Our approach is informed by the issues that matter most to our stakeholders, including customers, employees and investors, and that are most aligned with delivering our business strategy.
In 2024 we completed our first double materiality assessment (DMA). The DMA required us to assess the actual or potential effects of our operations on people and the planet, as well as how sustainability issues might affect our financial performance and position. This involved:
- Mapping our value chain and stakeholders to help us create a longlist of our risks and opportunities and their potential impact on stakeholders
- Engaging with key stakeholder groups, such as employees, investors, customers and suppliers to validate the longlist
- Assessing the financial materiality of those risks and opportunities on our business as well as their likely societal impact to help us set and validate specific materiality thresholds.
The issues presented in the table below are material for the Group.
Synthomer materiality assessment
As a result, we have identified the topics that are most material to our business at a Group level. Having reviewed the DMA, we believe our Vision 2030 roadmap is still focused on helping us to deliver against our most relevant sustainability issues.
While the DMA confirmed that the majority of our Vision 2030 targets are focused on our most material areas, communities did not reach the materiality threshold, and we have decided to remove our Vision 2030 communities target.
This adjustment to Vision 2030 does not change our commitment to being a good corporate neighbour: the Synthomer Foundation continues its important work to support local communities in the USA and our global volunteering network continues to grow.