customers with advanced designs and products, especially thermal management systems, that are efficient and economical. Our technology and advanced products are supporting the automotive industry’s transition to greener vehicles.
Material issues
Environmental
- Impact of products and services
- Carbon – products and services
- Resource use
Social
- Product safety
Our pipeline/targets
Bookings on lifetime revenue basis in 2024
€0.6bn HEV
€0.5bn BEV
Transformation
Climate change is a significant issue, and the need to decarbonise our industry is crucial. We are committed to being an automotive industry leader to reduce greenhouse gas emissions and build a more sustainable future. We recognise that we must also transform our business in line with new standards and expectations regarding the environment and broader business practices to deliver sustainable value to our stakeholders – investors, customers, suppliers, employers and the communities we operate in.
Material issues
Environmental
- Emissions – effluents
- Carbon – own operations carbon
- Land use and biodiversity
- Water use – particularly scarcity
- Waste management
Social
- Community relations
- Data privacy and security
Governance
- Corporate governance
- Business ethics
Our pipeline/targets
Greenhouse gas emissions 2021-2030 targets
- 50% reduction of our Scope 1 and 2 emissions and 30% reduction of our Scope 3 emissions, in each case compared to 2021 levels on a like-for-like basis
Waste reduction 2030 targets
- 90% landfill avoidance by 2030
- 80% recycling rate by 2030
Talent
Our success is directly linked to our ability to recruit, retain, motivate and develop a diverse and talented workforce ready for the new electrified future. Our ‘Fluid Learning’ employee development initiative provides our workforce with access to a variety of educational and developmental tools to improve their skills and abilities and enable them to be valuable and enthusiastic participants in our collaborative organisation.
Material issues
Social
- Human rights
- Human capital
- Occupational health and safety
Our pipeline/targets
- Targeting diversity hiring rates that are in line with or greater than the available candidate pool, measured by national university graduation rates for women
- Ensure middle management is assessed for and provided training on inclusivity, as a fundamental management style to ensure our diversity initiatives are sustainable and embraced by the organization
- Provide inclusivity training linked to above-mentioned assessments to further develop leadership skills