Getinge 2022 Annual Report
Getinge 2022 Annual Report
Introduction
Strategy
Corporate Governance
Annual Report
Sustainability Report
Other information
Contents
with a documented ability to deliver high-quality clinical results and
economic benefits. The Group's research and development costs
amounted to SEK 1,658 M (1,197) in 2022. Of this amount, SEK 473 M
(346) was capitalized as intangible assets.
Personnel
At December 31, 2022, there were 11,082 (10,729) employees, of
whom 1,228 (1,225) were employed in Sweden. In 2022, Getinge
continued its extensive efforts to strengthen the Group's personnel
and management development. The work is based on an analysis of
the company's needs for specialist and management competence
and the company's demographic structure. The Group also carried
out activities intended to further strengthen the commitment of its
employees and implemented digital tools for personnel develop-
ment. One initiative is that all Getinge units offer at least 16 weeks
paid parental leave applicable to birth, adoption and surrogacy, and
four weeks paid caregiver leave to care for a close family member. In
2022, the Group also continued its long-term endeavors to increase
diversity and collaboration. Getinge has a previously implemented
policy to ensure that all employees are given equal opportunity to
develop and receive equal pay for equal work, regardless of such
factors as gender, ethnicity or religion.
Remuneration to senior executives
The guidelines for remuneration to senior executives adopted at
the 2022 AGM and the Board's proposal for guidelines ahead of the
2023 AGM are presented on pages 63-67. In 2022, the company
complied with the guidelines adopted at the 2022 AGM. No devia-
tions from the guidelines nor any derogations from the procedure
for resolution on remuneration, established by the remuneration
guidelines, have been made. On the basis of the possibility pre-
scribed in the guidelines for remuneration to Senior Executives, the
Board of Directors has however during 2022 resolved on temporary
deviation from the guidelines in one case applicable for the current
financial year and in one case applicable for the financial year of
2023 (See further in the remuneration report). The remuneration
report is presented on pages 68-71.
Total remuneration to senior executives amounted to SEK 94 M
(126) in 2022. (Refer to Note 29 for further information).
Sustainability Report
In accordance with Chapter 6, Section 11 of the Annual Accounts
Act, Getinge has chosen to prepare the Sustainability Report as a
part of the Annual Report. The statutory Sustainability Report is
defined on page 130.
A description of diversity on the Board can be found on
pages 33-35.
Environmental accounting
Getinge's environmental activities are based on the Group's
sustainability policy, environmental policy and the international
ISO 14001 environmental management standard. The 2019-2025
sustainability program has been based on a materiality analysis
which anchors KPIs within the entire organization. All manufactur-
ing units will implement and certify environmental-management
systems that meet the standard. For acquisitions, the management
system is to be introduced and certified within 24 months. The
management system ensures structured environmental work and
provides a basis for the reporting of environmental performance
that Getinge's manufacturing units submit every quarter. Through
the targeted activities related to environmentally compatible
product development, EcoDesign, the aim is to reduce the environ-
mental impact from manufacturing and product usage, and offer
customers sustainable market offerings.
One facility in Sweden conducts operations requiring permits or
declaration under the Swedish Environmental Code. This facility
holds the necessary permits. The operations were conducted in
accordance with applicable permits and conditions during the
year. Further information concerning Getinge's environmental work
is presented in the section Strategy and in the section Sustainabil-
ity report.
Getinge's sustainability targets 2022-2025
•
•
• Improved customer quality index >70%
Employee commitment >70%
CO2 neutral in own operations by 2025
All employees trained in business ethics and responsible
leadership
Risks and uncertainties
2022 was a year in which the consequences of the ongoing pan-
demic impacted the operations. A shortage of critical components
and high uncertainty in the transport sector led to disruptions
and spasmodic production with corresponding patterns to our
deliveries to the Group's customers in several product segments.
Getinge is working actively to mitigate these effects through a
close partnership with the Group's most critical suppliers. It cannot
be ruled out that these problems will continue over the next few
quarters.
In addition, Getinge is exposed to risk related to other potential
external events, besides the COVID-19 pandemic, such as geopolit-
ical risks, natural disasters, terrorism, pandemics, etc.
Active business intelligence can detect some of these risks at
an early stage and the Group will then have the chance to adapt
to the new situation. The process of further enhancing the Group's
work on continuity risks continue in 2022.
External factors such as geopolitical tensions and possible
associated sanctions are risks that could affect Getinge's ability
to expand in markets that have significant needs for the Group's
products and solutions. It can also not be ruled out that Getinge
could be exposed to conflicting trade sanctions as a result of the
geopolitical situation.
Technological advances are currently being made at a very fast
pace, which is affecting the competitive situation in the market.
The Group assigns considerable resources to developing its cus-
tomer offering, such as in the form of a higher degree of connected
products. In this way, information about how the products are used
clinically can be transferred from the customers back to Getinge,
and this information will then form the basis of the next stage of
product development. There is a certain risk that new, or existing,
players could develop transformative technology more successful-
ly than Getinge and thus gain an advantage in the market.
The fact that Getinge operates in a competitive market also
means that the Group is subject to risks related to product
quality from a customer perspective, and if Getinge's products do
not meet customer expectations, this could entail a higher risk
of customers choosing alternative suppliers. Getinge applies a
far-reaching quality process that aims to ensure a high and even
level of quality to meet customers' legitimately high requirements.
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