ISG Middle East Materiality Survey
In 2023 we conducted our first formal materiality assessment in the Middle East to help identify and assess the issues that are most important to our stakeholders, and how satisfied ae they with ISG’s strategy in delivering against each of the identified priorities.
The full materiality review will ensure our business strategy remains closely aligned with our stakeholders’ economic, environmental, social and governance drivers. We applied a ‘unique’ methodology to better align with the Global Reporting Initiative (GRI) and Task Force on Climate-related Financial Disclosure (TCFD) guidance. We aim to complete a full materiality assessment every three years, with annual Board reviews of materiality-related stakeholder feedback.
Four-stage methodology
1. Identification of actual and potential impacts which were categorised to relevant topics for the survey. This included workshops with a wide range of employees, as well as identification of impacts on the economy, environment and people across ISG’s activities and business relationships. In total, 17 topics were identified in five categories (customers, employees, environment, social and governance).
2. Stakeholder engagement: we developed an online materiality survey based on the identified topics. In total, 141 surveys were sent out to different external stakeholder group including individuals from our supply chain customers, and consultants.
3. Prioritisation of material topics according to proportionally, how very or very extremely important they were to stakeholders, and how satisfied are they with ISG’s business strategy in addressing these materials.
4. Results and materiality matrix: we classified the material topics into two categories (high importance and focus areas) and presented the results in a materiality matrix.
Materiality matrix
Our materiality matrix is the output of our 2023 materiality assessment and shows the proportion of topics rated as very or extremely important for our stakeholders and to ISG.
The 100% satisfaction rate attests to ISG’s commitment to Quality and Health & Safety. The survey also identified crucial areas for improvement within ISG in the Middle East, covering supply chain solvency, skills enhancement, cybersecurity, data protection, and Social Value considerations.
In response to feedback where importance and satisfaction levels surpass 80%, we are dedicated to maintaining our high standards and addressing any concerns. For aspects falling below the 80% importance threshold from stakeholders but aligning with the ISG’s core values, such as circular economy initiatives and skills development, we are actively working to raise awareness, enhance training, and make advancements in these areas.
The key identified priorities to be addressed by ISG in the Middle East include the following:
