A materiality assessment that aligns with the Global Reporting Initiative (GRI) standards is used by the Company as a guideline to respond to the needs of its internal and external stakeholders. This ‘materiality matrix’ is designed by considering the level of impacts on its stakeholders’ evaluation and discretion along with the overall impacts of the Company and its subsidiaries on economy, society and environment. The assessment procedures are as follows:
- Materiality Identification
The Company has identified 14 materiality topics from the collection of global sustainability trend and the topics that top related industrial companies pay attention to the most. Positive and negative effects of the business group’s operation on 10 groups of stakeholders and their expectations towards business group has also been taken into consideration.
- Materiality Prioritization
To ensure that all Company’s and stakeholders’ materiality has been reached, materiality prioritization is considered to be part of the materiality assessment process of GRI standards which aims to formulate sustainable development strategies in terms of economy, society and environment of the Company. Moreover, stakeholders’ opinions and interests have been acknowledged and properly included in the sustainability report. The materiality prioritization process had been conducted by asking all 10 groups of the Company’s stakeholders, managements and employees to take part in an online questionnaire about materiality. The results of such questionnaire have been analyzed and used in both materiality prioritization and materiality matrix to identify the importance of each issue based on each group of internal and external stakeholders.
- Materiality Validation
TTA’s important issues had been reviewed and validated by SD Committee and SD Working Group and proposed to the Board of Directors for further consideration and approval. As a result, the Board of Directors has reviewed the important issues that have potential to affect the Company and its subsidiaries as well as external stakeholders.
- Materiality Review
To foster the sustainable development practices throughout the Company, a follow-up plan for materiality management and a disclosure of the actual performance concerning important materiality issues were implemented to meet with reporting standards and requirements. The follow-up is also made and reported to the board of directors regularly.
Results from materiality assessment have been reviewed by SD Committee and Working Group and prioritized based on their importance by considering the information collected from our stakeholders were approved by TTA Board of Directors. Consequently, the results had been processed and assigned by their levels of importance in the ‘materiality matrix’ which are based differently on their sustainable components in the economic, social and environmental aspects. The topic that both internal and external stakeholders of the Company paid attention to the most was Occupational Health and Safety, Human Rights and Labour Practices, Anti-corruption, Waste and Life cycles Management, Quality and Safety of Products and Services, and Human Resources Management.