ESG Materiality Analysis 2022
Our materiality analysis for 2022 was our first as a company. It was conducted through following the process as described in GRI 3. In order to understand FREYR’s context in the space of ESG, FREYR conducted an employee survey, interviewed all executives of the company 1-1 and held sixteen conversations with external stakeholders and experts. FREYR also conducted a media analysis of ESG issues pertenent to the sector and analysed identified ESG issues by relevant industry associations such as the Global Battery Alliance and Eurobatt.
As part of FREYR’s quarterly risk assessment process all management teams were asked to consider the risks and opportunity to the business from a list of identified ESG issues. With this input and further assessments from top management, an ESG risk map was established for FREYR’s top 12 ESG risks. This was discussed with the Board pf Directors’ Audit and Risk Committee.
Before submitting a survey to all employees where they were asked to rank and comment on the same identified ESG issues in terms of their importance to FREYR's business, the established internal Sustainability Working Group discussed and decided on the issues to include.From the survey amongst all employees, all the input from external conversations, the findings in the risk and opportunity overview as well as the input gather through in-depth interviews with all members of top management, a draft ranking of the issues was made. This ranking along the two axis as shown in the graph below, was then discussed again with top management and experts, before the Board of Directors approved the view as shown below.
The ranking in each of the four sectors in the materiality analysis is arbitrary and not meant to indicate internal ranking of the issues. It is early days for FREYR and the level of presicion is deliberately chosen accordingly.