Analysis of materiality
In 2017, OMV Petrom conducted the first materiality analysis which was included in the Non-financial Report of the Group. 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, translated into national law through Ministry of Finance Orders No. 1.938 / 2016 and No. 2844/2016. In the previous reporting processes, 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. In this process we consider all 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, is repeated every three years, as well as in the cases when significant changes in the business or market environment occur.
In the second part of 2020, we implemented an analysis and consultation process to update the materiality matrix and redefine our sustainability priorities.
The materiality analysis consisted of the following phases:
• Stakeholders analysis
As the first step, the stakeholders’ analysis was done during a workshop with participants from different corporate functions and business divisions. The stakeholder groups engaged in the materiality analysis were OMV Petrom employees, suppliers and contractors, customers, investors, universities and research institutes, industry associations, NGOs, local communities, central authorities, media.
• Topics identification
In order to identify all relevant sustainability topics, a benchmarking analysis was prepared, based on different analyses that were conducted: peer sustainability reports, reporting standards (Global Reporting Initiative, IPECA, Sustainability Accounting Standards Board), industry trends and other relevant sources (e.g., investors requirements, ESG rating agencies questionnaires). This phase was followed by internal workshops, organized with employees, covering all business segments, in order to establish the risks and opportunities associated with specific sustainability topics along the OMV Petrom value chain. For each topic, we identified the potential impacts the Company can have on the society and the environment and the impacts the sustainability topics could have on the Company’s activities. As a main result of this analysis, we obtained a number of 27 potentially relevant categories of topics, which were afterward streamed down to a list of 11 relevant sustainability topic categories, containing 56 topics that are relevant for OMV Petrom.
• Topic prioritization
Based on the impacts, risks and stakeholder interests identified, a list of relevant sustainability topics was consolidated for further prioritization. The topics were assessed and then prioritized through online focus groups and online quantitative surveys that involved more than 600 internal and external stakeholders. All of the identified topics were considered material. The sustainability topics were then grouped into nine categories, containing 27 topics to facilitate the reporting process.
• Materiality matrix
As a last phase of the process, the results of the topic prioritization (from online questionnaires and focus groups) were evaluated and consolidated into a materiality matrix. The sustainability topics are grouped into nine categories, containing 27 topics. The Executive Board has acknowledged the new materiality topics.
For reporting purposes, the nine categories were clustered into five major groups that also correspond to the Sustainability strategy:
• Health, Safety, Security and Environment
• Carbon Efficiency
• Business Principles and Social Responsibility