We believe that successful organizations take a holistic approach to sustainability, as it is no longer a "nice-to-do" but underpins all aspects of business. At Minor, our approach to sustainability incorporates our Vision and Core Values. We aim to create positive influence from our operations and our collaboration with our stakeholders throughout our value chain, while minimizing the negative aspects. By adopting this approach, it affords us the opportunity to improve the economic, social and environmental conditions of our stakeholders, whether they are our employees, partners, suppliers, customers, communities, or society at large.
We believe that engaging with stakeholders is the basis for good understanding of their needs and good corporate governance, and is fundamental to our current practices and future innovation. It is a critical activity that enables us to have an ongoing dialogue with our stakeholders, and allows us to be kept informed of their expectations and needs, and our impact on them - be it economic, environmental or social. By doing so, we can proactively and effectively mitigate negative and maximize positive impacts.
Stakeholder engagement is embedded in the operations of our business units. Our process for identifying and engaging with stakeholder groups is based on their level of influence and impact on our business units, and vice versa. We engage with our stakeholder groups through various approaches, from casual day-to-day interactions, meetings, seminars, to formal surveys and questionnaires, to ensure their expectations are effectively met.
In conducting our materiality assessment, we continue to reference the 4-step process recommended by Global Reporting Initiative (GRI). This is our second report to be prepared in accordance with the Core Option of the G4 Guidelines, and we have expanded our reporting scope by identifying and reporting on three new Material Aspects: Biodiversity, Emissions and Waste, and also reporting on additional indicators for certain existing Material Aspects.
Sustainability Development is an intergral part of our business strategy, with full support from the Board of Directors and senior management, and is being executed at all levels of the organization.
In 2015, Minor further demonstrated its commitment to sustainability by formally establishing the Corporate Sustainability Department to ensure that the Group's sustainabilty initiatives and practices are aligned with the Group's overall strategic direction. The department, which reports to the Group's Chief People Officer, is responsible for working closely with all business units, and for formulating the Group's sustainability strategy that both reflects the Group's strategic direction as well as addresses global sustainability issues.
The Board of Directors endorses our sustainability strategy and reviews progress on a quarterly basis. Senior management from different functions work with the Corporate Sustainability team to guide and oversee the general direction of our sustainability efforts. The team then further supports the process of embedding sustainability into business operations by continously facilitating the execution of our sustainability strategy and initiatives as planned, and through communication and monitoring.
Our Sustainability Framework is made up of four Drivers: Driving People Development, Engaging in End-to-End Customer Experience, Committing to Long-term and Sustainable Partnerships, Managing Environmental Impact; and two Enablers: Social Responsibility Mindset and Good Corporate Governance. These six aspects stem from, and reinforce, Minor's five Core Values: Customer Focus, Result Oriented, People Development, Innovative, and Partnership.
In adopting an outside-in approach to defining our Framework, our aspirations are to: Create Harmony for and with our external stakeholders, environment and communities where our operations are located - by producing a positive environmental and social impact wherever we have a footprint; Create a Way of Life with a memorable experience for our customers - by engaging them from end-to-end with the delivery of our best products and services that provide 100% satisfaction, and for our partners - a value-adding collaboration by committing to long-term and sustainable partnerships that generate positive economic and social impact; Create Tomorrow with a better and brigther future for our employees, local youth and children - by developing and harnessing their human capital potential, for our community - by being a responsible organization which contiributes to the well-being of the communities, and for our company - by fostering a social responsibilty mindset amongst our employees who would also exemplify our DRIVE culture with their contributions to society, and finally, by cultivating a corporate culture that practices good governance to ensure long-term growth and sustainability.
At Minor, we believe that in order to operate a profitable and sustainable business, we need to conduct ourselves in a way that enhances the competitiveness of the company while simultaneously improves the economic, social and environmental conditions of our stakeholders. Therefore, our approach to sustainability is built on enhancing the positive influence and impact of our contribution and collaboration with our stakeholders - whether they are our employees, partners, suppliers, customers, communities, or society at large - throughout our value chain, while minimizing the negative aspects. This philosophy is reflected in Minor's Vision, Core Values and Sustainability Framework.
Our rolling 5-year Sustainability Strategy encapsulates our sustainability philosophy and approach. This is the fourth year where we have developed our 5-year Sustainability Strategy, with its vision "to strengthen long-term capabilities and performance through sustainability". In developing our strategy, we reviewed existing and emerging sustainability trends, in order to identify materiality and impact to our businesses. We also embedded the Drivers and Enablers of our Sustainability Framework - people development, customer engagement, long-term & sustainable partnerships, environmental impact management, social responsibility mindset, and good corporate governance - in our sustainability strategy, and ensure that the strategy is linked to our sustainability approach and supports Minor's overall strategic direction. Our strategic focus areas are: (1) workforce capability development and mobility; (2) strong supply chain management practices; (3) environmental impact management and conservation advocacy; (4) stakeholder sustainability education and advocacy; (5) sustainability best practices in work processes; (6) internal and external sustainability experts network building.
An important tool that supports the execution of our strategy is our Sustainability Roadmap. Our Sustainability Roadmap guides our sustainability journey, which we embarked on in 2011. We adopted a staged-approach with our implementation, dividing it into 5 stages. We are currently at Stage 3: Deepening & Scale-up, where we are taking a more in-depth and broadening approach in executing planned initiatives within our strategy. As we progress to the next stages in our sustainability journey, we will continue to improve and enhance our strategy by incorporating learnings and best practices.