Stakeholder Engagement and Materiality


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Stakeholder Engagement and Materiality



We conduct materiality assessments at least every three years to better understand stakeholders' expectations, risks and opportunities they perceive as important to the Company's long-term value creation.


Our last full materiality assessment was done in 2019 and the list of material issues is presented in a Materiality Matrix (see below).


This report has been written to address all the material areas, as per GRI requirements.


SPO's key stakeholder groups and areas of concern can be found here. We define stakeholders as internal and external interest groups who have a significant impact on our business or those who in reverse are significantly affected by our operations.


SPO's Response to the Pandemic


Given the impact that COVID-19 had on the world and the shipping industry, we engaged with our internal stakeholders via an online questionnaire to identify specific sustainability issues that emerged or changed in importance during the pandemic. We asked our seagoing and shore-based employees for their views on the areas of material importance to them and our operations in 2020 and beyond.


404 responses were received:


  • 326 seagoing employees
  • 78 shore-based employees

On the list of the top areas that were important to our employees at sea and ashore are "Health, mental wellbeing and Safety", followed by "Regular communication with employees" and making sure that "Our operations are ethical at all times".


The new issues that emerged because of COVID-19 are the importance of "Regular communication with our employees" and "Protecting the human rights of our employees" (related to crew changes during the pandemic, which became, and remain at the time of writing, very difficult). They are addressed under the People section of the report. Continued focus on reducing our environmental impact is addressed in the Environment section of the report.


We will consider if these additional issues need to be included in the Materiality Matrix when we refresh our materiality assessment involving a broader range of stakeholders.



Areas of importance to SPO's operations during 2020


Areas of Importance for Shore-based employees



SPO

Areas of Importance for Seagoing employees



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Materiality Matrix


SPO
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We define stakeholders as internal and external interest groups who have a significant impact on our business or those who in reverse are significantly affected by our operations.

Top: Photo by Matthew Albanus, Master, SPO