Vopak aims for transparency and an open dialogue with its various stakeholders.
Transparency is key to creating trust. An open dialogue provides us with valuable insights into our business and operating environments and helps us to be a responsive and responsible member of the communities in which we operate.
In 2019 Vopak reconsulted with its stakeholders for the purpose of a materiality analysis. The results served as input for the 2019 annual report and strategic decisions in the years to come. The previous materiality analysis was conducted in 2016, which served as a baseline for the 2019 materiality analysis.
The process of this materiality analysis is in accordance with the Sustainability Reporting Standards of the Global Reporting Initiative. And adheres to the following steps:
Completeness of topics & stakeholders
A comparative analysis was executed to update the list of material topics used in the 2016 survey. Previous topics were compared with relevant sustainability-related guidelines to assess if new topics emerged or were missed (GRI, SDG’s, DJSI). This analysis confirmed that the topics identified in 2016 were still valid for the 2019 survey.
The stakeholders were chosen over nine groups. All stakeholder groups were included in the materiality analysis. Contact details were collected throughout the organization. We strived to gather at least 10 stakeholders per individual group in order to gather the most important stakeholders for Vopak. A global distribution of stakeholders was essential.
Survey & response
In total, we invited 10 stakeholder groups (with 131 individuals, of which 55% responded). Contact details on the individual stakeholders were collected throughout the organization to gather the most important stakeholders for Vopak. A global distribution of stakeholders was essential.
Authorities (e.g. governmental organization, port authority), business partners (i.e. joint venture partner), customers, employees, financial and capital market, neighbors and/or local communities, NGOs, Suppliers, youth (to ensure that the voice of the future (stakeholders) is heard) and senior management
Analysis & Results
The data was collected anonymously and analyzed where each stakeholder group had equal weight in the determination of the importance of each topic.
Next to this, a separate question was added to identify if there were other topics that needed to be added to the list. Additional topics outside the list were indicated, but these suggestions did not result in the creation of a new topic.
A total of ten stakeholder groups and their key topics were identified:
The table below summarizes the expectations and interests of our stakeholders and the topics that they regard as key topics. It should be noted that this reflects the overall outcome per stakeholder group from our stakeholder engagement. Expectations, interests and key topics may vary for each individual stakeholder.
Our response to the overall key topics and concerns of our stakeholders is embedded in the notes to the topics in the Sustainability chapter of our annual report.