AVK CSR 2023-24 web - Flipbook - Page 15
INTRODUCTION TO AVK’S
ESG ORGANISATION AND
CORPORATE
SUSTAINABILITY
REPORTING DIRECTIVE
We see sustainability as an integrated part of our business,
and it is one of the global focus areas for the Group
supported by AVK Holding. Activities and requirements are
coordinated across all the companies of the Group.
ESG organisation
As a global Group, we are encountering
increased demands related to sustainability
initiatives which necessitates enhancing our
data collection and documentation process
across the organisation. To meet these
challenges, we have allocated additional
resources for the 2023/24 financial year
to prepare and future-proof our operations,
ensuring compliance with evolving ESG
standards and reporting requirements driven by
customer expectations and the EU Corporate
Sustainability Reporting Directive (CSRD).
Establishment of Sustainability & ESG
function
From February 1, 2024, a dedicated central
Group Sustainability & ESG function has been
established with reference to AVK Holding’s top
management.
The function, which will ensure anchoring
sustainability across the organisation, has
access to resources from the other AVK
Holding functions (Group Finance - Legal Communications - Supply chain - IT) as well as
staff from our global companies.
Preparing for the CSRD
In the financial year 2023/24, AVK initiated a
strategic implementation of the EU Corporate
Sustainability Reporting Directive (CSRD). A
significant focus area for AVK has been the
compilation of a double materiality assessment.
The purpose of the double materiality
assessment is to identify and prioritise the
Group’s most material impacts, risks, and
opportunities and to guide our focus on key
sustainability topics for further development in
our effort.
This evaluation is crucial to identify areas where
we need to optimise and adjust our internal
processes and reporting systems to ensure
compliance with the ESRS. It also serves as the
foundation for the preparation of the overall AVK
Sustainability Roadmap which is expected to be
completed in early 2025.
In August 2024, we initiated the process of
a double materiality assessment with a topdown focus from the AVK Holding organisation
to underlying operating companies and their
individual value chains.
As a part of the assessment,
a detailed analysis of our
companies and our value
chains including global
suppliers will be
conducted.
Operating
The work with the double materiality
assessment and the gap assessment will
continue in the financial year 2024/25.
Legal
Communication
Companies
Once the materiality
assessment is
completed, we
will perform a gap
assessment. The
purpose of the gap
assessment is to
evaluate our current
position in relation
to the requirements of
the Environmental, Social,
and Governance Reporting
Standards (ESRS) of the CSRD.
Group
Sustainability
& ESG
Supply Chain
IT
Finance
AVK Sustainability report 2023/2024 | 15
