Regulatory & legal context
Strategic focus areaEconomic performance Value chain & society Eco efficiency
Change in risk profileIncrease
Change in opportunity profileNo change
Umicore is exposed to changes in the regulatory environment in the countries or regions where it operates. Umicore’s businesses stand to benefit from certain regulatory trends, notably those regarding more stringent emission controls for vehicles, low carbon mobility and enforced recycling of end-of-life products. Some regulations, such as environmental or product-related laws, can present operational challenges, higher costs and a potentially uneven competitive environment. Data protection, IP and IP protection-related matters impact technologydriven businesses.
Change in context
Worldwide, changes to existing product-related legislation and the introduction of new legislation might impact our business.
Although the European REACH regulation is still the most relevant for Umicore, Korean REACH is gaining importance. For more information, see Statements, note V5.
The trend towards more stringent emission legislation and targets continued, while new measures on vehicle emissions push industry to innovate in emission control system design, including catalysts and catalytic filters, and increase the demand for electric vehicles. Geopolitical conditions, trade and tariffs continue to be a factor in Umicore’s trans-border activities.
Measures taken by Umicore
To ensure ongoing compliance with environmental legislation on our industrial sites, Umicore has a well-established EHS compliance audit program and constantly monitors changes in legal requirements where we operate. For more information, see Statements, note E8.
Umicore continues to play an active role in informing legislators of various emission control technologies for both diesel and gasoline powered vehicles, to help legislators make informed decisions about future emission and testing norms. Umicore continues to ensure its ability to meet the surging demand for cathode materials for rechargeable batteries used in electrified transportation. Our investment program to expand or establish production capacity of cathode materials in China and Europe,
respectively, is on track. We monitor that our products have the freedom to operate and we proactively manage our patent portfolio.
Umicore trade compliance closely follows and responds to global trade conditions. Umicore monitors closely all changes in interpretation as well as guidance documents that might affect its REACH implementation strategy. In 2019 we submitted 28 additional substances for registration under REACH due to new business developments. As part of regular maintenance, we updated 47 REACH dossiers. Umicore has submitted 5 registrations in Korea in 2019 for priority chemical substances and has submitted 2 new substance registrations.