Strategic planning determines how we can meet value-related and corporate goals. It is conducted in two stages. First, our divisions identify their market and competitive positions, and their value-related strength. The results are integrated into a proposal about strategic positioning and planned steps. This information is consolidated at Group level, and supplemented by innovation and investment projects. Then, strategic plans are passed at a Strategy Conference.
Subsequently, strategic-planning decisions are included in operational planning, which takes place in the second half of the year. The Executive and Supervisory Boards jointly approve the annual plan. We monitor whether we are meeting our targets via monthly comparisons of planned and actual figures. The overarching framework is based on a four-year, medium-term plan.