In March 2021, Top Glove conducted a formal and comprehensive materiality assessment to identify critical ESG issues which drive our long term value creation and have a significant impact on the Company's business performance.
The assessment was led by the Sustainability Steering Group and undertaken by an independant third party to ensure objectivity and complete confidentiality.
In July 2022, Top Glove conducted a high level refreshed materiality assessment after FY2021's fomal and comprehensive assesssment in view of the transition phase which the glove industry is facing post pandemic.
The assessment was conducted by the Sustainability Steering Group and the results were externally assured by SIRIM.
A holistic approach was adopted in conducting the assessment, towards ensuring that issues identified were material to the Company's performance, thereby enabling us to effectively prioritise and allocate resources to address the issues.
For FY2023, we took the important step of conducting a materiality validation, which has been thoroughly reviewed and received approval from our Board of Directors. This validation process considered a range of internal and external factors, including:
1) External and internal stakeholder expectation
2) Peer assessment
3) Global mega trends and global risk
4) External ESG ratings requirement
After conducting a thorough review and validation process, we have identified 16 material issues that are integral to our operations. This refined list now excludes infectious diseases and indirect economic impacts as material topics. Furthermore, we have recognised GHG emissions as a vital component of our material matters for FY2023. GHG emissions are a crucial focus area for our sustainability efforts, reflecting our commitment to addressing environmental concerns and reducing our carbon footprint.