From impact to double materiality
Since 2022 we have been conducting an impact materiality assessment (inside out) that informed our ESG strategy #WeCare to date. Now, under the guidelines of new regulations, we have integrated the financial (outside in) materiality assessment, evaluating the risks and opportunities that ESG topics pose for our business. We have been using a range of internal and external tools and engage with both internal and external stakeholders.
Identifying ESG material topics
Using the Double Materiality Assessment (DMA) approach, based on the Corporate Sustainability Reporting Directive (CSRD), we have been systematically identifying the ESG topics that are most relevant and material according to both our internal and external key stakeholders.
Our Double Materiality Assessment process
The Double Materiality Assessment process is a structured approach for identifying and selecting material ESG topics, guided by the CSRD standard. Our process included 6 steps:
- Define the boundaries and scope for DMA based on business strategy and financial statements.
- Define the scope for core business and value chain mapping.
- Identify stakeholders and develop an engagement strategy.
- Assess impacts, risks, and opportunities through due diligence.
- Conduct impact and financial materiality assessments to evaluate key factors.
- Conduct impact materiality assessment.
- Conduct financial materiality assessment.
- Validate and finalize the list of material topics.
Engaging with our Stakeholders
At CCV, we prioritise engaging with stakeholders in a transparent and clear way. We use both direct and indirect interactions, ensuring that their voices are heard and valued. While conducting the DMA, we dived deeper into our stakeholder ecosystem and identified key internal and external stakeholder groups:
Government and authorities
Why we engage?
We need a clear picture of how we contribute to driving innovation, promoting sustainable development and shaping markets.
How we engage?
Dialogue and reports.
Desktop research into EU regulations.
Employees
Why we engage?
Our people are crucial to our business. Together, we discuss optimizing and driving more sustainable operations across all areas.
How we engage?
Stakeholder interviews and survey with CCV senior management. Survey with all employees.
Intranet.
Existing employee engagement surveys.
Customers and partners
Why we engage?
Customers and partners are central to everything we do. We prioritize understanding how well we help make their businesses more efficient, profitable, and sustainable.
How we engage?
Commercial network.
One to one meetings.
Customer surveys.
Online and social media engagement.
CCV hosted conferences, trade fairs etc.
Suppliers
Why we engage?
Engaging with suppliers is crucial for ensuring a smooth supply chain, driving innovation, and enhancing sustainability in our business.
How we engage?
Supply chain ESG assessment.
Desktop research of suppliers.
Industry
Why we engage?
Engaging with our industry is essential for driving innovation, setting standards, and advancing sustainability across the sector.
How we engage?
Desktop research and trend analysis from ESG perspective including ESG report review.
Society and communities
Why we engage?
Engaging with society and communities is vital for fostering positive impact, supporting local development, and promoting sustainability.
How we engage?
Not engaged directly as part of this work.
Grievance mechanisms.
Certification standards
Why we engage?
Engaging with certifications and standards is crucial for ensuring compliance, enhancing quality, and driving continuous improvement in our practices.
How we engage?
Assessments and knowledge data bases.
Our Double Materiality Assessment findings
The CCV Double Materiality Assessment concluded with the material topics Matrix. A structure that helps us to highlight and prioritize the issues deemed most important by stakeholders for our organization from an Environmental, Social and Governance (ESG) perspective.
S2, Workers in the value chain are also a material topic, but reporting will be gradually embedded until 2028
Refining Our ESG Strategy: Annual progress and disclosure
Our ESG strategy comprises five key objectives, which we refine annually through our Double Materiality Assessment. Our yearly ESG report highlights our progress towards our targets and transparently addresses areas for improvement. Follow link to read about our ESG strategy and annual ESG reports here.