UNDERSTANDING OUR IMPACT REFRESHING OUR MATERIALITY ASSESSMENT During 2019 we commissioned an independent third party to update our materiality process to ensure we are focusing our sustainability strategy on the most pertinent topics, according to internal and external stakeholders. We last updated our assessment in 2017 and aim to refresh it every two years. This recent assessment was a key input in the development of our sustainability strategy which is explored further on page 18. The purpose of the materiality assessment is to guide a focused approach to sustainability by balancing expectations of different stakeholders with our internal business aspirations and context. This enables us to identify which material topics are most relevant in relation to our business. An up to date shortlist of 23 topics was created based on ESG benchmarks and reporting frameworks, alongside a media and peer analysis. An online assessment was carried out, inviting input from over 50 members of senior management, the entire board of management, as well as over 100 employees. In addition, over 100 external stakeholders including clients, investors, NGOs and suppliers, were asked to participate in the assessment.
and least to them. In the resulting materiality matrix as shown below, the relative importance of these themes is presented.
WHAT WE HAVE LEARNT There are many valuable aspects of the materiality process. It is important for us to listen and engage with our key stakeholders to better understand our business and our impacts. The table on page 17 shows some of the key engagements in 2019 and the valuable outcomes of those discussions. The primary value comes from the analysis of what has changed since we last conducted the assessment. One notable new issue with high importance for Boskalis and external stakeholders was Sustainable Innovation, a new topic on the 2019 longlist. This topic is defined as a corporate culture focused on translating client expectations into solutions that go beyond client requirements and that reduce negative or enhance positive ESG impacts. The 2019 assessment also saw climate change rise in importance. Reflecting the growing urgency on businesses like ours to implement solutions to the energy transition, adapting to climate change impacts and mitigating our own emissions. The rest of the topics, safety, economic performance, employee development and management and biodiversity remain as highly important issues.
Strategy and ambition SUSTAINABILITY REPORT 2019 – BOSKALIS MATERIALITY MATRIX LOW IMPORTANCE TO STAKEHOLDER LOW HIGH 22 12 10 8 3 11 19 9 18 17 15 16
Each of the 23 topics were clearly defined and the internal and external stakeholders were asked to rank the issues that matter most
1. Climate change adaptation 2. Local impact and social performance
3. Community investments 4. Innovation (sustainable) 5. Biodiversity and ecosystems 6. Emissions 7. Energy transition 8. Water quality 9. Ship dismantling and recycling 10. Waste management 11. Sand and soil availability 12. Invasive Species 13. Safety 14. Employee development and talent management 15. Occupational health 16. Fair labor practices 17. Diversity and Inclusion 18. Responsible supply chain management 19. Sustainable employability 20. Partnerships & Stakeholder Engagement 21. Responsible business conduct 22. Taxes 23. Economic performance