NORTHVILLE, Mich., May 20, 2020 /PRNewswire/ -- Cooper Standard (NYSE: CPS) today issued its 2019 Corporate Responsibility Report (CRR), titled "Delivering Sustained Value for All Our Stakeholders," offering key insight on the topics considered important by the Company's stakeholders.
"This year's report covers our progress toward world-class performance in all areas of our business and our actions to increase value for all stakeholders," said Jeffrey Edwards, chairman and CEO, Cooper Standard. "Also, we are proud to share our long-term goals supporting key environmental, social and governance (ESG) material topics."
Cooper Standard's long-term ESG goals were developed in alignment with its strategic business objectives and material topics. The Company's most recent materiality assessment identified five clear priorities for Cooper Standard and its stakeholders: talent management; innovation; workplace safety; product safety and quality; and diversity and inclusion. The 2019 CRR shares goals and discussions for these top issues, as well as other ESG and product-related topics. The 2019 CRR also includes Cooper Standard's first response to the Sustainability Accounting Standards Board (SASB) Standards for the Auto Parts Sector.
The 15 topics addressed in the report include:
- Talent strategy: an overview of the Company's commitment to creating an environment that attracts, retains and develops diverse talent.
- Workplace health and safety: highlighting Cooper Standard's Total Safety Culture, accomplishments and priorities, as well as 2019 performance updates.
- Diversity and inclusion: an overview of the Company's 2020 diversity and inclusion priorities: recruiting culture; awareness; and the development of women.
- Talent engagement: Cooper Standard's commitment to creating an engaging workplace built on Company values and capabilities.
- Human rights: an overview of the Company's human rights priorities, approach and policy.
- Community involvement: an update on the Cooper Standard Foundation's key areas – STEM (science, technology, engineering and math) and manufacturing education; commitment to veterans; health and wellness; and community revitalization – as well as an update on employee engagement.
- Product quality and safety: a highlight of Cooper Standard's approach and priorities related to product quality and safety, including details on the Company's updated oversight process and performance metrics.
- Innovation: a discussion on why Cooper Standard's culture of innovation is a key differentiator, as well as key aspects of its culture, including the new CS Open Innovation initiative.
- Product life cycle: introduction to Cooper Standard's efforts regarding this emerging topic, which covers its consideration of sustainability impacts throughout the life cycle of its products.
- Customer satisfaction: details on how Cooper Standard collaborates and adjusts to the Voice of the Customer to provide solutions that address product and business priorities.
- Ethics and compliance: an overview of the Company's commitment to be an ethical, honest and responsible business.
- Information and data security: highlights how Cooper Standard is working to strengthen, innovate and improve its data security initiatives.
- Conflict minerals: a discussion of the Company's commitment to ensuring that its parts and products are free from conflict minerals.
- Energy and emissions: details how Cooper Standard is working to reduce its impact on the environment, including its 2025 Better Plants Goal.
- Waste: updates on the Company's waste management strategies and goals.
To learn more about these topics and other aspects of Cooper Standard's commitment to corporate responsibility, click here to view the full 2019 CRR.
About Cooper Standard
Cooper Standard, headquartered in Northville, 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 28,000 people globally and operates in 21 countries around the world. For more information, please visit www.cooperstandard.com.
SOURCE Cooper Standard