Annual Report - Sonova Holding AG

SUSTAINABILITY
Phonak’s management strongly believes that striving for
true economic success ultimately requires taking into
account the needs and expectations of all relevant stakeholders.
The Board of Directors is totally independent and consists
of well respected, very senior executives. Their professionalism,
integrity, and reputation guarantee that the tasks
and responsibilities of the Board of Directors are executed
in the interest of the shareholders.
Phonak’s unique corporate culture makes it an exceptionally
attractive employer.
Knowledge management is a core element of Phonak’s
management philosophy: there are no barriers, no closed
doors; employees can contact anybody at any time.
Over 750 employees already own shares in Phonak through
various employee share option programs.
Our customers buy a better quality of life. We constantly
strive for technological innovations, which can solve everyday
problems of people suffering from hearing impairment.
Over several decades, Phonak has built up an excellent reputation
for its high-quality and high-performance hearing
instruments.
The quantity of raw materials going into Phonak’s annual
hearing instruments output equals approximately three
passenger cars. The energy consumption of the production
processes is also very modest.
The Phonak Group specializes in the development, manufacture,
and worldwide distribution of technologically advanced
hearing systems for adults and children with hearing impairment.
Inherent in the Group’s business activities is a fundamental
commitment to improve individual hearing ability and speech
understanding, thus contributing significantly to the quality of
life of countless people worldwide.
Phonak’s management strongly believes that striving for
true economic success ultimately requires taking into account
the needs and expectations of all relevant stakeholders.
Phonak’s enduring success story is based on particular respect
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Sustainability
for employees, a close relationship with customers, and a very
constructive partnership with suppliers. Phonak’s unique, innovative
and powerful hearing instruments are the result of this
teamwork. Finally, being economically successful allows Phonak
to pass on attractive returns to its owners, i.e. the shareholders
and to help those who are less fortunate.
This well-balanced approach, which considers all stakeholders,
is observable throughout the company and is reflected
in Phonak’s core values. Working at Phonak is best characterized
by flat hierarchical structures, equal treatment of employees,
responsibility for one’s own actions, transparent Corporate
Governance, and open communication with all stakeholders. To
sustain and further develop this strong corporate culture is
one of management’s top priorities and a driver for sustainable
economic success.
Phonak’s rapid growth and business expansion have made
it important to set down in writing the core values we uphold
and the ethical principles of our corporate culture, so that they
are more readily accessible to our employees. The result is a
groupwide Code of Conduct, which came into force on April 1,
2006. The purpose of the Code of Conduct is to encourage
employees to act in an ethically correct way in their dealings
with colleagues, business partners, and shareholders, as well
as to help them live out our unique corporate culture in our
worldwide operations. As a globally active company, the Phonak
Group is fully aware of its responsibility for every individual
member of staff. Not only does ethical conduct benefit all stakeholders
– it also assures and strengthens our reputation and
thereby contributes to our long-term commercial success.
Employees – our principal asset
The hearing instrument industry is not a capital-intensive
business, but driven by constant product and service innovation.
Thus, motivated, dedicated, and creative employees make
a big difference and we must support them as best we can.
To safeguard our long-term success, we consistently invest
in the professional training and development of our staff. In
2005/06, a total of 881 employees took part in training and
professional development courses. This is roughly equivalent to