Creations Nature People Communities Biodiversity Climate Change Consumer Health & Wellbeing Diversity, Inclusion & Human Capital Development Employee Health & Safety & Wellness Governance & Business Conduct / ethic / transparency Human Rights Innovation Capabilities & Management Local Community Development Product / Ingredient Environmental & Social Performance Product Quality & Safety and Ingredient Disclosure Raw Materials Availability Responsible Sourcing & Traceability Waste Management & Circular Principles Water Stewardship Defining our material topics and reporting boundaries Stakeholder engagement lays out the basis for our materiality assessment, and we have many channels for dialogue spread across different departments and teams; this also includes the information and feedback we receive during the ordinary course of business. Our materiality assessment helps to align our business with the expectations of our stakeholders and with society in general. We use the Givaudan materiality assessment to prioritise aspects identified as being of most concern to our customers and other key stakeholders. The matrix is reviewed through discussions with the main stakeholders and we aim to conduct regular comprehensive assessments of surveys and interviews. We refreshed our materiality assessment in 2021 using desk research and proxy exercises. We drew upon a review of peers, ESG reporting frameworks as well as ratings and trends that allowed us to take into account the context of broader 2021 materiality list Even though purely financial issues have been excluded in our materiality update, we still report on the topic "Economic performance", which we consider fundamental to our social licence to operate and to our efforts to be a good corporate citizen, by using GRI 201: Economic Performance. sustainability discussions and lengthen our previous list of material topics into a long-list of potentially relevant topics. We then clustered overlapping topics and assessed their importance, taking potential impacts, risks and opportunities as well as significance for our business into account. This resulted in a reduced list of material topics. The short-listed topics were then discussed and ranked in detail through internal workshops with our Sustainability Leadership Team. The new materiality list was validated by our Executive Committee and is reflected in our updated materiality matrix of 15 topics. Over the next two years, we plan to validate the list of material topics using direct feedback from external stakeholders. READ MORE On the detailed elaboration of our materiality assessment 2021 GRI Sustainability Report ▸ pages 14–17 Givaudan – 2021 Integrated Annual Report Strategic value creation St akeholder engagement and materiality 37 Strategic value creation