NF3 Materiality analysis
Sandvik has a materiality analysis based on the process and method for its long-term sustainability target setting. The starting point is the sustainability agenda for the Group, derived from international frameworks and institutions such as the UN SDGs, the UN Global Compact, media reports, global trends, stakeholder dialogues and our own assessments.
In 2018, an initiative started to develop a set of long-term sustainability goals. The objective was to develop goals covering the most material areas for the Group and for its stakeholders. The target-setting had a holistic approach, including customers, own operations and suppliers in the scope.
The target process involved the Group Executive Management, business areas, divisions, functional groups and selected experts, and was based on input from stakeholders such as employees, customers, shareholders and investors. The conclusion was to focus our sustainability agenda around the four areas of circularity, climate, people and fair play.
The Sustainability Goals 2030 were approved by the Group Executive Management and the Board of Directors in 2019. In the 2021 review the target for waste circularity was updated. See NF9.