Our value creation efforts are guided by the principle of materiality, through which we identify the issues that are important to our business and our stakeholders. This approach allows us to focus our efforts on areas where we can deliver the greatest impact over the short, medium, and long-term. In 2023, we conducted a comprehensive materiality assessment aimed at updating our list of material matters, with the assessment process comprising the following steps: MATERIALITY MATRIX The top 6 material matters High Medium Medium High Low Low Influence on stakeholder Significance of Impact on Bank Islam Risk Management Environmental Stewardship Labour Standards and Practices Sustainable Economic Performance Collaboration and Partnerships Community Empowerment and Social Finance Sustainable Supply Chain Employee Well-being, Health, and Safety Diversity, Equity and Inclusion Customer Experience Corporate Governance and Business Ethics Data Privacy and Security Purposeful Financial Services Talent and Development Energy and Climate Change Environment Governance Social Economic Note: Some terminology within the materiality matrix has been updated to reflect changes made since the initial materiality assessment in 2022. This update involved a more holistic approach to enhance the clarity of our material matters. MATERIAL MATTERS IDENTIFICATION PROCESS: We identify matters that may impact the execution of our strategy. This is a groupwide effort taking into account input from all business and support units, and incorporating feedback from stakeholders. Identify Those matters that are material to value creation are integrated into our balanced scorecard, which is used to set objectives, drive behaviours, measure the remuneration of our people. Integrate From the list of identified matters, we prioritise those that most significantly impact our ability to successfully execute our strategy and deliver longterm value to stakeholders. Prioritise During the year under review, we carried out a desktop validation to identify any shifts in business and stakeholder priorities. The exercise confirmed that our existing material matters remain relevant, with no changes to the list or mapping of these matters. Bank Islam Malaysia Berhad ◆ Integrated Annual Report 2024 50 Material Matters
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