Sustainability at Blum Research and analysis The team of external experts first helped us to analyse our upstream and downstream value chain and create a provisional list of material topics. This ‘long list’ provided an overview of all the key areas where our operations have a notable impact in terms of the environment, society and governance (ESG). We then categorised and consolidated our long list based on ESG criteria to create a ‘consolidated list’ of 13 potential material topics. Assessment Next, we analysed our potential material topics to assess how they each impact our business financially (outside-in perspective) and conversely how our activities in each area impact on society and the environment (inside-out perspective). This assessment was completed by the relevant stakeholders with the help of the external experts. We also conducted a stakeholder survey to gather their perspectives on the potential material topics. Definition of material topics Finally, we combined our list of potential material topics with the results of our outside-in and inside-out assessments and stakeholder survey, before summarising the findings in a materiality matrix. In line with the principle of ‘double materiality’, this matrix gives equal weighting to stakeholder views and the inside-out and outside-in perspectives and is based on the three standard components of a double materiality assessment: – Sustainability impact assessment (inside-out) – Financial impact assessment (outside-in) – Stakeholder survey Step 1: Research/analysis Step 2: Assessment Step 3: Material topics 29
RkJQdWJsaXNoZXIy NDg2NzA=