Our sustainability philosophy is firmly centered on the materiality concept, i.e. addressing the most critical sustainability concerns of the company and its stakeholders through a materiality analysis (carried out as per GRI and AA1000 guidelines). This analysis considers aspects and activities that have the potential to generate the most significant impact or influence on our stakeholders as well as on the company. This way, we have been able to prioritize and focus on the most pressing challenges under economic, social and environmental spheres, and attempt to minimize negative impacts, maximum positive impacts and convert risks into opportunities within each one of them.
Our approach to materiality comprised the following:
- Review stakeholder groups and compile issues raised through engagement and by interest groups and media
- Review issues raised from internal risk assessments and through recommendations of the Sustainability Committee
- Review requirements of voluntary & regulatory initiatives
- Review sustainability concerns of the industry in general
- Rate the level of importance to Maga and all stakeholders through the application of Materiality Tests
- Devise action plans based on addressing the most critical sustainability concerns