Materiality analysis

With the help of a materiality analysis for sustainability, the impacts on the environment, people, and economy that are the most relevant for the TVO Group’s stakeholders have been identified. In addition to its personnel, the TVO Group’s most important stakeholders include its shareholders, the authorities, investors, decision-makers, the local community, subcontractors, the media, and the general public. The TVO Group’s materiality analysis was updated in autumn 2022, and the guidelines in the Global Reporting Initiative (GRI) Standards (2021) were used as the basis in the definition of materiality.

The materiality analysis comprised various work stages: background research, stakeholder interviews, and a targeted online survey to the stakeholders.

The background research for the materiality analysis included an analysis of the operating environment and peer companies, which considered, among other things, the TVO Group’s operating environment analysis carried out in connection with the preparation of the strategy, ESG assessments concerning TVO, a 2021 stakeholder survey, the biodiversity roadmap published by Finnish Energy in June 2022, the EU taxonomy criteria for nuclear power, and feedback received from risk management and visitor activities.

During stakeholder interviews, representatives of the TVO Group’s internal and external stakeholders were interviewed with the aim of understanding their views on both positive and negative impacts of the Group on the environment, people, and economy. Both actual and potential impacts were discussed during the interviews. Thereafter, an online survey was sent to a broader distribution of the Group’s stakeholders with the same aim of understanding the Group’s different impacts. The distribution included representatives of the personnel, Management Group, Board of Directors, shareholders, subcontractors, authorities, investors, political decision-makers, and local actors.

As a result of prioritising the different impacts, a list of material sustainability aspects was created, reflecting the Group’s most significant impacts on the environment, people, and economy.

The results from different stages were prioritised according to the significance of the impacts, and processed and verified in meetings by the Sustainability Team and the Board of Directors’ Audit and Finance Committee. As a result of prioritising the different impacts, a list of material sustainability aspects was created, reflecting the Group’s most significant impacts on the environment, people, and economy:

1. Safe, climate-friendly, and stable electricity production
2. Responsible final disposal of spent fuel and exporting competence
3. Transparent and ethical business
4. Responsibility in the supply chains and partnerships
5. Creation of added economic value
6. The support and development of employees’ competence
7. Healthy and equal work community
8. Biodiversity and sustainable land use
9. Minimising releases into the air, water, and soil
10. Circular economy; energy and material efficiency

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