Identification of Material Topics
Identification and Disclosure of Material Topics
SinoPac Holdings follows and gains insights from international sustainability trends and industry benchmark peers to review the material topics by integrating results of due diligence and internal stakeholder surveys annually, and conducting questionnaires for external stakeholders biennially to identify material topics that have significant internal and external impacts, and relevant to the business operation and stakeholders. In 2022, we implemented the identification and disclosure of material topics in accordance with the guidance and spirit of "GRI 3: Material Topics". We identified 19 material topics, of which 10 were critical topics, 5 were important topics, and the other 4 were basic topics. We also identify double materiality topics with significant impact on external parties and the operation of the Company in accordance with the double materiality principle.
Identification of Material Topics
- Critical topics: Topics with high level of impact on the economy, environment, and people and high likelihood of occurrence. Provide full explanation in the Sustainability Report in accordance with related GRI Standards and disclose detailed management and performance of the topics in.
- Important topics: Topics with medium level of impact on the economy, environment, and people and medium likelihood of occurrence. Provide full explanation in the Sustainability Report according to GRI Standards and disclose key management and performance of the topics.
- Basic topics: Topics with low level of impact on the economy, environment, and people and low likelihood of occurrence. Most of them are routine issue to be considered as the basic management topic. Only necessary follow-ups are disclosed in the Sustainability Report.
Explanation of Changes in Material Topics in 2022
We identified 20 material topics in 2021. The methodology for identifying material topics was changed so we identified again and adjusted to 19 material topics compared to the previous reporting period in 2022.
Double Materiality Analysis
In addition to considering the impact of material topics on the external economy, environment, and people, SinoPac Holdings also adopted the double materiality analysis in 2022 to understand the potential financial impact of related risks on the Company, to develop the Company's business management strategies, and allocate resources effectively. SinoPac Holdings' executives and senior managers rate the financial materiality of the aforementioned materiality topics on the Company's costs, revenue, reputation, and risks. Then the external impact level was incorporated to identify the double materiality topics that have significant impact on both internal and external entities and create the double materiality matrix.
2022 SinoPac Holdings' Double Materiality Matrix
