Gearbulk Integrated Report 2023 - Report - Page 6
GEARBULK
OUR MATERIALITY
ASSESSMENT PROCESS
During 2023, Gearbulk performed a double materiality assessment which was then incorporated into the Company’s strategy
process. The double materiality analysis investigates both how
an organisation impacts the economy, environment and people
i.e., impact materiality (inside-out perspective) and how sustainability issues can have a 昀椀nancial impact on the organisation
i.e., 昀椀nancial materiality (outside-in perspective).
This comprehensive process began with identi昀椀cation of
The di昀昀erent stakeholder input was weighted based on their
an extensive list of potential topics based on our industry,
interest and in昀氀uence in Gearbulk. Stakeholders provided
services, geographical presence as well as stakeholder expec-
valuable input to the analysis through prioritisation of the
tations, peer analysis, sustainability standards and regulatory
topics. The topics were then reassessed based on the scoring
requirements. Impacts on human rights were also addressed
by both Gearbulk and the stakeholders. Final determinations
by the due diligence process which Gearbulk performed under
on material topics were made within the broader context
the Norwegian Transparency Act, as well as the Gearbulk
of our strategy formulation. The outcome of the materiality
enterprise risk management process.
analysis was presented and approved by the Gearbulk Leadership Team as well as the Board of Directors and embedded
The list was subject to internal evaluation by a group repre-
in the corporate strategy.
senting di昀昀erent functions of Gearbulk. Subsequently, this
list was prioritised based on the signi昀椀cance in a short-,
Gearbulk is reporting according to the GRI for the most mate-
medium- and long-term perspective, leading to the creation
rial topics as indicated in white on the matrix on page 56. The
of a condensed short list. Further prioritisation was done by
threshold for reporting was set at topics scored as High (with
considering severity (scale, scope and irremediability) from
a score of more than 12).
insigni昀椀cant to severe and likelihood on a scale from rare to
almost certain.
The following standards are deemed relevant for our material topics:
Rigorous testing of this short list occurred through interviews
with select key stakeholders, including employees, customers,
昀椀nancial advisors, banks and suppliers.
6
Material Topic
Standard
E1 Climate change
GRI 305 Emissions
E2 Pollution
GRI 306 E昀툀uents and Waste / 306 Waste
S6 Occupational health and safety
GRI 403 Occupational Health and Safety
G12 Corruption and Bribery
GRI 205 Anti-corruption
G15 Cyber Security
GRI 418 Customer privacy
INTRODUCTION
