Integrated materiality diagram
We have updated our materiality analysis following a holistic review of major risks, issues and opportunities, fully aligned to our strategic focus areas. The rationale behind this integrated annual exercise is to ensure we have programs in place to capitalize on key opportunities, as well as mitigation plans that address key risks.
The materiality analysis is not a static exercise. This year, we added a number of new topics, while the level of importance of some existing topics changed from last year. We also reduced the number of key risks for added focus.
For example, we have added shareholder dissent as a risk due to possible concerns being raised about our strategy and/or performance. As you will read in this Report 2017, we have been working hard to improve shareholder relations and ensure we maintain a continued and constructive dialog.
From a sustainability perspective, value selling and resource productivity are now the most important opportunities for driving short and long-term value for our stakeholders.
The materiality review has shown that our Code of Conduct and strategic actions are addressing all the updated key opportunities and risks. It also highlighted that our three categories (General business, Sustainability, and Financial and regulatory risks) have links and overlaps, underlining our integrated approach.
The way we have depicted the materiality analysis in the above diagram has changed from previous years. In 2016, we used an indicative representation, but this year we are displaying the actual links between categories for increased clarity and transparency.
Managing our key opportunities and risks in a holistic way continues to make sense in an ever more complex and dynamic world.
Our Code of Conduct defines our core principles and how we work. It incorporates fundamental principles on issues such as business integrity, labor relations, human rights, health, safety, environment and security and community involvement.