Sustainability Governance
Governance of our sustainability efforts extends from our Board of Directors to our regional organizations, global functions and brands.
Our Board of Directors has the primary responsibility for oversight of our company's social, environmental and sustainability initiatives. The Board’s understanding of sustainability at AGCO helps create the necessary mandate to prioritize related initiatives, while AGCO’s functional sustainability team plays a crucial role in facilitating their effective implementation.
In April 2022, the AGCO Board of Directors established a Sustainability Committee to aid the functioning of the Board of Directors in its oversight of sustainability policies, strategies, goals and risks relevant to AGCO. This committee considers and provides input to management and the Board on AGCO's policies, strategies and practices related to environmental matters. These include climate change, greenhouse gas emissions, natural resource management, waste and environmental opportunities. The Sustainability Committee also reviews AGCO's workplace safety and human rights policies, strategies and practices.
Maintaining cybersecurity and data privacy
Across our workplace and product portfolio, technology played an important role in how AGCO evolved in 2024. From supporting teams with artificial intelligence (AI)-powered tools to expanding connected fleets, we are embracing digital transformation as we reimagine a more sustainable farming future.
With heightened technological capabilities comes a heightened importance on cybersecurity and data privacy, and we are dedicated to protecting these assets. In early 2024, we welcomed a Senior Vice President and Chief Digital & Information Officer (CDIO), a new role that we have added to our leadership team, reporting directly to our CEO. The CDIO leads the development, design and implementation of our digital vision and strategy, including information technology and data analytics. This position brings deep expertise in the cybersecurity field across multiple industries and will help further accelerate our tech transformation by enabling precision ag offerings.
Proactively managing our digital landscape
AGCO’s ERA process specifically addresses risks associated with cybersecurity. Our tools and processes include a crisis management plan outlining the structure, roles, responsibilities and operating procedures to leverage in the case of a potentially significant cybersecurity event that could negatively impact our business. Linked to this plan is our cybersecurity incident response plan, which provides a documented framework for handling high-severity security incidents and includes facilitated coordination across multiple functions. Our incident response plan also includes identifying and responding to material risks from cybersecurity threats associated with our use of third‑party service providers.
We invest in threat intelligence and are active participants in industry and government forums to improve our overall capabilities with respect to cybersecurity. We routinely perform reviews of threat intelligence and vulnerability management capabilities, while performing simulations and drills at both technical and management levels.
At least once per year, we engage our internal audit group and external information security specialists to review and assess our cybersecurity program. We also leverage third-party cybersecurity advisors to provide guidance on emerging best practices. In addition, we maintain a cyber liability insurance program and have policies and practices in place to address data privacy regulations.