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Sustainability at Innospec
As a responsible global specialty chemicals company, we recognize that sustainability underpins everything that we do. Our goal is to develop and provide for the long term security for our employees, customers and investors. We want to grow while continuing to be financially stable, complying with legislation, recruiting and retaining the very best people and delivering innovative new products. This needs to be done responsibly, being mindful of how we source materials, our impact on the environment and how we support our employees and the communities in which we work.
Our strategic Approach to Sustainability
Our sustainability strategy is developed over four pillars that represent our overall approach to responsible business. These pillars span the core economic, social, environment and governance elements of sustainability. Under each pillar are the values we commit to as a business along with a number of focus areas. These focus areas have been selected following a materiality assessment which identified the issues that matter most to our employees, customers, investors and suppliers.
At Innospec we have a diverse range of stakeholders that we need to engage with in many different ways. This open and on-going engagement with key stakeholders is an essential element in our continued success. It enables us to understand and take into account their varied perspectives, ensuring that our strategy and focus areas continue to be relevant, reflecting the needs of both our internal and external stakeholders.
Identifying our stakeholder’s priorities and the sustainability issues that matter the most to them helps us to direct our resources to the areas that add most value to both Innospec as a business and our stakeholders. Each year we review this assessment to ensure that our focus areas continue to reflect the sustainability issues that are material to our business and wider stakeholders. Where required we will adapt our focus areas to ensure that we are in a strong position to respond to industry and the wider sustainability trends.
Towards the end of 2016 we undertook our most comprehensive stakeholder engagement exercise to date consulting with a number of employees, key customers, investors, suppliers and the regulator to establish what matters most to them. The materiality assessment involved a number of telephone interviews with our key external stakeholders and an internal workshop with our employees. We used the Global Reporting Initiative (GRI) framework to identify a number of sustainability issues that were potentially important to internal and external stakeholders. The results of this engagement reinforced the continued relevance and importance of our sustainability strategy, values and focus areas.
The issues the Matter Most to Our Stakeholders
Each year we will review this assessment to ensure that our focus areas continue to reflect the sustainability issues that are material to our business and wider stakeholders. Where required we will adapt our focus areas to ensure that we are in a strong position to respond to industry and the wider sustainability trends.