Materiality Topics
Materiality Assessment GRI 3-1
Process to Determine Material Topics
GC has reviewed key sustainability issues related to both internal and external business operations throughout 2022 by taking into consideration the company’s risks and stakeholder expectations as well as sustainability trends and directions in the petrochemical industry. In doing so, GC has implemented the principles of the Global Reporting Initiative (GRI) Standards 2021, the Dow Jones Sustainability Indices (DJSI), Integrated Reporting Framework (IR), Sustainability Accounting Standards Board (SASB), International Financial Reporting Standards by International Sustainability Standards Board, (IFRS by ISSB), the Task Force on Climate-related Financial Disclosures (TCFD), The Securities And Exchange Commission (SEC), and the United Nations Sustainable Development Goals (SDGs). GC annually conduct materiality analysis, which the result will support decision making on appropriately defining and planning policy and sustainability strategy.
The materiality analysis comprises four main steps as follows:
Step 1
Understand The Organization’s Context
Step 2
Identify Actual and Potential Impacts
Step 3
Assess the Significance of the Impacts
Step 4
Prioritize the Most Significant Impacts for Reporting
Material Topics (GRI 3-2)
Based on the aforementioned process to determine material topics, GC has taken steps that are in full compliance with the GRI standard. Each sustainability issue has been assessed on its impact level as shown in table below:
Impact Level of Each Sustainability Issue

In addition, GC has analyzed the impact proportion of each material topic on all groups of stakeholders:
Impact Proportion of Each Material Topic on Stakeholders

GC’s Double Materiality Assessment 2022 (GRI 3-3)
Climate Strategy and Energy Management
Impact on GC | |
---|---|
Impact on Stakeholders | |
Impact Level | |
Impact on Economy, Environment, and People |
Environments |
Key Stakeholders |
Investor Customer Public sector Employee Supplier and business partner |
Human Rights Impacts* |
1, 23, 28 |
Main Reference SDGs |
|
Strategy and Performance (Chapter/Section and Web) |
Good Citizenship - Climate Change Management Explore More |
Governance and Compliance
Impact on GC | |
---|---|
Impact on Stakeholders | |
Impact Level | |
Impact on Economy, Environment, and People |
Economy |
Key Stakeholders |
Investor Employee Shareholder |
Human Rights Impacts* |
6, 8, 9, 19, 24, 25, 27, 33 |
Main Reference SDGs |
|
Strategy and Performance (Chapter/Section and Web) |
Governance and Compliance Explore More |
Risk and Crisis Management
Impact on GC | |
---|---|
Impact on Stakeholders | |
Impact Level | |
Impact on Economy, Environment, and People |
Economy |
Key Stakeholders |
Investor Public sector Employee Shareholder |
Human Rights Impacts* |
- |
Main Reference SDGs |
|
Strategy and Performance (Chapter/Section and Web) |
Risk and Crisis Management Explore More |
Innovation Management
Impact on GC | |
---|---|
Impact on Stakeholders | |
Impact Level | |
Impact on Economy, Environment, and People |
Economy |
Key Stakeholders |
Community Customer Public sector Employee Supplier and business partner Shareholder |
Human Rights Impacts* |
- |
Main Reference SDGs |
|
Strategy and Performance (Chapter/Section and Web) |
Good Product - Innovation Management Explore More |
Circular Economy
Impact on GC | |
---|---|
Impact on Stakeholders | |
Impact Level | |
Impact on Economy, Environment, and People |
Environment |
Key Stakeholders |
Customer Public sector |
Human Rights Impacts* |
- |
Main Reference SDGs |
|
Strategy and Performance (Chapter/Section and Web) |
Good Citizenship - Portfolio Driven Explore More |
Occupational Health and Safety
Impact on GC | |
---|---|
Impact on Stakeholders | |
Impact Level | |
Impact on Economy, Environment, and People |
People |
Key Stakeholders |
Employee Supplier and business partner |
Human Rights Impacts* |
1, 23, 25, 28, 34 |
Main Reference SDGs |
|
Strategy and Performance (Chapter/Section and Web) |
Good Process - Occupational Health and Safety Explore More |
Contribution to Society
Impact on GC | |
---|---|
Impact on Stakeholders | |
Impact Level | |
Impact on Economy, Environment, and People |
People |
Key Stakeholders |
Community Investor Customer Public sector Shareholder |
Human Rights Impacts* |
- |
Main Reference SDGs |
|
Strategy and Performance (Chapter/Section and Web) |
Good Citizenship - Portfolio Driven Explore More |
Sustainable Environmental Management
Impact on GC | |
---|---|
Impact on Stakeholders | |
Impact Level | |
Impact on Economy, Environment, and People |
Environment |
Key Stakeholders |
Public sector Supplier and business partner Shareholder |
Human Rights Impacts* |
31 |
Main Reference SDGs |
|
Strategy and Performance (Chapter/Section and Web) |
Good Citizenship - Environmental Management Explore More |
Customer Relationship Management
Impact on GC | |
---|---|
Impact on Stakeholders | |
Impact Level | |
Impact on Economy, Environment, and People |
People |
Key Stakeholders |
Customer Supplier and business partner |
Human Rights Impacts* |
19 |
Main Reference SDGs |
|
Strategy and Performance (Chapter/Section and Web) |
Good Product - Product Innovation Explore More |
Product Stewardship
Impact on GC | |
---|---|
Impact on Stakeholders | |
Impact Level | |
Impact on Economy, Environment, and People |
Environment |
Key Stakeholders |
Customer Public sector Supplier and business partner Shareholder |
Human Rights Impacts* |
28 |
Main Reference SDGs |
|
Strategy and Performance (Chapter/Section and Web) |
Good Product - Product Innovation Explore More |
Talent Attraction and Retention
Impact on GC | |
---|---|
Impact on Stakeholders | |
Impact Level | |
Impact on Economy, Environment, and People |
People |
Key Stakeholders |
Employee |
Human Rights Impacts* |
23, 25 |
Main Reference SDGs |
|
Strategy and Performance (Chapter/Section and Web) | Explore More |
Sustainable Water
Impact on GC | |
---|---|
Impact on Stakeholders | |
Impact Level | |
Impact on Economy, Environment, and People |
Environment |
Key Stakeholders |
Public sector Supplier and business partner |
Human Rights Impacts* |
- |
Main Reference SDGs |
|
Strategy and Performance (Chapter/Section and Web) |
Good Citizenship - Environmental Management Explore More |
Biodiversity
Impact on GC | |
---|---|
Impact on Stakeholders | |
Impact Level | |
Impact on Economy, Environment, and People |
Environment |
Key Stakeholders |
Public sector |
Human Rights Impacts* |
- |
Main Reference SDGs |
|
Strategy and Performance (Chapter/Section and Web) | Explore More |
Human Capital Development
Impact on GC | |
---|---|
Impact on Stakeholders | |
Impact Level | |
Impact on Economy, Environment, and People |
People |
Key Stakeholders |
Employee |
Human Rights Impacts* |
29 |
Main Reference SDGs |
- |
Strategy and Performance (Chapter/Section and Web) | Explore More |
Information and Cyber Security
Impact on GC | |
---|---|
Impact on Stakeholders | |
Impact Level | |
Impact on Economy, Environment, and People |
Economy |
Key Stakeholders |
Employee Supplier and business partner Shareholder |
Human Rights Impacts* |
11 |
Main Reference SDGs |
- |
Strategy and Performance (Chapter/Section and Web) | Explore More |
Supply Chain Management
Impact on GC | |
---|---|
Impact on Stakeholders | |
Impact Level | |
Impact on Economy, Environment, and People |
Economy |
Key Stakeholders |
Customer Public sector Supplier and business partner |
Human Rights Impacts* |
- |
Main Reference SDGs |
|
Strategy and Performance (Chapter/Section and Web) | Explore More |
* Remark: Human Rights
- Article 1 Right to Life
- Article 6 Right to Equality Before the Law, Equal Protection of the Law, Non-Discrimination
- Article 8 Right to Access to Effective Remedies
- Article 9 Right to a Fair Trial
- Article 11 Right to Privacy
- Article 19 Right to Freedom of Opinion, Information and Expression
- Article 23 Right to Social Security, Including Social Insurance
- Article 24 Right to Work
- Article 25 Right to Enjoy Just and Favorable Conditions of Work Including Rest and Leisure
- Article 27 Right to an Adequate Standard of Living (Housing, Food, Water and Sanitation)
- Article 28 Right to Health
- Article 29 Right to Education
- Article 31 Right to Self-Determination and Natural Resources
- Article 33 Right Not to be Subjected to Imprisonment for Inability to Fulfil a Contract
- Article 34 Right of Aliens due Process When Facing Expulsion
Apart of assessing the impact of material topics, GC also integrates materiality assessment results within the overall risk management process by reviewing and adding into corporate risk factors, which make processes of risk identification and risk management more extensive. Additionally, GC has defined targets of managing each of material topics to be aligned with strategic or operational business activities, including specifying the corporate KPIs for both executive and operational levels.
Sample of Management of Significant Material Topics
Material Issues | Corporate Risk Factor | Targets and Progress | Corporate KPI* | References |
---|---|---|---|---|
Climate Strategy and Energy Management | Strategic Risk: Climate Action Towards Net Zero Risk |
|
|
Climate Strategy and Energy Management Explore MoreExecutives Compensation and Ownership Explore More |
Circular Economy | Strategic Risk: Climate Action Towards Net Zero Risk |
|
|
Circular Economy Strategy and Target Explore MoreExecutives Compensation and Ownership Explore More |
Occupational Health and Safety | Business as Usual Risk: Operational and Safety Risk |
|
|
OHS Management Explore MoreExecutives Compensation and Ownership Explore More |
*Remarks: these performance indicators are parts of corporate KPI for CEO and Executives.
More information on stakeholder engagement is available at: Stakeholder Engagement
More information: External impact valuation in 2022