Annual Report 2023

Group Management Report

ESG ratings

Analysts and investors are referring increasingly to companies’ sustainability profiles as well when making their recommendations and decisions. They draw on ESG ratings, among other things, to evaluate a company’s environmental, social and governance performance. At the same time, these ratings are instrumental in determining whether we are meeting our goal in relation to the Group’s NEW AUTO strategy, and they are used to establish internal measures.

In fiscal year 2023, our ESG rating from ISS ESG improved from C to C+ compared with the previous year. In the Sustainalytics rating, the Volkswagen Group remained stable with a “medium risk” score. Volkswagen also retained its B rating from MSCI and kept its score of A– in the CDP Climate Rating in 2023. Volkswagen reported key information as part of the Water Disclosure Project (WDP) but did not undergo rating in 2023.

Systematic assessment of companies in terms of their credit quality. Ratings are expressed by means of rating classes, which are defined differently by the individual rating agencies.
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