What are the material issues the company has identified?  

In its 2021 Annual Report Omega identified a range of material issues, such as ethics, integrity and compliance, innovation and business resilience, attracting, developing and retaining employees, energy efficiency, socio-environmental responsibility. Among these, creating economic value for its stakeholders stands out as a key material issue for Omega.

Stakeholder engagement in accordance with the GRI Standards              

The Global Reporting Initiative (GRI) defines the Principle of Stakeholder Inclusiveness when identifying material issues (or a company’s most important impacts) as follows:

“The reporting organization shall identify its stakeholders, and explain how it has responded to their reasonable expectations and interests.”

Stakeholders must be consulted in the process of identifying a company’s most important impacts and their reasonable expectations and interests must be taken into account. This is an important cornerstone for CSR / sustainability reporting done responsibly.

Key stakeholder groups Omega engages with:

Stakeholder Group	Method of engagement
Clients	·      Customer relationship chat service ·      Telephone interactions ·      Email, social media and commercial meetings ·      Customer service ·      Customer help desk ·      Events ·      Confidential Hotline
Communities	·      In-person interaction ·      Email ·      Telephone interaction ·      WhatsApp messaging and discussion forums (Eg. Diálogos project – MA)
Suppliers and business partners	·      Meetings and conference calls with suppliers ·      Ombudsman channel ·      Supplier service channel ·      Events ·      Confidential Hotline and Unsafe Conditions Reporting Channel
Government, regulators and Environmental agencies	·      Strategic, political, institutional and technical meetings ·      Working groups and events ·      Advocacy through trade associations
Media	·      Email ·      Responses to media queries and requests for interviews ·      with Omega Energia executives and information about Omega’s business and operations
Investors and financiers	·      Telephone interaction ·      IR email messages ·      IR website ·      General meetings ·      Virtual meetings ·      Conferences ·      Webinars ·      Roadshows ·      Earnings calls ·      Online surveys
Trade associations	·      Discussion forums ·      Meetings ·      Letters ·      Email ·      Telephone interaction ·      Participation in public hearings and publication of technical papers
The Omega Energia Team/ Co-entrepreneurs	·      Internal communications (Workplace, Teams) ·      Workshops ·      Mentoring ·      Online surveys ·      Events ·      Service channel for Omega’s team ·      Confidential Hotline and Unsafe Conditions Reporting Channel

How stakeholder engagement was made to identify material issues

To identify and prioritise material topics Omega engaged with its stakeholders through online questionnaires and interviews.

What actions were taken by Omega to create economic value for its stakeholders?

In its 2021 Annual Report Omega reports that it took the following actions for creating economic value for its stakeholders:

• Creating economic value for employees
• In 2021, Omega paid R$ 39.2 million in employee costs.

• Creating economic value for the government
• In 2021, Omega paid R$ 206.5 million to the government.

• Creating economic value for financiers/third parties
• In 2021, Omega paid R$ 743.1 million to financiers/third parties.

• Creating economic value for shareholders
• In 2021, Omega paid R$ 296.9 million to shareholders.

Which GRI Standards and corresponding Sustainable Development Goals (SDGs) have been addressed?

The GRI Standard addressed in this case is: Disclosure 201-1 Direct economic value generated and distributed

Disclosure 201-1 Direct economic value generated and distributed corresponds to:

• Sustainable Development Goal (SDG) 8: Decent Work and Economic Growth
• Targets: 8.1, 8.2
• Sustainable Development Goal (SDG) 9: Industry, Innovation and Infrastructure
• Targets: 9.1, 9.4, 9.5

 

78% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

Research by well-recognised institutions is clearly proving that responsible companies can look to the future with optimism.

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References:

This case study is based on published information by Omega, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:

https://omega-public-assets.s3.sa-east-1.amazonaws.com/documentos/Sustainability+Report+2021.pdf

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