Materiality assessment

Through periodic materiality assessments, we ensure that we focus our sustainability efforts on matters that are relevant to the company's operations and sustainable development, keeping stakeholder expectations and needs in mind.

Our latest materiality assessment is from 2019. The internal evaluation identified a total of 19 themes that we consider important to Fennovoima's operations in terms of sustainable development. A total of 16 of these themes were raised also by external stakeholders, with the following as the most essential ones:

  • Supply chain management and labor practices
  • Nuclear and radiation safety, and emergency preparedness
  • Openness, transparency and business ethics
  • Occupational health and safety
  • Climate change mitigation and managing environmental impacts
  • Local cooperation and regional economic impact

According to our internal assessment, also plant availability and economic benefits to the shareholders, the lifecycle of nuclear fuel and the acceptability of nuclear power are also key themes while considering our operations from the sustainable development point of view. With the exception of nuclear fuel lifecycle management, all of the above-mentioned themes were also included in our previous materiality assessment, although minor changes in the focus has happened.

The picture presents the material topics of Fennovoima's corporate responsibility
The topics in the upper right corner of the matrix are considered most relevant to our corporate responsibility, but all the topics presented are important. Topics that are important to external stakeholders are encircled with red line. The weight of the line indicates the importance of the topic to our external stakeholders.

Implementation of the assessment

As part of the materiality assessment, we organized three internal workshops with a total of 25 participants from various positions within our organization. The aim of the workshops was to identify the key areas of corporate responsibility of our operations and to assess their impact on sustainable development.

As part of the evaluation, we also looked at

  • Our previous materiality assessment
  • Our renewed strategy and vision
  • Internal guiding principles of the company
  • United Nations Sustainable Development Goals (SDGs)

In addition, we interviewed our own experts to collect their views on our sustainability topics and benchmarked sustainability priorities of six energy companies.

After the workshops, we turned to our external stakeholders to improve our understanding on their views on our sustainability priorities. Thirteen people from our key stakeholders, including owners, authorities, local decision makers and inhabitants in Pyhäjoki, the media, EU and international relations, and environmental and sustainable development experts participated in the interviews.

For finalizing the assessment, the topics were further discussed among the responsibility team. The materiality assessment was approved by the Fennovoima Management Team in October 2019.