Leading the way
Our targets serve as the backbone in everything we do as they provide direction and guidance for the entire organization. They outline our commitments and priorities as a Group and motivate us to perform better and improve as a company – both financially as well as in terms of our impact on the planet and society.
The Group targets include our science-based targets to reduce the greenhouse gas emissions in our own operations and along the value chain in line with the Paris Agreement.
View our targets for the strategy period 2022-2024 and our progress during the last three years. Some targets include our long-term commitments for 2030.
FINANCIAL |
Target | |||
| Revenue growth measured over a strategy period | 8% per annum | |||
| Sustained high return on capital employed by constantly striving for operational excellence and generating growth | ||||
| Earnings as dividends to shareholders | About 50% | |||
CLIMATE AND ENVIRONMENT |
2023 | 2022 | 2021 | Target |
| Reduction in line with the 1.5 degree warming trajectory in CO2e1) emissions (tonnes) from scopes 1 & 2, compared to the baseline 2019 | -38% | -35%2) | -21%2) | -46% by 2030 |
| Reduction in line with the well-below 2 degrees warming trajectory in CO2e1) emissions (tonnes) from scope 3, compared to the baseline 2019 | +28% | +19%2) | +3%2) | -28% by 2030 |
| Significant direct suppliers with an approved environmental management system | 31% | 31% | 31% | Continuous increase |
| Water consumption (m3) in relation to cost of sales3) | 7.5 | 8.4 | _ | Continuous decrease |
| Reused, recycled or recovered waste from internal operations3) | 91% | 92% | _ | 100% by 2030 |
| Projects for new and redesigned products with targets for reduced carbon impact | 95% | 97% | 98% | 100% |
| Group-common methodology for assessing the circulatiry of new or redesigned products | _ | _ | _ | In place by 2024 |
EMPLOYEES |
2023 | 2022 | 2021 | Target |
| Female employees, at year end | 22.0% | 21.6% | 20.9% | 30% by 2030 |
| Employees agree that they feel a sense of belonging at the company4)5) | 77 | _ | _ | Above the global benchmark (73, 76 and 72) and a continuous increase |
| Employees agree we have a work culture of respect, fairness and openness4) | 76 | _ | 76 | |
| Employees agree there is opportunity to learn and grow in the company4) | 75 | _ | 73 | |
| Employees agree that the company takes a genuine interest in their wellbeing4) | 74 | _ |
73 | Continuous increase |
| Balanced safety pyramid = more reports of risk observations than near misses, more reports of near misses than minor injuries, and more or equal reports of minor injuries relative to recordable injuries | Yes | Yes | Yes | A balanced safety pyramid |
BUSINESS CONDUCT |
2023 | 2022 | 2021 | Target |
| Employees sign the Group’s Code of Conduct compliance statement annually | 99% | 99% | 98% | 100% |
| New employees participate in the Group's ethics training within 12 months of joining the company, starting 20235) | 94% | _ | _ | 100% |
| Employees participate in the Group's biennial ethics training, starting 20235) | 99% | _ | _ | 100% |
| Significant suppliers confirm compliance with the Group's Code of Conduct | 90% | 93% | 93% | 100% |
| Significant distributors confirm compliance with the Group's Code of Conduct | 94% | 92% | 87% | 100% |
1) CO2e stands for carbon dioxide equivalent.
2) Greenhouse gas emissions (GHG) restated in 2023. See page 42 in our Annual Report 2023 for details.
3) New and extended scope from 2022, incl. all operations.
4) Measured every two years through the employee survey. Scores based on scale 0–100 where 0 is “strongly disagree” and 100 is “strongly agree”.
5) First measurement done in 2023.
View our targets for the strategy period 2025-2027, including our long-term commitments for 2030 and beyond.
Finance
Guided by our mission to achieve sustainable, profitable growth, we create lasting value for all stakeholders.
Environment
Guided by a climate transition plan and circular principles, our technology enables the transformation to a low-carbon society.
Social
Guided by our commitment to diversity and inclusion, we cultivate an environment where all employees can thrive, grow and feel a sense of belonging.
Governance
Guided by a strong corporate culture that encourages us to act, we collaborate with business partners to have a positive impact on society.
Financial targets
Guided by our mission to achieve sustainable, profitable growth, we create lasting value for all stakeholders.
Topic |
Key Performance Indicators (KPI) |
Target |
|---|---|---|
| Financial value creation | Revenue growth measured over a strategy period | 8% per annum |
| Sustained high return on capital employed by constantly striving for operational excellence and generating growth | ||
| Earnings as dividends to shareholders | About 50% |
Environmental targets
Guided by a climate transition plan and circular principles, our technology enables the transformation to a low-carbon society.
Topic |
Key Performance Indicators (KPI) |
Target |
Target year |
|---|---|---|---|
| Climate | Reduce CO2e emissions (tonnes) from scopes 1 and 2, compared to the base year 2019* | -46% | 2030 |
| Reduce CO2e emissions (tonnes) from scope 3, compared to the base year 2019* | -28% | 2030 | |
| Develop a climate transition plan and set long-term climate targets beyond 2030 for scope 1, 2 and 3 | Plan in place by end of 2026 | 2026 | |
| Projects for new and redesigned products with targets for reduced carbon impact | 100% | Annually | |
| Circularity | Projects for new and redesigned products with applied circularity principles according to internal guidelines | 100% | 2027 |
| Reuse, recycle or recover waste from internal operations | 100% | 2030 | |
| Resource efficiency in sourcing | Increase share of significant direct suppliers with an approved environmental management system | Continuous increase | Annually |
*The targets were approved by the Science Based Targets initiative (SBTi) in 2021. The targets are in accordance with the Paris Agreement to hold the increase in the global average temperature to well below 2°C above pre-industrial levels and to pursue efforts to limit the temperature increase to 1.5°C above pre-industrial levels. Our target for scopes 1 and 2 are in line with the 1.5 degree warming trajectory, and the target for scope 3 is in line with the well below 2 degree warming trajectory. CO2 refers to carbon dioxide, and CO2e stands for "carbon dioxide equivalent", which includes CO2 and other greenhouse gases. An equivalent is a measure of how much a gas contributes to global warming, relative to carbon dioxide.
Social targets
Guided by our commitment to diversity and inclusion, we cultivate an environment where all employees can thrive, grow and feel a sense of belonging.
Topic |
Key Performance Indicators (KPI) |
Target |
Target year |
|---|---|---|---|
| Diversity and inclusion | Employees agree that they feel a sense of belonging in the company1 | Above the global benchmark and a continuous increase | Bi-annually |
| Employees agree we have a work culture of respect, fairness and openness1 | Above the global benchmark and a continuous increase | Bi-annually | |
| Increase share of women employees2 | 30% | 2030 | |
| Increase share of women in leadership positions2 | 25% | 2030 | |
| Learning and development | Employees agree there is opportunity to learn and grow in the company1 | Above the global benchmark and a continuous increase | Bi-annually |
| Safety, health and well-being | Employees agree that the company takes a genuine interest in their well-being1 | Continuous increase | Bi-annually |
| Decrease number of recordable injuries per million working hours | Continuous decrease | Annually | |
| Community engagement | Enable the continued successful implementation of our employee-driven community engagement initiative Water for All and continue to double-match employee donations | Not applicable | Continuously |
1) Measured every two years through the employee survey. Scores based on scale 0–100 where 0 is “strongly disagree” and 100 is “strongly agree”. 2) The target is measured at year end in full time equivalent (FTE). |
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Governance targets
Guided by a strong corporate culture that encourages us to act, we collaborate with business partners to have a positive impact on society.
Topic |
Key Performance Indicators (KPI) |
Target |
Target year |
|---|---|---|---|
| Employee commitment | Employees have signed the Group’s Code of Conduct compliance statement | 100% | Annually |
| Employees have participated in the Group’s Code of Conduct classroom training | 100% | Bi-annually | |
| Employees in relevant selected target groups have participated in training in trade compliance and fair competition | 100% | Alternating years | |
| Business partner commitment | Significant suppliers have confirmed compliance with the Group’s Code of Conduct by signing our Business Partner Criteria | 100% | Annually |
| Significant distributors have confirmed compliance with the Group’s Code of Conduct by signing our Business Partner Criteria | 100% | Annually | |
| Significant direct material suppliers engaged in assessment of environmental, social and governance aspects | Target (%) to be defined as part of our internal strategy process and target setting for 2025-2027 | 2027 |
