Incorporating the principles of double materiality assessment
Materiality assessment provides the foundation for the implementation of sustainability strategy both at Group and Greece level. TITAN is progressively incorporating the principles of double materiality assessment, an integrated, on-going process of mapping and assessing the impact of our operations on society and the environment, as well as the financial impacts of socio-environmental risks. Impacts may become material for financial reporting purposes over time, leading to what is known as a dynamic materiality assessment process.
A full cycle of materiality assessment has a duration of five years. Following the latest assessment at Group level in 2020, TITAN Greece completed in 2021 a new cycle of materiality assessment, that yielded ten material issues:
1. Customer satisfaction with sustainable, innovative and quality products and services
2. Positive local social, economic and environmental net impact
3. Health, safety and wellbeing for our employees
4. Future-ready business model in a carbon-neutral world
5. Good governance, transparency and business ethics
6. Resource efficiency, recycling, and recovery, contributing to the circular economy
7. Innovation with emphasis on digitalization and decarbonization
8. Employee engagement and continuous development
9. Reliable and sustainable supply chain
10. Diverse and inclusive workplace
Material issues Validation
In preparation for our next materiality assessment cycle, in 2022 we validated our material issues with key stakeholders through open and structured communication.
30 stakeholders were invited to provide direct feedback on their views on the importance and relevance of our material issues, through an e-survey. The stakeholder groups included Customers, Local communities, Employees, Regulators and Authorities, Business partners and suppliers, Contractors, NGOs, Associations, Youth, Media, and last but not least Academia and Research.
