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Our sustainability initiative focuses on our most significant sustainability issues and opportunities. These are defined by our materiality assessment, which identifies and prioritises issues. In 2023, we updated our materiality assessment. We adopted the double materiality methodology laid out in the ESRS, which identifies and prioritises issues based on two dimensions: the impact or likely impact of Vesuvius on society and the environment, and the impact on Vesuvius’ business, creating financial risks and opportunities for Vesuvius.
Vesuvius materiality assessment
Five topics are retained as material:
– Product quality
– Climate change
– Innovation and technology
– Employee safety
– Talent attraction and development
Five topics were also identified that are in the extended strategic focus but not subject to formal reporting requirements:
– Sustainable supply chain
– Employee health and well-being
– Data security and privacy
– Bribery and corruption
– Circular economy
Materiality assessment process
Step 1: Preparation
– Analysis of ESRS
– Ongoing dialogue with internal and external stakeholders
– Review of past risk and materiality assessments, recent events and trends, business impact analysis, external agency ratings, TCFD report, group Strategic Plan
– Benchmark of materiality assessments by industrial peers, industry body documents
Step 2: Pre-assessment and shortlisting
– Selection of the shortlist of most relevant topics
– Validation by the Group Executive Committee
Step 3: Assessment by stakeholders
– Survey of key internal and external stakeholders
– Analysis of responses
Step 4: Validation
– Final ranking of topics
– Validation by the Group Executive Committee
Step 5
– Approval by Board of Directors (February 2024)
Stakeholder engagements
Our regular dialogue with main stakeholders includes:
Global communication mechanisms such as an intranet, global email communications and a Vesuvius news app, alongside forums such as local 'town hall meetings,
Engaging with customers on safety leadership and supporting their training requirements,
Senior-level dialogue with all key customers, including Directors' visits to customers' sites, as appropriate,
Customer relationships on a global basis as required, complemented by diverse local servicing capabilities,
Engaging with government agencies visiting our sites and carrying out inspections,
Responding to environmental research as part of customer and supplier due diligence,
Participating in environmental and social responsibility research and questionnaires.
Learn more about our Sustainability strategy and on how we engage with People, Communities and Customers.