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Select SDGs to find out how we are taking action in support of the UN Substinable Development Goals
Part of practicing the high standards of corporate governance in ICL includes close oversight of its business strategy and fiscal accountability, ethical corporate behavior and fairness to its shareholders and stakeholders. Accordingly, the Company abides by advanced principles of corporate governance that define the relationships between the Company’s management, Board of Directors, shareholders and other stakeholders.
ICL is incorporated in Israel and therefore complies with various corporate governance requirements under Israel’s Companies Law, 1999. These are in addition to requirements which apply to ICL as a publicly traded company on the New York Stock Exchange and the Tel- Aviv Stock Exchange.
'Entropy Corporate Governance', the Israeli ESG Rating firm, recently updated and upgraded the Company's corporate governance rating, from a rating of Reasonable+ to a rating of "Advanced". The Company intends to continue to improve its corporate governance, among other things, by continuing to enhance the professional mix and diversity of the Board of Directors and its independence.
Furthermore, ICL has adopted, and will continue to adopt, as necessary, voluntary practices to ensure maximum transparency towards all its stakeholders, as well as compliance plans that ensure its strict compliance with both the law and internal regulations.
Read more regarding specific Corporate Governance Practices in the Company’s 2021 Annual Report Item 16G.
ICL recognizes its corporate responsibility to its shareholders, customers, suppliers, employees, communities and other stakeholders. It is strongly committed to managing its business in ways that lead to sustainable growth, balancing current needs with those of future generations, while fulfilling all of its regulatory and moral duties. Where there is no legislation to regulate its activities, ICL strives to voluntarily adopt accepted global industry standards as a guide for its actions.
As part of its corporate responsibility, each year, ICL’s President & CEO focuses on a specific theme and concentrates for a whole year on propelling that subject forward within the Company and on integrating it into ICL’s everyday culture. In 2021, our theme was Commercial Excellence with the main component being Service Excellence. In 2020, the theme was Innovation and going forward the focus for 2022 will be Sustainability.
In 2021, ICL hired an external company to conduct a customer survey.
The purpose of the survey was to meet the level of service provided by the Company to its customers, with the intention of improving its service. Another survey in the same format will be conducted in early 2022 to evaluate the improvement. 800 ICL customers from around the world were surveyed.
The results of the survey showed a high level of customer satisfaction from ICL’s current level of service. ICL will continue to strive to improve its service even further.
ICL places a strong emphasis on its corporate responsibilities. This has led ICL to substantially increase its environmental, safety, employment and community activities. Most importantly, ICL’s corporate responsibilities incorporate a commitment towards responsible business practices that guide it on a daily basis in all its operations. ICL’s efforts are focused on providing sustainable solutions for its clients, while responding to global challenges. ICL’s R&D and Innovation Department researches new products and solutions, and improves ICLs’ operations.
ICL has implemented personalized performance management processes based on individual KPIs. These include goals and performance evaluations for senior management, as well as the overall workforce. Annual monetary rewards (bonuses) are dependent on these performance evaluation processes. Some senior management KPIs are directly related to ESG performance. ESG related issues include performance in: energy savings; safety performance; GHG emission reduction; internally and externally completed audits; implemented training programs; employee engagement and enablement levels reflected in surveys; compliance related KPI's, diversity and inclusion goals, and more.
ICL has established a forum of its gatekeepers that includes: EVP Operations, Global Internal Audit, VP, ICL Company Secretary & Global Compliance, VP, ICL Corporate Controller, CISO, VP Global Security and IL Administration, VP EHS, Global QA Manager and Global Risk Manager. The purpose of the forum is to identify, monitor, coordinate and mitigate risks, including potential risks, of all kinds, including safety, environment, operations, security, finance, corporate governance, legal, compliance, quality and ethics. In addition, the Gatekeeper Forum will be responsible for ensuring effective and efficient handling of events, through full coordination with the relevant functions and sites, ensuring adequate attention is provided by the relevant functions to avoid overlapping and overloading, as well as clearing up unresolved issues.
This forum meets on a quarterly basis. During 2021 the forum convened 3 times.
The forum periodically reports to ICL’s management and audit committee and to the extent needed, also on an ad-hoc basis.
ICL continues to take action to prevent the spread of COVID-19 (Coronavirus) in ICL operations, plants and other sites worldwide. As the world is facing a global pandemic (COVID-19), ICL is committed to protecting the health of its employees, customers, suppliers and other partners. ICL’s efforts are focused on keeping its employees safe and healthy, as well as helping the communities where its sites are located.
ICL follows and adheres to orders, guidelines and procedures issued and published by the relevant regulatory authorities, as well as adopts appropriate steps and measures within its facilities, in order to minimize the effects of the Coronavirus. The Company established a special task force in order to monitor its operations and determine the correct and appropriate measures that need to be taken on a global basis.
ICL’s products are necessary for ensuring food security. Extra effort was made by ICL and its committed employees to continue to produce and distribute fertilizers to farmers, so that they can keep growing the agricultural products we all need.
Read more on ICL’s global response regarding COVID-19
