Cooper Standard Publishes 2023 ESG Report

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by KnowESG
KnowESG_Cooper Standard Publishes 2023 ESG Report
Image courtesy of Cooper Standard

Cooper Standard published their Corporate Responsibility Report (CRR) 2023 titled Commitment to Excellence.

This report details their goals, initiatives, and ambitions for environmental, social, and governance (ESG) issues.

"Our commitment to ESG strengthens our team, partnerships and business, which are all vital for attracting talent, maintaining a robust supply base and developing innovative, cost-effective solutions," says Jeffrey Edwards, chairman and CEO, Cooper Standard.

Edwards continued, "Despite ongoing industry changes, we persist in growing stronger and focusing on drivers of long-term value creation, aligned with our purpose of Creating Sustainable Solutions Together."

Cooper Standard recently reviewed their goals to reflect their evolving priorities. They evaluated past successes, challenges, and the relevance of existing goals. This led them to adjust how they measure and track performance in key areas. As a result, they set new goals for 2024 and beyond to guide their sustainability efforts.

To ensure their efforts address the most pressing issues, Cooper Standard regularly conducts materiality assessments. These assessments involve input from both the industry and their stakeholders. The most recent assessment identified seven key priorities, including achieving double-digit adjusted EBITDA margins and returns on invested capital.

The "Commitment to Excellence" report details these priorities, which include:

  • Business Ethics & Integrity: Upholding a world-class reputation for honest, ethical, and responsible business practices.

  • Climate Change: Reducing their environmental impact and taking action to manage climate-related risks.

  • Diversity, Inclusion, and Belonging: Creating a culture that fosters and celebrates diversity, inclusion, and a sense of belonging.

  • Employee Engagement & Talent Development: Building a world-class talent strategy by providing an inclusive and supportive environment to attract and retain top talent.

  • Energy & Emissions: Lowering their carbon footprint through energy-efficient practices, investments, innovation, and collaboration.

  • Innovation: Continuously seeking and embracing new ideas to exceed stakeholder expectations.

  • Product Lifecycle: Integrating sustainable materials and processes throughout their product lifecycles, wherever practical for their business.

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Source: PRNewswire

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