To ensure we prioritize the issues that have the most impact on the economy, society and the environment, and that most influence the decision-making of our stakeholders, we conducted a first formal materiality analysis in September 2019. The assessment reviewed our practices and processes against external benchmarks such as AA1000 Stakeholder Engagement Standards and the Global Reporting Initiative Framework. The assessment is intended to help us channel our ESG efforts and improve our process.
An issue is material to uab bank if it meets two conditions.
The materiality analysis is based on a continuous process that include consideration, if not compliant to, international Corporate Social Responsibility (CSR) Standards. Following factors were considered while identifying material issues:
The issues identified were placed on a matrix (see below), their position relative to the degree of stakeholder interest and potential business impact. These results represent the material issues facing our business. It shall be noted that all issues on the Map regardless of where they fall are relevant to the company.