Solvay bases its materiality analysis process on the Sustainability Accounting Standards Board (SASB) materiality approach. It offers an exhaustive, validated list of material aspects to start with, as listed in the SASB’s Materiality MapTM. Below are more details about Solvay’s assessment for each aspect.

  • Moderate
  • High
  • Priority

Business model and innovation

Issues

 

Definition

 

Evidence of interest

 

Evidence of financial impact

 

Forward looking adjustment

 

Materiality

Sustainable Business Solutions

 

Chemical products economical, environmental and social impacts throughtout the supply chain

 

High materiality for the chemical industry;
Solvay is more CO2-intensive than the chemical industry average

 

High
Revenue/cost: yes
Asset/liability: yes
Cost of capital: no

 

Yes
Probability/magnitude: yes
Externalities: yes

 

Environment

Issues

 

Definition

 

Evidence of interest

 

Evidence of financial impact

 

Forward looking adjustment

 

Materiality

Energy

 

Energy production and consumption optimization and management of energy transition

 

High
High materiality for the Chemical industry
Solvay is more energy-intensive than the chemical industry average

 

High
Revenue/cost: yes
Asset/liability: yes
Cost of capital: no

 

Yes
Probability/magnitude: yes
Externalities: yes

 

Greenhouse gas emissions

 

Scope 1 and 2 greenhouse gas emissions reduction

 

High
High materiality for the Chemical industry
Solvay is more CO2-intensive than the chemical industry average

 

High
Revenue/cost: yes
Asset/liability: yes
Cost of capital: no

 

Yes
Probability/magnitude: yes
Externalities: yes

 

Air quality

 

Air pollutant emissions reduction

 

High
High materiality for the Chemical industry

 

High
Revenue/cost: yes
Asset/liability: yes
Cost of capital: no

 

Yes
Probability/magnitude: yes
Externalities: yes

 

Water and wastewater

 

Management of water withdrawals, dicharge and consumption

 

High
High materiality for the Chemical industry

 

Medium
Revenue/cost: yes
Asset/liability: yes
Cost of capital: no

 

Yes
Probability/magnitude: yes
Externalities: yes

 

Waste and hazardous materials

 

Management of hazardous materials in raw materials, intermediate products, sold products and wastes

 

High
High materiality for the Chemical industry
REACH/SVHC; Kyoto protocol

 

High
Revenue/cost: yes
Asset/liability: yes
Cost of capital: no

 

Yes
Probability/magnitude: yes
Externalities: yes

 

Human Capital

Issues

 

Definition

 

Evidence of interest

 

Evidence of financial impact

 

Forward looking adjustment

 

Materiality

Diversity and inclusion

 

Non-discrimination and diversity management in operations and management structures

 

High
Specific item of 2014/95/EU
High for 4 pilot GBUs (regional)

 

Medium
Revenue/cost: yes
Asset/liability: no
Cost of capital: no

 

Yes
Probability/magnitude: yes
Externalities: yes

 

Employee health and safety

 

Occupational safety, industrial hygiene and health management of employees and contractors

 

High
High materiality for the Chemical industry

 

High
Revenue/cost: yes
Asset/liability: yes
Cost of capital: no

 

Yes
Probability/magnitude: yes
Externalities: yes

 

Employee engagement and well-being

 

Labour relations, employee well-being

 

High
Historical commitment of the Solvay Group since its foundation

 

Medium
Revenue/cost: yes
Asset/liability: yes
Cost of capital: no

 

Yes
Probability/magnitude: no
Externalities: yes

 

Social Capital

Issues

 

Definition

 

Evidence of interest

 

Evidence of financial impact

 

Forward looking adjustment

 

Materiality

Customer welfare

 

Customer relations management, customer loyalty, Net Promoter Score

 

Medium
High for some business units (access to customers’ development pipeline)

 

High
Revenue/cost: yes
Asset/liability: no
Cost of capital: no

 

Yes
Probability/magnitude: yes
Externalities: yes

 

Societal actions

 

Corporate citizenship and philanthropy
Business programs for social needs

 

High
May be linked to license to operate

 

Low
Revenue/cost: no
Asset/liability: yes
Cost of capital: no

 

No
Probability/magnitude: no
Externalities: no

 

Leadership and Governance

Issues

 

Definition

 

Evidence of interest

 

Evidence of financial impact

 

Forward looking adjustment

 

Materiality

Management of the legal, ethics and regulatory framework

 

Alignment to ethics and regulatory frameworks

 

High
High materiality for the Chemical industry;
Rising legislative requirements for the chemical industry

 

Medium
Revenue/cost: yes
Asset/liability: yes
Cost of capital: no

 

Yes
Probability/magnitude: yes
Externalities: yes

 

Critical incident risk management

 

Process safety programs and management of environmental accidents’ consequences.

 

High
High materiality for the Chemical industry

 

High
Revenue/cost: yes
Asset/liability: yes
Cost of capital: no

 

Yes
Probability/magnitude: yes
Externalities: yes