Focusing on materiality
To meet our holistic commitment to sustainability and to take a targeted approach despite limited resources, OSRAM launched a comprehensive process through which we intend to ensure that our engagement is concentrated on those areas where we have the greatest possible influence.
This cross-functional and cross-divisional multi-stage materiality process enables us to focus our energies in terms of sustainability management. We can be involved in particular where, as a result of changing markets, changing business models and the broad perceptions of various external stakeholders, we have great responsibility and at the same time have a lever that will allow us to meet these challenges. It allows clear prioritization and enables us to fulfill our role and responsibilities in society and integrate an awareness of sustainability even more forcibly and tangibly in our corporate strategy and day-to-day business processes.
In fiscal 2015 OSRAM expanded the materiality analysis. After the Council had taken OSRAM’s and stakeholders’ viewpoints into account and assessed sustainability topics from both an internal and external perspective, we incorporated external stakeholders in the materiality analysis for the first time, particularly, in relation to the perspective from outside the Company. Representative members of each stakeholder group assessed preselected sustainability topics, and the results were discussed and confirmed by the Sustainability Council.
In the economic dimension, the key topics are:
- Operational & Brand Excellence
- Innovation Management
- Corporate Governance
In the environmental dimension, the key topics are:
- Product Responsibility
- Operational Eco-Efficiency
- Climate Strategy
From the social perspective, the key topics are:
- Labor Practices
- Occupational Health and Safety
- Human Capital Management