TITAN WORLDWIDE
Aerial photo of a park with people walking and laying on the grass
Aerial photo of a park with people walking and laying on the grass

FOCUSING ON OUR MATERIAL ISSUES

We are engaging with our stakeholders across our locations to obtain a deeper understanding of their expectations and needs. Mapping what is most material to them and to the business through a double materiality process helps us develop sustainable business strategies and create value that lasts.

TITAN’s approach to sustainability is based on the principle of double materiality assessment, an integrated, on-going process of mapping and assessing the impact of our operations on society and the environment, as well as the financial impacts of socio-environmental risks on the Group. Impacts may become material for financial reporting purposes over time, leading to what is known as dynamic materiality assessment process.

WHEN DECIDING ON WHAT MATTERS THE MOST, WE ARE NOT ALONE

MAXIMIZING OUR POSITIVE IMPACT

DOUBLE MATERIALITY ASSESSMENT (DMA)

In 2024, we applied the DMA methodology at Group level in line with the new corporate sustainability reporting directive (CSRD). The principle of double materiality assessment is a methodology used to evaluate the most significant sustainability issues in two directions: the impact of the Company on the environment and society (impact materiality) and the impact of sustainability issues on the Company’s financial results (financial materiality).

In recent years, the TITAN Group has adopted a dynamic approach to assessing material issues, combining top-down and bottom-up methodologies within a five-year cycle. The previous materiality assessment was conducted at Group level in 2019, followed by business units’ local assessments in 2021. In 2022, we validated the results with feedback from 157 key local stakeholders. Since 2021, we embraced double materiality approach, identifying climate-related risks and opportunities, incorporating the TCFD framework, and disclosing financial impacts through CDP.

Through the DMA, we identified key material matters by evaluating the associated impacts, risks, and opportunities (IROs). This assessment considered two perspectives: impact materiality, which examines TITAN’s effects on the environment and society, and financial materiality, which assesses the potential future impact of these topics on TITAN’s financial success. By combining these perspectives, the concept of double materiality was achieved. Through the process, we prioritized 14 sustainability matters of material importance to TITAN, based on impact materiality, financial materiality, or both. Integrating the DMA with the overall corporate risk assessment was crucial, enhancing both processes and aligning financial impact criteria.

ALIGNING OUR MATERIAL ISSUES WITH THE UN SDGs

We support the UN Sustainable Development Goals (SDGs), the global sustainability priorities and aspirations for 2030, driving global efforts and relevant collaborations in support of this common cause. Linking our materiality issues to the most relevant of the UN SDGs helps us manage them in line with international best practices.

SDGs linked to our material issues: