Materiality Assessment
The materiality assessment is a strategic guide for Salik, highlighting where its actions can significantly impact the community, environment, and future shared aspirations.
Adhering to the Global Reporting Initiative (GRI) standards, Salik conducted a double materiality assessment, examining the impact of various topics on its stakeholders and their significance to the business. The materiality assessment aimed to guide Salik in aligning its sustainability efforts with the most impactful issues, ensuring its initiatives resonate with stakeholder expectations and drive sustainable change.
The assessment process began with compiling a comprehensive list of ESG topics. This list was refined using criteria aligned with GRI’s reporting framework and methodologies from MSCI, Refinitiv, and Sustainalytics, complemented by insights gained from benchmarking against industry peers.
Following this, a stakeholder engagement exercise was conducted through surveys and interviews to assess the importance of each potential material topic. Stakeholders, including senior executives, employees, customers, investors, the Board members, and the RTA representatives, were consulted to gather diverse perspectives on the significance of these topics. This engagement allowed for prioritising stakeholder views and refining the matrix of material topics, which the Board subsequently approved.
All the topics were assessed and included in the matrix based on their impact on stakeholders and the Company’s business. The topics in the upper right quadrant are considered material for sustainability reporting. This matrix will be reviewed every two to three years to ensure continued relevance.