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.

We update our understanding of those issues through a materiality assessment, and completed our last one in 2021. Having reviewed that assessment, we believe we are  still focused on the most relevant sustainability issues This assessment helps us understand how sustainability issues might affect our businesses and which activities to prioritise.

We aggregate the material risks and opportunities that our businesses identify and then apply a Group perspective. As well as issues that we discuss with our stakeholders, including our customers, employees and investors, this perspective includes reviewing the information that globally recognised sustainability standards and frameworks, external ESG benchmarks, and rating agencies expect to see. The issues presented in the table below are material for the Group.

Synthomer materiality assessment

This year we chose not to update our materiality assessment using our existing methodology, given the changing sustainability reporting requirements under the EU’s Corporate Sustainability Reporting Directive (CSRD) and the International Sustainability Standards Board (ISSB).

We are developing a ‘double’ materiality approach, in line with CSRD and ISSB, which will assess the issues that are material to our business prospects and their impact on the wider world. We expect to complete this work in 2024.