In our commitment to sustainability, we conduct materiality assessments. By engaging with stakeholders and weighing the impact of our economic, environmental, and social aspects, we gain valuable insights. This assessment considers both external environmental and societal impact and its influence on our enterprise value.
A materiality assessment was conducted in 2019. The identification of topics was based on our ongoing stakeholder engagement processes with internal as well as external stakeholders. Internal workshops were conducted to assess the impact on each topic. The significance of Billerud’s economic, environmental and social impacts were weighted, and the substantive influence on the topic and decisions of stakeholders were considered. Thus, our materiality assessment has two perspectives into consideration: external impact on the environment and society as well as the impact on enterprise value. Validation of the materiality assessment was performed through Billerud’s Sustainability Council, consisted of Group Executive members led by Director of Sustainability. The materiality analysis is part of the limited assurance engagement of Billerud’s Sustainability Report.
Every year, we do an overview and update the material topics if necessary. We have done a brief overview of the impact from our North American operations, and we decided not to make any changes in our materiality analysis for 2022 compared to the previous year. In 2023, Billerud will update the materiality assessment based on changes in external perceptions, operational footprint and reporting frameworks.
We have continuous formal as well as informal dialogue with our stakeholders, both internal and external. The purpose of our stakeholder engagement is to listen to, collaborate with, or inform our stakeholders on relevant sustainability topics. The dialogue helps us to understand what is expected from us and how we can meet the requirements and needs of our stakeholders. Thus, the information in the stakeholder dialogue is analyzed and the input from the stakeholders is an important part of the materiality analysis. We cluster the stakeholders into relevant stakeholder groups and assign the groups a weighting based on our own assessment of importance of the group and their requirements. The input from each stakeholder group is consolidated into a scoring of each topic from 1-4. The result is, as mentioned above, taken into consideration together with the significance of Billerud's economic, social and environmental impact. A list of our key stakeholders and information on dialogues and questions raised are presented in our sustainability report.
The materiality analysis has resulted in a prioritization, shown below :