NOVI, Mich., May 15, 2019 /PRNewswire/ -- Cooper Standard (NYSE: CPS) today issued its 2018 Corporate Responsibility Report (CRR), titled "Driving Value," highlighting the Company's progress on the topics considered most important by its internal and external stakeholders.
"We are pleased to publish our 2018 Corporate Responsibility Report, which provides an overview of our culture and commitment to environmental, social and governance (ESG) priorities, as well as an update on how we are evolving our business to adapt to a changing global economy," said Jeffrey Edwards, chairman and CEO, Cooper Standard. "Above all, the report highlights the progress our global team is making to drive value and create long-term sustainability on behalf of our stakeholders."
The Company recently completed its second materiality assessment to gain updated feedback from key internal and external stakeholders. The 2018 CRR is based on this feedback, which created a top tier of five topics that are of the highest importance to Cooper Standard and its external stakeholders, as well 10 secondary topics. All 15 topics are addressed in the report, including:
- Talent management: details about the Company's strategy and commitment to creating and maintaining an environment that attracts diverse talent and empowers employees for success and growth.
- Workplace health and safety: updates on Cooper Standard's Total Safety Culture, accomplishments and future priorities, as well as 2018 safety improvement examples.
- Diversity and inclusion: an overview of how Cooper Standard's culture values a diverse talent base and offers equal opportunities for all employees; and its three affinity groups created to further its diversity effort.
- Employee engagement: a look into the high levels of global employee engagement throughout all areas of the business.
- Human rights: highlights of the Company's recently published human rights policy and alignment with its Supplier Code of Conduct.
- Community involvement: spotlighting how, through the Cooper Standard Foundation and employee engagement and support, the Company contributed more than $12 million to 100+ charities in 18 countries since its creation in 2013.
- Product quality and safety: overview of the implementation of a standardized product safety checklist to an early review gate of a key launch process, as well as strategies in place to review key metrics for product launches.
- Innovation: details on the Company's continued investment in innovation resources, enhanced global facilities and the establishment of the Advanced Technology Group.
- Product life cycle: introduction of an emerging topic based on the latest materiality assessment; the Company plans to monitor this topic closely.
- Customer satisfaction: description of how, concurrent with the transition to a more global organization, Cooper Standard reorganized and repurposed the Global Commercial Council, now named the Global Customer Council, to reflect the Company's customer focus beyond commercial activity.
- Ethical business practices: details about the Company's enhanced code of conduct that reflects Cooper Standard's ongoing commitment to doing business with ethics and integrity.
- Information and data security: highlights how Cooper Standard continues to prioritize investments and accelerate the implementation of its information technology strategy.
- Materials management and chemical compliance: overview of Cooper Standard's Chemical Compliance Center of Excellence to monitor customer material specifications and global chemical regulatory requirements.
- Energy and greenhouse gas emissions: details about the newly initiated global project for energy reduction that focuses on smart operation and simple, non-capital changes.
- Waste: updates on the Company's quest to achieve 90% or greater landfill-free status in its manufacturing facilities.
To learn more about these topics, and other aspects of Cooper Standard's commitment to ESG topics, click here to view the full 2018 CRR.
About Cooper Standard
Cooper Standard, headquartered in Novi, Mich., is a leading global supplier of systems and components for the automotive industry. Products include sealing, fuel and brake delivery, and fluid transfer systems. Cooper Standard employs approximately 30,000 people globally and operates in 21 countries around the world. For more information, please visit www.cooperstandard.com.
Contact: Sharon S. Wenzl
SOURCE Cooper Standard