Evaluating materiality stands as a critical cornerstone in our quest to understand, prioritize, and address the most pressing issues and concerns of our stakeholders while crafting Farabi's sustainability strategy. The act of reporting on material aspects goes beyond simply revealing data distinct from our internal operational information; it represents a pivotal bridge to our external stakeholders.
This bridge, however, does more than just connect; it provides a valuable pathway within our reports. This pathway can illuminate and guide the assessments and decisions of our stakeholders, enabling them to make informed choices. Moreover, it fosters richer interactions with our stakeholders, potentially catalyzing actions that wield profound influence over our performance or address the most critical subjects of stakeholder interest.
Determining materiality is a critical step in shaping Farabi's sustainability strategy, serving as the compass that guides us in recognizing, prioritizing, and effectively addressing the primary concerns and interests of our stakeholders. This process of reporting on material aspects involves crafting information tailored specifically for external stakeholders, which may differ from the data used internally for daily management purposes. Nevertheless, this external information holds a significant place in our reports, as it can inform the evaluations and decisions of stakeholders, fostering engagement and potentially leading to actions that significantly impact our performance or address crucial matters concerning stakeholders.
Incorporating stakeholder engagement stands as a foundational pillar of our sustainability approach, as the interests, expectations, and requirements of stakeholders not only direct where we should channel our economic, environmental, and social efforts but also shape our definition of sustainability success as an organization. It is paramount to pinpoint the most influential stakeholder groups and understand the ways in which they mutually impact each other to ensure the triumph of our sustainability strategy.
The initial stage of stakeholder engagement was a meticulous process that involved identifying our stakeholders and mapping their associated sustainability concerns and interests. This identification process was based on criteria such as whether these entities directly affect our operations and, conversely, which individuals or groups are impacted by our actions and operations. All these stakeholders have been systematically identified, as illustrated in the Farabi Integrated Management System (FIMS) Stakeholder Engagement process diagram provided above. By prioritizing and addressing the material concerns and interests of our stakeholders, we not only ensure the relevance of our sustainability strategy but also demonstrate our commitment to transparency, accountability, and meaningful dialogue, ultimately driving positive change and contributing to our long-term sustainability objectives.
The initial step in constructing a survey questionnaire involves determining the subjects or dimensions that will be addressed within the survey. In our case, we have fully embraced the comprehensive aspects outlined in the GRI Standards framework. Consequently, we assess and receive evaluations from stakeholders based on these chosen dimensions.
Throughout the year, we have actively engaged with all our stakeholders, taking into account their suggestions and feedback to enhance our operations whenever feasible. The nature and frequency of our interactions vary for each stakeholder, contingent on the level of influence they hold. Our approach to conducting surveys aligns with the Stakeholder Engagement process established by the Farabi Integrated Management System (FIMS).
