Part 2

As EFRAG (European Financial Reporting Advisory Group) updated its guidance on double materiality at the end 2023, we revised certain steps of our double materiality process. We refer to this revision as Part 2 of our double materiality assessment (DMA). In Part 2, we developed a Value Chain Map and an Impact, Risk & Opportunity (IRO) register based on EFRAG guidance. Additionally, we determined materiality based on an IRO-level perspective.

Value chain mapping

Part of the assessment in Part 2 was to understand our value chain and how our chosen sustainability matters impact this chain. The exercise gave us a visual representation of our operational landscape, highlighting our operations, and upstream and downstream activities.

IRO register

We compiled the IRO (Impact, Risk & Opportunity) register using multiple sources, including insights from interviews, business review analysis, sustainability experts and double materiality assessments.

Each individual IRO was scored based on parameters. On completion, we set a threshold to determine the material IROs and, consequently, the sustainability matters to focus on.

Sustainability matters

The five key sustainability matters identified are:

• Mobility transition and Liveability

• Energy

• Digitalisation and innovation

• Renovation and maintenance

• Climate change mitigation

For these sustainability matters we are developing policies and roadmaps, together with KPIs (key performance indicators) and targets, performance management and internal controls.