Identification of Material Topics
Identification and Disclosure of Material Topics
To identify material topics, SinoPac Holdings continuously follows and gains insights from international sustainability trends and industry benchmark peers and reviews the material topics in accordance with the guidance and spirit of "GRI 3: Material Topics". By integrating results of due diligence and internal stakeholder surveys annually and conducting questionnaires for external stakeholders biennially, SinoPac Holdings identifies material topics that have significant internal and external impacts on the economy, environment, and people. In 2023, SinoPac Holdings distributed an impact questionnaire to understand internal and external stakeholders’ assessment results of the impact on the external environment and people. Questionnaire were distributed to the 7 stakeholder groups, with 431 completed surveys with valid responses received. SinoPac Holdings then incorporated the results of the survey and the major events occurred in 2023 to adjust the materiality level of the impact issues. After completing the above mentioned analysis, SinoPac Holdings has identified 19 material topics, of which 9 were critical topics, 8 were important topics, and the other 2 were basic topics. Furthermore, 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, and formulate corresponding management policies, strategies, or action plans to reduce the impact of related risks.
For more information, please refer to the chapter "Identification of Stakeholders and Material Topics" in our Sustainability Report.
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 2023
Material analysis result in 2023 remained 19 material topics, of which 9 critical topics, 8 important topics, and 2 basic topics.
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 2023 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.
2023 SinoPac Holdings' Double Materiality Matrix
