Sustainability at Blum Research and analysis The team of external experts first helped us to analyse the business activities as well as our upstream and downstream value chain to 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 aspects of 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). The assessments were completed by the relevant stakeholders during workshops with the help of the external experts. 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 clear and transparent 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: – Sustainabilit y impact assessment (inside- out) – Financial impact assessment (outside-in) – Stakeholder sur vey Step 1: Research / analysis Step 2: Assessment Step 3: Material topics 27
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