1: Research & Benchmarking
We identified key ESG factors relating to Sibelco and benchmarked ourselves against industry peers, customers and other businesses regarded as leaders in sustainability. This included an in-depth review of multiple companies’ sustainability reports and an assessment of how Sibelco can best contribute to the United Nations’ Sustainable Developments Goals.
2: Impact Mapping
ESG areas presenting the biggest risks and opportunities for Sibelco were highlighted and a draft list of relevant sustainability categories was drawn up.
3: Stakeholder Engagement
The insights gained were then used as a basis upon which to conduct interviews with Sibelco employees, shareholders, board members, customers, local communities, representatives of unions, NGOs, banks and insurance companies. The interviews helped us to build a deeper understanding of sustainability priorities in relation to different parts of our business including market trends, customer expectations, a changing recruitment landscape and challenges relating to our licence to operate.
4: Analysis & Evaluation
All information was evaluated and quantified in order to create the framework of Sibelco’s materiality matrix (overleaf) with provisional goals, KPIs, strategies and partnerships identified.
5: Validation
Discussions were held with our Executive Committee and with our board level Sustainability Committee to determine Sibelco’s level of ambition and agree our sustainability priorities with associated goals and KPIs. Our final priorities and targets were validated by the Board of Directors in September 2022.
6: Integration
Sibelco’s priorities and targets are widely communicated to our people. A board level Sustainability Committee was created at the start of 2022. This Committee, together with a management level ESG Committee, steers the implementation of our sustainability strategy.
