SCBX Group’s path towards sustainability starts from the analysis of economic, social, and environmental ‘impacts’ from our business activities, to identify the direct and indirect, negative and positive aspects in the short and long terms.
The process was performed following the steps for materiality assessment under the Global Reporting Initiative (GRI) Standards. Also, this year we have incorporated the concept of double materiality proposed by the European Commission to our materiality assessment approach.
In brief, the concept of double materiality considers not only the ‘impacts’ from our business activities on environment and society (i.e., ‘Inside-Out’ or ‘impact materiality’) but also ‘impacts’ from sustainability issues to the entity’s financial position (i.e., ‘Outside-In’ or ‘financial materiality’). This provides us a comprehensive view of both financial and non-financial risks, improves transparency and accountability, and offers a competitive advantage by aligning business models with sustainability goals and attracting ESG-focused investors and customers.
As a results, SCBX identified 15 significant ESG topics, in which 2 ESG topics are newly introduced this year, and we will update the sustainability strategy framework based on these materiality topics accordingly.
Under this framework, SCBX will drive efficient and effective sustainability operations across the Group.
Double Materiality Assessment Process
Analyse sustainability issues along the value chain, together with the analysis of changes in key trends and peer industries
Analyse the issues that matter to the internal and external stakeholders i.e., customers, employees, regulators, investors, business Partners, suppliers, and civil society along with actual & potential impacts, negative & positive impacts, and risks & opportunities through stakeholder engagement
Analyse the alignment with SCBX enterprise risk management framework and SCBX strategic business direction to understand the significance, severity, likelihood, and scale & scope of the impacts, risks, and opportunities
Assess and prioritize ESG topics with respect to ‘impact materiality’ and ‘financial materiality’, validate and approval of materiality topics by corporate executives and/or Board of Directors
Result of ESG Materiality Assessment
Remark:
* The topics sort alphabetically.
Independent Third-party Assurance Provider
To ensure that materiality assessment process is completeness, accurate, and aligns with the Global Reporting Initiative (GRI) standards, as well as the concept of Double Materiality proposed by the European Commission, SCBX engaged with an independent third-party assurance provider to verify the process of materiality assessment.
Impact Valuation
Impact valuation helps businesses understand and manage their impacts on the well-being of their stakeholders and the environment. This leads to decision-making that creates value for all, not just shareholders. In the era of stakeholder capitalism, this approach is increasingly recognized as a method to drive business value while addressing social and environmental challenges.
For SCBX, impact valuation provides valuable data that aids in developing its strategies to mitigate negative societal and environmental impacts while identifying opportunities for positive outcomes. This approach also enhances the Group’s resilience.
Overview
Policies
Plant Digital Seed
Enriching Lives
Growing Economic Resilience
Reaching Climate Neutrality
Strengthened Foundation
Progress
Report and Disclosures
