Corporate Social Responsibility
As a forward-looking global company we place particular value on efficient handling of resources in the overall work process. We align our daily activity based on our company-internal sustainability principle that encompasses social and ecological commitment, as well as sustainability.
We are in the process of elaborating a sustainability strategy, which will be integrated into the future corporate strategy. By aligning our culture, goals, processes, and decisions with environmental, social, and business practices, we’re taking proactive steps to address critical issues like climate change and inequalities. Embracing sustainability as a core part of our strategy allows us to capitalize on emerging sustainable solutions and meet the growing demand for responsible business practices. Together, we can make a real impact and shape a better future for all.
Our values
- We live quality: Quality is a fundamental pillar at Formel D. We prioritize continuous improvement processes to ensure high standards. Staying updated on industry standards helps us outperform competitors. We prioritize customer needs and sustainability, investing in employee education and career development to deliver exceptional services.
- We have an entrepreneurial mindset: We empower employees to take ownership of their work and contribute to our company’s success. We prioritize continuous learning, career advancement, and professional problem- solving. By fostering cross-functional collaboration and knowledge sharing, we optimize efficiency and reduce resource dependence.
- We are prepared for the future: We are a future-focused company, driving positive change in the industry and preparing for tomorrow. In response to pressing sustainability challenges, we actively develop concepts and solutions for the automotive industry and beyond. One example is our collaboration on future-proof electromobility services and employee training with customers and partners.
- We are local all over the world: With up to 90 locations worldwide, Formel D has a local presence globally. Our company culture allows for diversity and inclusion of all backgrounds and cultures and promotes the sharing of ideas and expertise internationally. As a global employer, we take our social responsibilities very seriously, providing decent job opportunities wherever our customers need us. As a company, we respect the local culture and make sure that every employee feels at home in our organization.
- We take responsibility for others: Taking responsibility and acting with integrity is a key value for all employees across Formel D´s organizational structure. We proactively take our social and ecological responsibilities, taking care of our employees, customers, the environment, and one another. Respecting and helping others is an integral part of our company culture, which enables us to address problems and find solutions together. Together we are Formel D.
Sustainability within Formel D
In 2022 Formel D has established a preliminary ESG Strategic plan, which sets the goals of the implementation of corporate sustainability measures in the company. This strategy expands across the three main pillars that make up corporate sustainability: Environmental, Social and Governance.
Formel D Sustainability Report
The sustainability report of Formel D Group serves as a great platform where to communicate the status, outcomes and evolution of the company’s sustainability performance in 2023. The company is actively involved in addressing key sustainability issues of concern to internal and external stakeholders.
Ecovadis serves as our annual sustainability benchmark, verifying and certifying our efforts across environmental, social, governance, and procurement domains. Currently holding a silver medal group-wide and a gold medal in Slovakia, our achievements signify excellence. Navigating Ecovadis demands rigorous documentation and evidence-backed claims, underscoring our commitment to transparency and accountability.
EcoVadis Certification for Formel D
Formel D has been certified by EcoVadis for its active commitment to Corporate Social Responsibility. The award from the independent certification body underlines both the high level of transparency that we maintain with our international business partners, and our special dedication to more sustainability and social responsibility throughout the entire supply chain. Since 2007, EcoVadis has been assessing companies using 21 CSR issues which are grouped into four themes: Environment, Social Affairs, Ethics, and Sustainable Procurement.
The method of evaluation used by the rating agency is based on international CSR standards such as the Global Reporting Initiative, the United Nations Global Compact, as well as ISO 26000, and it takes into account 198 purchasing categories as well as 155 countries. Formel D was convincing in the rating with an overall result above average for the industry, particularly in the Social area which includes labor and human rights.