In 2020, we conducted an extensive materiality assessment to identify the environmental, social, economic and governance issues that are perceived as being most important to Tryg and to our stakeholders. The results of the materiality assessment have informed our Corporate Responsibility approach, including our Corporate Responsibility reporting and our Corporate Responsibility strategy. The materiality assessment ensures that Tryg focuses on the opportunities and risks in relation to Corporate Responsibility that matter most to our stakeholders. We update our assessment each year to make sure it reflects changes in our business as well as the external environment.
In the materiality matrix, each issue is colour-coded according to the ESG (Environmental, Social and Governance) issues involved. The red circle around some of the issues indicates that the issue is an approach rather than a concept. For example, Diversity and inclusion is an approach contributing to Corporate Responsibility, while Human and labour rights is a broader theme.
The materiality matrix allows us to decide which Corporate Responsibility issues Tryg should focus on and invest time in by contrasting two dimensions. The first (horizontal axis) is the importance of the issue to Tryg and the expected influence of the issue on the success of our business. The second (vertical axis) is the importance of the issue to our stakeholders. The most material issues are the issues that are placed high on both axes. They reflect Tryg’s priorities and will continuously serve to guide our reporting, strategy and actions on Corporate Responsibility issues.