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SustainabilityMateriality (material business issues)
Materiality (material business issues)
Under the Medium-Term Management Plan (FY 3/24-FY 3/26) announced in May 2023, Penta-Ocean Construction Group set a goal to aim for: A genuine global general contractor who practices sustainable management and contributes to sustained social development through sustainable construction business activities.
To work towards the above goal, we promote our core business growth strategies and sustainability management with focus on ESG (Environment, social and governance), as two inseparable elements of our corporate management.
In promoting sustainability management, we will pursue two distinctive goals of medium- to long-term corporate growth and sustainable development of society. To this end, we have identified materiality, or material business issues, on which we need to prioritize our resources.
More specifically, we have identified the followings as our eight materiality issues;
1. Responding to climate change issues
2. Creation of a rich environment
3. Construction of high-quality social infrastructure and buildings
4. Enhancing technology development and technical capabilities
5. Promotion of diversity and inclusion
6. Respecting human rights and building sustainable supply chain
7. Ensuring occupational health and safety
8. Promotion of effective governance
For each of the issues above, we established specific policies, structures and metrics to assess the implementation progress.
POC Group's Materiality (material business issues)
Materiality identification process
Step 1 Material topics selection (October - November 2022)
We selected 23 social and environmental issues to be considered through the analysis of various international ESG frameworks including SASB and GRI standards, and the assessment of items identified as material by our construction industry peers at home and abroad, while receiving feedback from outside experts.
Step 2 Assessment of selected topics (November 2022 – March 2023)
1. Assessment of importance to stakeholdersBased on various types of information including questionnaires received from clients, ESG surveys and reports from international organizations and NGOs, we analyzed the level of interest of our stakeholders in each issue and conducted a comprehensive evaluation of their importance to stakeholders.
2. Assessment of importance to POC
We established a team consisting of members selected from the Civil Engineering Divisions Group, the Building Construction Divisions Group, the International Business Unit, as well as administrative staff, branch office staff, and staff from other departments related to each issue, to study their material impact on our business. By involving outside experts to provide us insights through dialogue meetings, we deepened our understanding of the 23 issues identified in step1, and discussed risks and opportunities that we shall focus on from medium- to long-term perspectives, as well as their importance to our businesses.
Step 3 Identification of materiality (March 2023 – April 2023)
In accordance with the results of Step 2, materiality issues were plotted based on the two axes assessment: importance to stakeholders and importance to POC.
Step 4 Management review and disclosure (May 2023)
After review by the management, the eight materiality issues and their characterization were presented and discussed at the CSR Committee in May 2023. Upon the approval by the Board of Directors, they were announced in the Mid-term Management Plan (FY 3/24-FY 3/26).Our Eight Materiality Issues and Their Characterization
