Double materiality assessment as the basis for sustainability efforts

Double materiality assessment in 2023

In spring 2023, Terveystalo carried out its first double materiality assessment in accordance with the principles of the reporting standards set out in the EU Corporate Sustainability Reporting Directive 1). The aim was to identify the material impacts, risks and opportunities related to Terveystalo’s sustainability and to begin preparations for complaing the reporting requirements that will take effect in 2024. The content of Terveystalo’s sustainability reporting on the year 2023 was also determined on the basis of the results of the double materiality assessment.

The double materiality assessment comprised two dimensions: the materiality of impacts and financial materiality. To identify material impacts related to sustainability topics, Terveystalo’s actual and potential negative and positive impacts on people or the environment over different time horizons were assessed, and the views of different stakeholders were taken into account to identify the impacts and assess their materiality. Each sustainability topic with a material impact was also assessed with regard to whether it has, or could have, material financial impacts on Terveystalo. Based on the materiality assessment, the most material sustainability topics were selected. The selected themes are related to Terveystalo’s customers (Good health and well-being), personnel (Responsible work), and ethical business (Ethical business). Based on the results of the double materiality assessment, climate change is not one of Terveystalo’s material sustainability topics. This is because Terveystalo’s carbon footprint is not significant due to the nature of its operations. The service sector is generally considered to be low in emissions due to its low energy intensity.  The impacts of climate change and adaptation to climate change also do not present significant risks or opportunities to Terveystalo’s business or strategy. However, for the sake of transparency and the continuity of reporting, Terveystalo will continue to report key information on its environmental impacts in the Sustainable consumption and climate work section.

The other sustainability topics that were no longer among the most material themes (compared to the materiality assessment carried out in 2019) were: responsible marketing, responsible use of artificial intelligence, fair competition, employee diversity, responsible tax policy, job creation at the national level, material efficiency, and the recycling of waste. Terveystalo will continue to systematically manage and develop these areas and report on the most important aspects of these themes.

• Corporate Sustainability Reporting Directive, European Sustainability Reporting Standards 1, General Requirements

Terveystalo’s material sustainability themes and topics