Annual Report 2023

Independent practitioners’ Limited Assurance Report on the supplementary sustainability information

To Covestro AG, Leverkusen

We have performed a limited assurance engagement on the supplementary sustainability information included in the combined management report of the Covestro AG, Leverkusen, for the period from 1. January 2023 to 31. December 2023 and marked separately ([..]).

The references to external sources of documentation and expert opinions mentioned in the supplementary sustainability information as well as those disclosures that are marked as unaudited are not subject to our audit.

Responsibilities of Management

The Management of the Covestro AG is responsible for the preparation of the supplementary sustainability information for the period from 1. January 2023 to 31. December 2023 in accordance with the reporting criteria. As reporting criteria, Covestro AG applies the “with reference to GRI” reporting option of the Global Reporting Initiative’s (GRI) Sustainability Reporting Standards (SRS) in conjunction with the internal guidelines of Covestro AG (hereinafter: “reporting criteria”).

This responsibility includes the selection and application of appropriate non-financial reporting methods and making assumptions and estimates about individual non-financial disclosures of the group that are reasonable in the circumstances. Furthermore, management is responsible for such internal control as they consider necessary to enable the preparation of the supplementary sustainability information that are free from material misstatement, whether due to fraud or error.

Independence and Quality Assurance of the Assurance Practitioner’s firm

We have complied with the independence and quality assurance requirements set out in the national legal provisions and professional pronouncements, in particular the Professional Code for German Public Auditors and Chartered Accountants (in Germany) and the IDW Standard on Quality Management: Requirements for Quality Management in Audit Firms (IDW QMS 1 (09.2022)).

Responsibility of the Assurance Practitioner

Our responsibility is to express a conclusion with limited assurance on the supplementary sustainability information based on our assurance engagement.

We conducted our assurance engagement in accordance with International Standard on Assurance Engagements (ISAE) 3000 (Revised): “Assurance Engagements other than Audits or Reviews of Historical Financial Information” issued by the IAASB. This standard requires that we plan and perform the assurance engagement to obtain limited assurance about whether any matters have come to our attention that cause us to believe that the company’s supplementary sustainability information, are not prepared, in all material respects, in accordance with the reporting criteria.

In a limited assurance engagement, the procedures performed are less extensive than in a reasonable assurance engagement, and accordingly, a substantially lower level of assurance is obtained. The selection of the assurance procedures is subject to the professional judgment of the assurance practitioner.

In the course of our assurance engagement we have, among other things, performed the following assurance procedures and other activities:

  • Interviewing of personnel responsible for materiality analysis at Group level in order to obtain an understanding of the approach identifying material topics for the supplementary sustainability information and corresponding reporting boundaries of Covestro AG,
  • Carrying out a risk assessment, including a media analysis, of relevant information on Covestro AG’s sustainability performance in the reporting period, assessing of the design and implementation of systems and processes for identifying, processing and monitoring sustainability information and indicators within the scope of the audit, including the consolidation of data,
  • Interviewing of personnel at Group level responsible for determining the information on concepts, due diligence processes, results and risks, performing internal control procedures and consolidating the information,
  • Inspecting selected internal and external documents,
  • Analytically assessing the data and trends of quantitative disclosures reported for consolidation at Group level from all sites,
  • Assessing the local data collection, validation and reporting processes as well as the reliability of the reported data through a sample survey at selected production sites,
  • Evaluating the consistency of GRI Standards in accordance with the option “with reference to” as reported by Covestro AG with the qualitative and quantitative disclosures in the report
  • Assessing the overall presentation of the supplementary sustainability information.

We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.

Limited Assurance Conclusion

Based on the assurance procedures performed and evidence obtained, nothing has come to our attention that causes us to believe that the as supplementary sustainability information identified sections in the combined management report of Covestro AG, Leverkusen, for the period from 1. January 2023 to 31. December 2023 is not prepared, in all material respects in accordance with the reporting criteria.

Restriction of Use

This assurance report is solely addressed to Covestro AG, Leverkusen.

Our assignment for Covestro AG, Leverkusen, and professional liability is governed by the General Engagement Terms for Wirtschaftsprüfer (German Public Auditors) and Wirtschaftsprüfungsgesellschaften (German Public Audit Firms) (Allgemeine Auftragsbedingungen für Wirtschaftsprüfer und Wirtschaftsprüfungsgesellschaften) in the version dated January 1, 2017 ( By reading and using the information contained in this assurance report, each recipient confirms having taken note of provisions of the General Engagement Terms (including the limitation of our liability for negligence to EUR 4 million as stipulated in No. 9) and accepts the validity of the attached General Engagement Terms with respect to us.

Düsseldorf, February 26, 2024


Oliver Geier
[German Public Auditor]

Claudia Fielenbach
[German Public Auditor]

Due Diligence
Information on the processes for identifying, preventing, and mitigating the actual or possible negative impact on nonfinancial factors.
GRI/Global Reporting Initiative
Guidelines on the preparation of sustainability reports by companies, governments, and nongovernmental organizations (NGOs).
IDW/Institut der Wirtschaftsprüfer in Deutschland e. V.
A professional association of German public auditors and German public audit firms that represents the interests of its members and supports their work.
Materiality Assessment
A materiality assessment enables companies to systematically identify the most important sustainability issues from the internal and external perspective.

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