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Analysis of materiality

In 2017, OMV Petrom completed the materiality analysis of the sustainability topics in compliance with the new legal requirements,  the GRI Standards – Core Option and European Directive 95/2014 provisions, transposed into national law through Ministry of Finance  Orders No. 1.938 / 2016 and No. 2844/2016.
It was the first materiality analyses included in the first Non-financial Report of the Group. In the past, OMV Petrom followed the same materiality as OMV Group. In order to maintain an objective and independent view on the material topics, we have conducted this process together with an external party. Essential for this process was to consider stakeholder interests as well as significant economic, environmental and social impacts of OMV Petrom’s business. The extensive materiality analysis, involving internal and external stakeholders, will be repeated every four years or if significant changes in the business or market environment occur.

Materiality process

The materiality analysis consisted of the following phases:

  • Relevant stakeholders and sustainability topics identification

As the first step, OMV Petrom’s relevant stakeholders were identified and prioritized during a workshop with participants from different corporate functions and business divisions.

Then, a benchmarking analysis based on peer sustainability reports and sustainability standards and methodology was taken in consideration, followed by  internal meetings organized with employees, covering all business segments in order to establish the risks and opportunities associated with the specific sustainability topics along the OMV Petrom value chain. 

  • Relevant sustainability topics prioritization

Based on the impacts, risks and stakeholders interests identified, a list of relevant sustainability topics was consolidated for further prioritization. The topics were assessed and then prioritized from both stakeholders and business impact perspective through an online questionnaire and expert interviews. A total of 322 internal and external stakeholders have been engaged in this process.

  • Materiality Matrix realization

The results of the topic prioritization (from online questionnaire and expert interviews) were evaluated and consolidated into a Group materiality matrix. This contains 13 topics with the highest priority according to the influence on stakeholders and the significance of economic, environment and social. The Executive Board has acknowledged the new materiality topics.

For reporting purposes the 13 topics have been clustered into five major groups that also correspond to the Sustainability strategy:

  • Health, Safety, Security and Environment
  • Carbon Efficiency
  • Innovation
  • Employees
  • Business Principles and Social Responsibility