The materiality analysis is updated annually, to reflect internal and external developments, and approved by Hydro's Corporate Management Board. The materiality analysis forms the base for our reporting (link to reporting approach), where we report according to the GRI Standards.
The analysis is based on our continous stakeholder dialogue with key stakeholders and collected and evaluated by relevant specialists and leaders.
Hydro’s 2020 materiality assessment
Topics are prioritized in four quadrants, but not prioritized internally in each quadrant.
The matrix is based on the GRI Standard 101 Foundation 2016 and has been approved by Hydro’s Corporate Management Board.
The green topics represent those that are most material to Hydro, while topics that are strikethrough, are considered not material.
We have chosen to merge and rename certain aspects in the matrix to make the titles more relevant to Hydro and thus also more intuitive to our stakeholders. An overview of these changes can be found on www.hydro.com/gri.
The main changes compared to 2019 are:
- Anti-competitive behavior, Anti-corruption and data privacy have been merged into one topic in the materiality matrix
- Bauxite residue, tailing and dam safety renamed Bauxite residue and tailings management, in line with Brazil report
- Diversity and equal opportunity renamed Diversity and inclusion
- Emergency preparedness and security renamed Emergency preparedness and response
- GHG emissions and energy renamed Energy, GHG and other emissions, in line with Brazil report
- Occupational health and safety renamed Health, safety and security to also include community health and security
- Individual and organizational development renamed Organizational capabilities and culture. Topic includes learning, leadership and succession planning. Moved to most material topics.
- Pandemics added as one of the most material topics. The topic also influences topics such as emergency preparedness, impact on local communities, health, safety, security and compliance
- Innovation and design thinking renamed Innovation
- Fines and other sanctions have been removed as material topic as it is a consequence of other topics
- Tax as topic is deemed material, and is part of the broader topic “Indirect economic impact”
- Topics marked (HD) are defined by Hydro in addition to the GRI defined topics.