We are a global specialty chemicals leader and have earned a place among the best performing companies in our industry in terms of safety, sustainability, and reliability. We are an industry leader, trusted partner, respected employer, and responsible member of the communities in which we operate. Below you will find a list of key topics for Nouryon.
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A good reputation is essential in the global marketplace. Our customers are increasingly concerned with the ethical standards of their suppliers and partners, and when companies decide to begin or expand a business relationship, the reputation of a company is an important factor. Similarly, we expect our business partners to adopt ethical and conscientious business practices, and we hold them accountable if they fail to live up to their obligations. We expect business partners to adhere to all applicable laws, regulations and industry standards, as well as ethical requirements such as fair labor practices, employee safety and sustainable practices outlined in our Business partner Code of Conduct & Ethics. We continuously monitor the conduct of our third parties for any potential bribery, corruption, environmental, labor or other regulatory compliance issues, taking appropriate action where necessary.
Nouryon recognizes that climate change has a fundamental impact on the global environment, society and business economics and we aim to reduce the greenhouse gas emissions of our operations. We recognize and support the UN Paris Climate Agreement as the global framework for combatting climate change. We use carbon footprint as a measure of our resource efficiency. We focus on increasing the energy and raw material efficiency of our operations through continuous improvement of existing processes as well as the adoption of innovative processes and technologies and through the use of low-carbon energy.
We are currently in the process of TCFD analysis, including scenario analysis for both transition and physical risks - using leading climate models.
Nouryon embraces the circular economy in its sustainability agenda and endorses the concept as the necessary route towards a sustainable society.
We source more renewable raw materials and energy and initiate or contribute to programs with a range of partners to accelerate production and adoption of these supplies. Examples include our bio-based materials partnerships and programs for wind energy and renewable steam.
We also seek out opportunities for our “waste” to become a secondary raw material and use other people’s “waste” as our secondary raw material.
Nouryon works with value chain partners and customers to grow our business based on innovative solutions that create more value from fewer resources.
A particular focus is to develop and market eco-premium solutions – products and services that deliver environmental or social benefits and specifically those delivering benefits for our customers when compared with competitive products (eco-premium solutions with customer benefits). We continue to proactively drive the development of innovative sustainable solutions ahead of the mainstream in the market.
Our product development processes are designed to drive continuous sustainability improvement in the overall portfolio as products are updated or replaced. Eco-premium solutions are a fundamental driver of our sustainability agenda for creating more value from fewer resources, of the products we sell, and of the processes we use to manufacture them.
Ethical business conduct is a core element of our strategy for growth and success and incorporated in our company values: ‘We Aim High, We Own It, and We Do it Right’. We expect each employee to learn and comply with all company policies, laws and the guiding ethical principles outlined in our Code of Business Conduct & Ethics. We reinforce our commitment to ethics regularly to employees through messages from leadership, our quarterly newsletter and several mandatory online and in-person trainings. Similarly, we expect our business partners to adopt ethical and conscientious business practices as outlined in our Business partner Code of Conduct & Ethics. Employees, business partners and other stakeholders can file anonymous reports about potentially unethical conduct through our confidential ethics reporting hotline available 24-hours a day in any of 30 languages.
Nouryon does not carry out animal research on finished products such as chemical mixtures, except in those exceptional cases where required by government regulations.
When animal testing is required, Nouryon fully supports and applies the principles of the 3Rs: to Replace, Reduce, and Refine animal testing. Nouryon will continue with its strategy of minimizing animal testing by supporting the development of non-animal research or animal reduction research protocols. Moreover, we will also continue the dialog with institutes and regulatory bodies to minimize the need for animal testing.
Nouryon cultivates a respectful and inclusive work environment free of discrimination and harassment. We comply, and require our business partners to comply, with all applicable local labor and employment laws and international fair labor standards. We will not engage in or do business with any third party that we have found to engage in, forced or involuntary labor, human trafficking or child labor. We recognize the human rights of all people as outlined in the Universal Declaration of Human Rights and the UN Guiding Principles on Business and Human Rights and the International Labor Organization (ILO) Declaration on Fundamental Principles and Rights at Work.
Nouryon is committed to Inclusion & Diversity, and we believe a workforce that includes diverse backgrounds, experiences and perspectives is critical to our success and to anticipate and meet the needs of our global customers. Our Inclusion & Diversity commitment builds upon our Code of Conduct, which clearly states that we respect and value all employees, irrespective of age, gender, race, religion, or sexual orientation. We also support Inclusion & Diversity at Nouryon by educating and providing resources to our employees and engaging with our communities. This holistic approach to Inclusion & Diversity ensures that we can continue to develop innovative and sustainable solutions that help our customers, partners and Nouryon grow.
As a chemical company, our operations pose a low risk of child or forced labor. Our manufacturing operations generally require skilled labor with high education requirements. We also comply with all local labor laws, which require us to confirm the age of our employees when joining the company.
Nouryon is committed to promoting a workplace and supply chain where workers are treated with respect and dignity which are free from modern slavery and human trafficking. We evaluate the forced labor and modern slavery risks in our supply chain through risk assessments and supplier questionnaires and follow-up appropriately on any concerns raised. Employees, business partners and other stakeholders can file anonymous reports about potentially unethical conduct through our confidential ethics reporting hotline available 24-hours a day in any of 30 languages.
Innovation is considered vital for organic growth and sustainability at Nouryon, and our strategic ambition is to deliver world-leading innovation and products. The development of new nanomaterials and nanotechnologies is expected to play a major role in product innovation across a variety of sectors and applications.
Nouryon fully recognizes the opportunities nanomaterials present and understands that, as is the case with all new technologies, health and safety issues must be fully considered as part of the innovation process when developing new products containing them. Safe use of all chemicals, including nanomaterials, is one of Nouryon’s top priorities.
Partnerships accelerate our evolution into an even more sustainable business. We engage with external stakeholders and partners, and are actively involved in the communities in which we operate to build long-lasting and productive relationships which help sustain our business. We believe that our partnerships enable us to have an impact on creating economic, environmental, and social value, thereby contributing to the achievement of the UN Sustainable Development Goals.
Nouryon’s ambition is to create business value from product stewardship by providing safer and more sustainable solutions for our customers.
Through our Product Stewardship programs designed to manage substances of concern, we take a proactive global approach to the review and management of hazardous substances in our products and processes. Taking this approach promotes the use of safer and more sustainable products. It also means we often take action to manage potentially harmful substances in advance of legislation, future-proofing our products against changes in regulations. Furthermore, this approach supports us in our ambition to develop and introduce eco-premium solutions into the market.
Nouryon recognizes that the world’s resources are finite. At Nouryon, we are committed to continuously reducing our impact. The focus of our operational eco-efficiency program is to increase raw material efficiency, reduce energy consumption, and decrease both emissions to air and water and the production of waste.
A coherent and responsible position on tax is an essential element of our strategy. In that context, we have adopted the following tax principles:
Nouryon UK Tax Strategy
This document sets out the tax strategy pertaining to UK taxation for Nouryon with the information required by paragraph 16(2) Schedule 19 of Finance Act 2016. It is published on behalf of all UK companies within the group. This strategy has been approved by Nouryon corporate management. It concerns the fiscal year 2020 and following years. It will be yearly reviewed and updated if necessary. Any update will be published till the end of the fiscal year concerned.
Business attitude to tax planning
Nouryon is committed to doing business ethically and responsibly. Our code of conduct covers key ethical principles and governs how Nouryon employees as well as our contractors (including our external tax advisors) conduct business
A coherent and responsible position on tax is an essential element of our ethical principles. In that context we have adopted the following tax principles:
Level of risk related to UK taxation
Based on our tax principles we aim to mitigate tax risks. We only take defensible positions as far as interpretation of rules is necessary.
Management of UK tax risks
Management of UK tax risks is primarily a responsibility of our Director Tax EMEA who reports to the Global Director Tax. The latter reports to the CFO and the CFO to the Chairman of the management board.
Tax accounting and controlling is primarily a responsibility of our Manager Tax Accounting and Controlling who also reports to the Global Director Tax.
In order to manage respectively to identify tax risks the following monitoring process has been established.
The process in place for monitoring tax risks can be divided into a part (i) in which the Nouryon Tax Department is directly involved and (ii) a part in which the Nouryon Tax Department is not directly involved.
For the first part, it is the responsibility of the Nouryon Tax Department to identify and avoid potential tax risks.
The second part concerns the cooperation and clear communication with business as well as treasury. Regular meetings between responsible members of the tax department and relevant other functions, including the business unit controllers as well as the treasury team, should ensure that the tax department has sufficient knowledge of (future) business transactions that could have an impact on Corporate Income Taxation for Nouryon entities in the UK as well as in other countries.
DAC6 reporting obligations
Nouryon Tax Department oversees DAC6 reporting obligation as part of its overall responsibility to deal with non-routine matters related to income taxes. Nouryon will take a proactive approach towards its third-party advisors to confirm their reporting obligation as intermediary and what information will be reported by the intermediary. Nouryon will also proactively request for information confirming that the intermediary has met the reporting obligation. Further, the Nouryon Tax Department will act as an intermediary for cross border arrangements for which no third-party advisory has been involved. In this case, Nouryon Chemicals BV is assigned to be the intermediary entity within Nouryon for DAC6 purposes.
Working with HMRC
Under the organization set-up as described above, we have outsourced tax related compliance work for the UK to Deloitte. Deloitte UK supports our UK managing directors as well as the Nouryon tax department and represent our UK entities in the direction of HMRC (as far as legally possible).