In 2017, OMV updated the materiality analysis of the sustainability topics in compliance with the new legal requirements related to disclosure of non-financial information in Austria (Nachhaltigkeits- und Diversitätsverbesserungsgesetz) and with the new GRI Standards. In order to maintain an objective and independent view on the material topics, we have conducted this process together with an external party. Essential for this process was to consider stakeholder interests as well as significant economic, environmental and social impacts of OMV’s business. The extensive materiality analysis, involving internal and external stakeholders, will be repeated every three years or if significant changes in the business or market environment occur.
Our approach to materiality
The materiality analysis consisted of four phases:
1. Stakeholder analysis
As the first step, OMV’s relevant stakeholders were identified and prioritized during a workshop with participants from different corporate functions and business divisions (Upstream, Downstream Oil and Downstream Gas). The stakeholder groups engaged in the materiality analysis were: ESG analysts and rating agencies, NGOs, suppliers and contractors, customers, universities and research institutes, industry associations, local communities, OMV external advisors on sustainability topics, the works council and OMV employees.
2. Topic identification
In order to identify all relevant sustainability topics, different analyses have been conducted: reporting standards (GRI, IPIECA, Sustainability Accounting Standards Board – SASB) and peer group analysis, stakeholder interviews and four impact analysis workshops with selected OMV experts. During the workshops, each segment’s value chain was analyzed, from supply chain and resources used, to business activities and finally products and markets served. The first step was to map the value chain. Furthermore, we have identified the economic, environmental and social positive and negative impacts and the risks associated with OMV’s business along the value chain.
3. Topic prioritization
Based on the impacts, risks and stakeholder interests identified in phase two, a list of relevant sustainability topics was consolidated for further prioritization. The topics were assessed and then prioritized from both a stakeholder and business impact perspective through an online questionnaire and expert interviews. A total of 260 internal and external stakeholders have been engaged in this process.
4. Materiality matrix
In this last phase of the materiality analysis, the results of the topic prioritization (from online questionnaire and expert interviews) were evaluated and consolidated into a Group materiality matrix. The Executive Board has acknowledged the new materiality topics.
For reporting purposes the 13 topics have been clustered into five major groups that also correspond to the Sustainability strategy:
- Health, Safety, Security and Environment
- Carbon Efficiency
- Business Principles and Social Responsibility