In 2014, Wärtsilä updated the assessment of material sustainability topics. The process included an assessment of economic, environmental, and social aspects from the stakeholders’ point of view and as an impact to Wärtsilä’s business. Stakeholder views were collected through a questionnaire answered by 96 key stakeholder contacts in various Wärtsilä units and functions worldwide. The aim of the stakeholder questionnaire was to evaluate how important different sustainability aspects are for assessments and decision-making of Wärtsilä’s stakeholders. Sustainability aspects for the stakeholder evaluation were identified based on Wärtsilä’s previous experience on material sustainability topics, industry peer review, and analysis of significant economic, environmental and social impacts in Wärtsilä’s value chain. Focus on stakeholder assessment was in investors and financiers, major customers, personnel, local societies, and media.
The significance of identified aspects was then analysed as a current or potential business impact on Wärtsilä. The business implications of identified sustainability aspects were evaluated based on direct financial impacts as well as risks and opportunities. In addition the level of internal policies or practices were used as an indication of potential business impact.
As a result of the materiality assessment, the following aspects were identified as material for Wärtsilä:
- Environmental impacts of Wärtsilä’s products and services
- Compliance with laws and regulations
- Economic impacts to stakeholders
- Personnel skills and development
- Anti-corruption and –bribery, and
- Occupational health and safety
In addition to the identified material aspects Wärtsilä discloses sustainability data on several other areas, because they are frequently asked by Wärtsilä’s stakeholders or they are considered important on the basis of continuity of sustainability reporting.
Aspect boundaries for the identified material aspects were then evaluated in reflection to the sustainability context that is based on the significance of their economic, environmental, and social impacts in our value chain. A more detailed description of the aspect boundaries and completeness of data collection for the identified material aspects can be found in our sustainability report.