ViTrox conducts materiality analysis annually to track trends and developments related to the mid- to long-term goals of our material topics by collecting stakeholders’ expectations and feedback through diverse communication channels. Based on the materiality analysis outcomes, we realign sustainability targets and strategies for planning and reallocating resources into ViTrox’s material topics.
| Identification of Sustainability Matters |
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- Identify, gather and consolidate the relevant inputs from discussions and interviews with our internal stakeholders, including employees and representatives of different functional departments who frequently engage with the external stakeholders
- Benchmark industry best practices by analysing insights from industry peers and noting key developments since the last materiality analysis
- Research sustainability trends and review global initiatives and frameworks to compile an initial list of potential sustainability matters
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| Categorisation and Prioritisation of Sustainability Matters |
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- Assess the materiality level of each sustainability matter through evaluations conducted by business unit managers
- Identify relevant stakeholders and evaluate the impact of each sustainability issue on the Group’s operations. Consider the degree of influence stakeholders have on decision-making, their expectations, and the broader effects on the economy, environment, people and human rights
- Prioritise sustainability issues based on the concept of double materiality by assessing both how sustainability matters affect stakeholder perceptions and how the Company’s operations and business relationships influence the economy, environment, people and human rights
- Identify key sustainability matters by analysing internal documents and processes, peer reviews and Risk and Opportunity (“R&O“) register
- Review the R&O register periodically as part of our risk assessment process to ensure our sustainability practice effectively addresses key sustainability matters
- Secure the R&O register to align with legislative requirements and industry best practices while addressing stakeholders’ interests
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| Review and Validation |
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- Review existing Group policies, related compliance requirements, R&O registers and examine sustainability trends in the industry sector and the reporting practices of peer companies
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| Endorsement |
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- ESC reviews and the Board approves the materiality analysis
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Materiality Matrix
The identified sustainability matters are illustrated in the materiality matrix. The x-axis represents the actual and potential impacts on the economy, environment, people, and human rights, across the Company’s activities and business relationships. The y-axis indicates how critical each issue influences the stakeholders’ decisions about engaging with our business.
Notes:-
- 1 Stakeholders scored differently in their degree of concern and influence for each issue.
(10 points = highly concerned, 8 points = concerned, 6 points = somewhat concerned, 4 points = mildly concerned, 2 points = not concerned)
- 2 ViTrox ESG representatives score for impact on economy, environment, people and human rights.
(10 points = highly impacted, 8 points = impacted, 6 points = moderately impacted, 4 points = not much impacted, 2 points = not impacted)
Explanation of differences from the 2023 Materiality Matrix:-
- Compared to last year, the impact of “Climate Change and Energy Management“, “Corporate Governance and Ethical Practices“ and “Employee Well-being“ on the economy, environment, people and human rights has witnessed a notable increase compared to the preceding assessment period.
- Replaced “Workplace Health and Safety“ with “Occupational Health and Safety“.
We categorised our sustainability matters according to the ESG pillars as follows:-
| Our Environmental Endeavour |
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Our Social Involvement |
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Our Governance Management |
| Material Topics |
- Climate Change and Energy Management
- Environmental Conservation and Preservation
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- Employee Well-being
- Human Rights
- Occupational Health and Safety
- Talent Attraction and Retention
- Talent Development
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- Corporate Governance and Ethical Practices
- Economic Performance
- Innovation and Product Excellence
- Supply Chain Management
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| Secondary Topics |
- Water Management
- Waste Management
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- Community Engagement
- Diversity and Inclusion
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