To succeed in our sustainability endeavours, top-level commitment, and representation across lines of business is crucial. Consequently, we have a Sustainability & ESG committee consisting of Executive Vice Presidents and Vice Presidents representing Human Resources, Marketing, Sales, Innovation, Global Operations and Finance as well as our Chief Risk & Compliance Officer. The committee meets with the Director of ESG once a month to make sure that material sustainability & ESG issues, activities and targets are anchored and executed across Ambu’s functions and operations. Our CEO and CFO approve policies, reporting and selected processes.
In 2021, Ambu went through its first ESG (environment, social and governance) materiality assessment to identify the most important and impactful areas on which to focus our efforts in the coming years, and ensure we deliver on our strategy to grow sustainably for our people and our planet.
In developing the materiality assessment process, we drew inspiration from best practice methods recommended by reputable reporting standards organizations and best in class companies. This resulted in a 6-steps process carried out during the first six months of 2021. To ensure that we always focus on the most material and impactful areas in our ESG work, regular brush-ups of the process will be carried out as part of the annual reporting cycle.
Ambu’s materiality assessment includes an analysis of various external sources ranging from ESG-related regulations and legislations, investor demands, global reporting standards, frameworks, guidelines and requirements along with the annual World Economic Forum Global Risks Report and the annual State of Green Business report. We also incorporate inputs and feedback sessions with internal stakeholders, including members of our Sustainability & ESG Committee as well as our CEO, CFO, Executive Leadership Team (ELT) and Directors and Vice Presidents of various departments within Ambu.
Our initial analysis based on external sources resulted in a long list of more than 300 individual issues which were grouped into 49 overall issues and assessed on the basis of importance to Ambu, on the one hand, and importance to external stakeholders on the other. Then issues were grouped into 23 material topics that were entered into a matrix which shows the distribution of the topics in terms of importance for Ambu and our stakeholders.
Material ESG topics and issues
The matrix below provides an overview of Ambu’s most material ESG topics which will serve as our baseline for future materiality assessments as well as guidance for our work with sustainability and ESG in the coming years.