Materiality assessment 2020
We use a materiality assessment to find the aspects of our business that we believe have the most impact on the environment and the societies in which we operate. In the assessment, the importance of different topics are ranked by us and our stakeholders, such as our board, group and company management teams, employees, customers, suppliers, competitors, industry players, and shareholders.
Materiality assessment conducted in 2020
In 2020, we conducted a materiality assessment review to account for changes to the internal and external context since 2018. The new materiality assessment will be used to focus our 2021 activities and reporting.
As a result of the assessment, we identified 11 material areas, four (4) of which were regarded as highest materiality topics:
- ethics and anti-corruption
- health, safety and wellness
- cyber security and data protection
- business offering and model innovation
Importantly, we don’t try to do all things, we know this will fail. We have prioritised and will intensify our efforts on these four topics, and work on the other material topics to varying degrees and based on priorities agreed by individual management teams within the group.
In some areas, we build on the work already done and drive continuous improvement in the impact of our work. In other areas, we need to make leaps and innovation in how we work. At the core, we look for preventive solutions tackling the root cause of the issue.
Material topics description
| Material topic | What the topic covers | Why the topic is material | Topic boundary |
| Business offering and model innovation | Investment and development of new business models, technologies, processes and capabilities that result in sustainable product and service offerings and the enabling infrastructure. | As a shaper of the maritime industry, we need to pursue initiatives aimed at building and meeting our stakeholders’ ever-changing needs. Areas of innovation address customer needs and requirements for daily operations; and industry issues such as the decarbonization of shipping, energy transition and renewable energy, marine litter and pollution. | Wilhelmsen group, customers, suppliers and partners |
| Capability development | Training and development initiatives in new fields of expertise enabling the company to meet future demands. Particular attention towards technological and digital capabilities based on the reliance on technology for business continuity and resilience. | We continually seek to renew ourselves, to work smarter and improve everything we do. As a result, we are able to recognise opportunities and develop new and innovative solutions. | Wilhelmsen group |
| Cyber security and data protection | Protecting the confidentiality, integrity, and availability of information, which includes systems, hardware, and networks that process, store, and transmit the information. Lawful protection of personal data related to employees and 3rd parties. | Beyond good practise, we see a competitive advantage in professionally managing cyber security threats and responding to increasing requirements of our customers. | Wilhelmsen group, customers, suppliers and partners |
| Emissions | Air emissions from own and customer operations (GHG, SOx, NOx, PM, black carbon). | Climate change, stronger environmental focus, as well as regulatory requirements requires products and solutions with lower or no emissions. Addressing and reducing energy consumption also has positive environmental outcomes and potential cost savings. | Wilhelmsen group, customers, suppliers and partners |
| Employment opportunities and conditions | Local job creation and infrastructure investment. Human rights, working conditions, equal treatment and non-discrimination practices, labor standards, and labor relations including freedom of association, collective bargaining, working hours, rest, minimum age, fair wages, and adherence to the ILO Maritime Labor Convention. | We have employees in 60+ countries around the world. To do business and access the best local talent, we need to ensure a positive contribution to the development in these communities. We also need to retain and attract a diverse and talented workforce with the right competence, experience, skills, and motivation. We need to continuously work on providing an engaging and safe work environment where equal opportunities are available for all. | Wilhelmsen group |
| Ethics and anti-corruption | Standards and practices addressing business ethics and anti-corruption. This includes channels for raising anonymous concerns from internal or external stakeholders (whistleblowing). | Our various stakeholders depend on us being a transparent and compliant partner. We expect the same of our partners and suppliers in order to do business. | Wilhelmsen group, customers, suppliers and partners |
| Health, safety and wellness | Standards and practices addressing physical and psychosocial health of employees; operational and process safety including accident prevention; and wellbeing of employees and contractors. | An engaging and safe working environment at sea and on shore is a prerequisite for an efficient, sustainable and profitable business. We are committed to maintaining high health, safety and wellness standards and to prevent accidents and dangerous situations for our employees. | Wilhelmsen group, customers, suppliers and partners |
| Partnerships | Engagement and partnership activities with the public sector, communities, other bodies and associations with the purpose of promoting, implementing and demonstrating sustainable ways of working. | We need to be a responsible employer and partner in all our activities including activities towards governments and regulatory agencies with the aim of influencing regulations. | Wilhelmsen group, customers, suppliers and partners |
| Product lifecycle | Lifecycle asset and product management including material selection, waste management and recycling. Plastics; marine litter and pollution; and ship recycling are included in this issue. | Pollution, stronger environmental focus, full asset / product lifecycle accountability, as well as regulatory requirements requires new product and service offerings for the maritime industry. | Wilhelmsen group, customers, suppliers and partners |
| Responsible procurement | Standards and practices addressing business ethics and anti-corruption, employment conditions, competence development, health and safety, diversity and inclusion, emissions, waste and recycling. | We need to ensure our sustainability expectations are clear for our suppliers and that products and services are compliant with our standards. | Wilhelmsen group, customers, suppliers and partners |
| Transparency | Transparency on sustainability targets, activities and results. Engagement of stakeholders for context and expectations. Compliance with tax regulations and tax reporting including following OECD guidelines. | Stakeholders expect clear information about our impacts and actions. Well-functioning public institutions are an essential foundation for doing business, and holding a responsible approach to taxation is important for the group’s long-term activities in the countries we operate. | Wilhelmsen group |