We recognise that our stakeholders are part of our most valuable assets and that good stakeholder relations is critical for optimal operations. As such, we continually strive to improve relations with all our stakeholders. Our success is dependent on how well we manage our partnerships and engagement with material stakeholders. The board is ultimately accountable for stakeholder engagement. The Group has adopted a formal stakeholder engagement framework, which provides for structured and constructive engagements at appropriate levels of Omnia. This framework is being incrementally implemented to ensure meaningful stakeholder engagement and responsiveness.
Stakeholder engagement process
In execution of its governance role and responsibilities, Omnia adopts a stakeholder-inclusive approach that balances the needs, interests and expectations of material stakeholders over time. As such, the Group engages regularly with stakeholders to understand their perceptions of Omnia and pinpoint future trends, possible risks, determine material matters and areas for strategic development.
In prioritising our material stakeholders, we apply the following criteria:
- The degree to which we depend on the relevant stakeholder’s support to achieve our strategic goals
- The extent to which the relevant stakeholder can impact our performance
- The relative importance of the relevant stakeholder for the Group as a whole
- The risk exposure for Omnia by not engaging with relevant stakeholders
Based on this assessment, we categorised these relationships into three types of interaction, namely collaborate, involve or consult. While the Group engages with all stakeholders, we have identified material stakeholders as those with whom we need to consult on an ongoing basis. Engagement plans for each material stakeholder are being developed and will be closely monitored as implementation progresses. A summary is provided below together with a self-assessment of the quality of our engagement.
Fore more information go to our latest Annual Report - stakeholder engagement (PDF - 103KB)