Analysis of Materiality
We conduct a materiality analysis to determine which sustainability topics are most relevant to OMV.
We have reviewed the results of the materiality analysis as part of our Strategy Update in late 2021. During this review, some material topics were split into two individual material topics: “Climate Change and Energy Transition” was split into “Carbon Emissions Reduction” and “Energy Transition”. “Health, Safety, and Security” was split into “Health, Safety, and Well-Being” and “Security, Emergency, and Crisis Resilience,” and “Human Rights and Communities” was split into “Human Rights” and “Communities.” This was due to the prominence of the individual topics and the differences in their management approaches. In addition, “Diversity, Equity, and Inclusion” was raised from being an aspect of the topic “Employees" to an individual material topic due to its central nature to OMV’s sustainability strategy. As a result, OMV has a total of twelve material topics.
OMV last comprehensively updated its materiality analysis of sustainability topics in compliance with the legal requirements related to the disclosure of non-financial information in Austria (Nachhaltigkeits- und Diversitätsverbesserungsgesetz; NaDiVeG) and the GRI Standards in 2020. The detailed process involved careful consideration of the broad economic, environmental, and social impacts of our operations and their importance to our business strategy and stakeholders. The exercise covered impacts (both by OMV and on OMV, i.e., “Inside-Out” and “Outside-In”), as well as the financial materiality, and the relevance to stakeholders were considered across the entire OMV value chain. To ensure an objective and independent perspective, we engaged an external consultant to support us through the process. This analysis will be repeated every three years, or when any significant changes occur in our business or the wider market environment.
Process
Based on a combination of desk research, internal discussions and workshops, and expert consultation, we compiled an extensive list of 46 sustainability topics. These were grouped into eight broad categories:
- Climate Change and Energy Transition
- Environment
- Health, Safety, and Security
- Employees
- Economic Impacts and Business Principles
- Circular Economy
- Human Rights and Communities
- Supply Chain
In the latter part of 2020, we carried out three online surveys to gauge the importance and relevance of these topics to a wide range of internal and external stakeholders. We received 225 responses reflecting a variety of different viewpoints: our employees, NGOs/NPOs, government entities, the media, capital market participants, suppliers and contractors, customers, joint venture and other business partners, competitors, scientific and research institutions, industry associations, and local communities.
Results
We mapped the importance of the various sustainability topics in a materiality matrix that considered their importance to stakeholders, their impact, and their business relevance. Every one of the eight sustainability topics ranked between 3 (important) and 5 (extremely important) on a scale from 1 to 5 and is therefore considered as “material”. Within these broad topic areas, we further prioritized the specific topics based on their rankings. Our Executive Board has acknowledged the results of this analysis.
For further details on each of the material topics, please see OMV Sustainability Report 2022.
Stakeholder Engagement
Our approach to stakeholder engagement is to identify and manage our relationships with all people, groups and organizations affected by our activities or who have an impact on our business. In order to build strong relationships with all stakeholders, we strive to establish a foundation of mutual trust and respect, underpinned by transparent behavior and open dialogue.
We engage with our stakeholders in many ways, including through our website, social media activities, Annual Report, Sustainability Report, and materiality analysis survey.
More details about our Stakeholder Engagement approach can be found in our OMV Sustainability Report 2022.