Safran unveils its purpose statement
Safran’s purpose has been officially approved by the Board of Directors and presented at the last Annual General Meeting. Here’s what it says!
“Thanks to the commitment of our employees, proven innovation and operational excellence, Safran designs, builds and supports high-tech solutions to contribute to a safer, more sustainable world, where air transport is more environmentally friendly, comfortable and accessible. We also apply our skills to develop solutions that meet strategic needs, such as defense and access to space.”
A future-facing baseline
The impetus for French firms to establish a corporate purpose came from the French law of May 22, 2019 concerning company growth and transformation, called PACTE (Action Plan for Business Growth and Transformation), and Safran began working on its purpose statement last fall. Over and above the purely economic dimension of a firm, its purpose must clearly communicate why it exists, demonstrate how it contributes to society, and set out its commitment to the environment. A purpose statement must also drive action over the long term and give meaning to corporate strategy.
Safran’s purpose statement had to highlight what was already happening across the Group, so all employees were asked to provide input. We organized a poll on the intranet in January 2020, asking employees to vote for key words and expressions and also invited them to submit their own ideas on what should go into Safran’s purpose statement. More than 8,300 votes were received in the poll, including 800 employees’ own suggestions. Most of the terms that logged the largest number of votes were used to help us define Safran’s purpose, which was then finalized by the Executive Committee and submitted for approval to the Board of Directors. Lastly, it was presented at the Annual General Meeting on May 28, 2020.
A clear and compelling expression of the Group’s commitments
Safran’s purpose statement is explicit, specific to the Group and a clear indication of its business activities and markets. The statement is a clear expression of what Safran does, how it achieves it, why it exists and its ultimate purpose. It sets out how Safran contributes to society and gives direction to all our stakeholders – employees, customers, consumers, suppliers, and investors – which is especially important in these uncertain times. Safran’s purpose was already featured in the 2019 Integrated Report, published on March 31. It will now be spotlighted in the Group’s corporate communications.
(our purpose statement is referred to between 1h02’30’’ and 1h05’30’’)
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- © Cyril Abad / CAPA Pictures / Safran