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ABOUT THIS REPORT
SOLVAY
|
2015 COMPLEMENTARY ANNUAL REPORT
1
2. MOVING TOWARD INTEGRATED REPORTING
2. MOVING TOWARD INTEGRATED
REPORTING
2.1
Materiality Analysis
process
Solvay has fully reviewed its materiality analysis in 2014, using the Sustain-
ability Accounting Standards Board (SASB) approach. The SASB approach
has been selected because it offers an initial exhaustive, validated list of
material issues and then three tests for issue prioritization:
•
evidence of interest:
frequency of occurrence of the issue in publications
related to our company or industry;
•
evidence of financial impact:
identification of impact on revenue and
cost, assets and liabilities, and risk profile;
•
forward looking impact:
assessment of the evolution of the issue’s
importance with time, in terms of magnitude, probability, or externalities.
The Sustainable Development Function coordinated the analysis, involving
their network of champions in GBUs and Functions. The work was reviewed
by experts in the main Corporate Functions; and the full list of material issues
was again reviewed with each of the experts.
Particular attention was paid to cross-checking the analysis with the work
done by the Risk Management Function to ensure consistency with the
Group’s risk map: effective monitoring and management of risks is key to
achieve Solvay’s sustainability objectives.
The list of high materiality issues was again updated to take this review into
account. Lastly, the analysis was compared to the SASB’s draft “Chemicals
Sustainability Accounting Standard” published in October 2014 and again
to the provisional standard published in March 2015.
As a result of this analysis, 12 issues have been identified as highly material
and indicators were selected for each high materiality issue.
2015 update
The materiality analysis was revised in 2015 and one additional high mate-
riality issue has been added to ensure consistency with the Group’s vision
(Community Engagement). The list of priorities now includes five priorities
selected among the high materiality issues. New long-term targets have
been defined for each of the five priorities.
The wording of the material issues has been kept consistent with the SASB
MaterialityMap™, unless the Group’s Executive Committee hasmade a decision
to do otherwise with a view to broadening the scope of some material issues.
For example, the high materiality issue labelled “Employee Engagement and
Wellness” includes issues that are labelled “Labor Relations” and “Fair Labor
Practices” in the SASB Materiality Map™.
Environment
Social Capital
Human Capital
Business model
and innovation
Leadership
and governance
Priority
topics
Greenhouse gas
emissions
Community development
Employee health and safety
Sustainable business
solutions
Employee
engagement and wellness
High
materiality
topics
Air quality
Customer
satisfaction
Management
of the legal, ethics and
regulatory
framework
Energy management
Environmental accidents
and remediation
Water and wastewater
management
Process safety,
emergency
preparedness and
response
Hazardous materials
management
Moderate
materiality
topics
Fuel management
Access and affordability
Diversity and inclusion
Environmental, social impacts
on assets and operations
Systemic risk
management
Waste management and
effluents
Data security and customer privacy
Recruitment, development
and retention
Product packaging
Regulatory capture
and political influence
Biodiversity impacts
Fair disclosure and labelling
Compensation and benefits
Product quality and safety
Materials sourcing
Fair marketing and advertising
Supply chain
managment
SOLVAY MATERIALITY
ANALYSIS
G4-21
G4-20
G4-19