Bangchak committed to accelerating sustainable energy transition, while balancing energy security. We are energizing lives through greenovative solutions and promoting ESG for all to the vision, “Crafting a Sustainable World Evolving Greenovation.” Therefore, a crucial area that the business has continuously improved for effectiveness is working to satisfy the needs and expectations of stakeholders. In order to prevent or mitigate sustainability impacts on stakeholders and promote a balance between value and worth from business operations, the company uses these data to support strategic planning. It also aims to increase stakeholder trust in its collective efforts. The company's stakeholders are classified into 10 categories, including employees, suppliers and contractors, customers, service station operators (dealers, BGN, agricultural cooperatives), business competitors, creditors, shareholders, Bangchak’s neighbors, the mass media, and government agencies.
Processes for Stakeholder Engagement
Identifies stakeholders and ranks them by considering 3 criteria as follows:
- Stakeholders’ involvement in business operations.
- Whether or not the company can impact stakeholders in the sustainability issues.
- Whether the stakeholders have the influence to impact the company’s sustainability issues.
Approach to Stakeholder Engagements are involved as follows:
- Specify the divisions that take responsibility for stakeholders.
- Determine methods for surveying the needs and expectations of stakeholders systematically and frequency operation.
- Gather information on the needs and expectations of stakeholders.
Specification of Materiality issues:
- Identify the causes and actual and potential impacts, both positive and negative, in relation to sustainability issues (economy, environment, and society, including human rights issues), and rank importance based on severity and likelihood of occurrence.
- Propose outcomes to the Sustainability Policy Committee (SPC) to specify the sustainability direction , strategies and plans to prevent and minimize sustainability impacts on different stakeholder groups.
The company has classified the 10 groups of stakeholders, including employees, suppliers and contractors, customers, service station operators, business competitors, creditors, shareholders, Bangchak’s neighbors, the Mass media, and government agencies (Disclosure 102-40) and has different ways to address to their needs and expectations.
List of materiality topics
Governance & Economic (6 topics)
- Good Corporate Governance and Data Security
- Innovation and Digitalization
- Enterprise Risk Management and Cyber Security
- Products and Services Development
- Customer Relationship Management
- Supply Chain Management
Environment (5 topics)
- Environmental Management(EMS) (air pollution, water, waste)
- Climate Change Adaptation and Energy Management
- Circular Economy
Society (5 topics)
- Occupational Health and Safety and Oil Spill Management
- Community Development
- Talent Attraction, Retention and Development
- Human Rights
- Gender Equality