In 2023, Vitasoy conducted a materiality assessment that adhered to the double materiality principle. We evaluated our actual and potential, positive and negative, intended and unintended impacts on the environment and people, and examined how sustainability-related factors and trends may impact Vitasoy’s business
This research offered an opportunity to engage stakeholders in Chinese Mainland, Hong Kong, China and Australia while the assessment results provided insights to help formulate Vitasoy’s sustainability strategy in the years ahead.
The process involved both employees of different levels and external stakeholders such as suppliers, customers, investors, academics, media, NGOs, corporate peers, and consultants/research think tanks. We identified them based on their expertise and working relationships with the Group. They were invited to complete an online quantitative survey based on a list of environmental, social and governance issues shortlisted by Vitasoy’s Sustainability Committee.
Based on Vitasoy Sustainability Framework, we identified and consolidated a comprehensive list of sustainability topics through research on global trends, industry priorities, and recognised reporting standards.
Engaged with764 stakeholders, including employees, customers, investors, suppliers, non-profit organisations, and key stakeholders across multiple markets, through an online survey. Participants evaluated the importance and impact of ESG topics, and the results were analysed using a structured scoring and tiering approach to prioritise 20 the most material issues.
Conducted in-depth interviews with selected key stakeholders and carried out internal cross-functional reviews, engaging senior management and risk owners to validate the material topics and provided deeper insights into how ESG issues impact both stakeholder expectations and business performance.
The identified material issues were incorporated into our sustainability strategy and framework, ensuring alignment with business priorities. A double materiality approach was applied, linking ESG topics to both stakeholder relevance and financial impact, and reviewed by senior leadership committees to guide decision-making and target setting.
The outcomes of the materiality assessment inform our sustainability reporting and ongoing disclosures. We communicate our material ESG issue through our reports and corporate website, ensuring transparency, accountability, and regular stakeholder engagement.
The key output of this assessment process is the materiality matrix which prioritised ESG issues against two aspects: “Impact to business continuity and development” and “Impact to society and the environment”.
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