Stakeholders and materialityNORMA Group sees itself as a transparent and open company. We specifically and proactively seek exchange with our internal and external stakeholders. This enables us to effectively implement the continuous improvement that applies to all processes at NORMA Group also in the area of Corporate Responsibility. We consider it part of our responsible corporate governance that stakeholders’ interests and the impact of our own business activities on stakeholders be reflected in our key decisions. Particularly in the strategic direction of the Company, we value an open and appreciative approach to stakeholder expectations.
The Stakeholder Roundtable, which takes place on an annual basis since 2015, is an important event for NORMA Group to actively exchange with its stakeholders on CR issues. The focus of the event has always been on sustainability topics which have a strategic relevance to NORMA Group, such as "Sustainability in Purchasing" or "E-Mobility." Last year, NORMA Group invited stakeholders to discuss the further development of its Group-wide environmental strategy (see box). The Stakeholder Roundtable will be continued in the coming years with at least one event per year.
New materiality analysis developed
NORMA Group has defined the most important social, ecological and economic sustainability topics in its materiality analysis. The methodology was based on the recommendations of the Global Reporting Initiative (GRI): We first put together a comprehensive list of CR issues based on topics that were considered to be material in the previous analysis conducted in 2015 as well as relevant standards and guidelines such as the Global Reporting Initiative (GRI), the Sustainable Development Goals (SDGs) and the CSR Directive Implementation Act (CSR-RUG). Issues were then aggregated and a total of 40 topics were identified which were assigned to NORMA Group's five key areas of action. Impact and relevance assessments were then conducted on each of the 40 individual topics.
Internal and external stakeholders provided information on how important certain sustainability issues are to them in the assessment of NORMA Group (relevance axis). In addition, various workshops were held with NORMA Group experts to assess the extent to which NORMA Group is influencing the various topics and the resulting risks for NORMA Group (impact-risk axis). The latter was based on so-called gross risks, i.e. risks with which NORMA Group is confronted if no suitable countermeasures are implemented. The results of the materiality analysis were aggregated and then prioritized (see chart).
The materiality analysis was carried out in 2017. The analysis showed that the topics defined in 2017 are still valid and continue to set the framework for NORMA Group.