Industry Comparison

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Current language: English (2023)

You are viewing information about the following Industries:

  • Chemicals Entities in the Chemicals industry transform organic and inorganic feedstocks into more than 70,000 diverse products with a range of industrial, pharmaceutical, agricultural, housing, automotive and consumer applications. The industry commonly is segmented into basic (commodity) chemicals, agricultural chemicals and specialty chemicals. Basic chemicals, the largest segment by volume produced, include bulk polymers, petrochemicals, inorganic chemicals and other industrial chemicals. Agricultural chemicals include fertilisers, crop chemicals and agricultural biotechnology. Specialty chemicals include paints and coatings, agrochemicals, sealants, adhesives, dyes, industrial gases, resins and catalysts. Larger entities may produce basic, agricultural and specialty chemicals, but most entities are specialised. Chemicals entities typically manufacture and sell products globally.
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  • Iron & Steel Producers The Iron & Steel Producers industry primarily consists of entities producing iron and steel in mills and foundries. The steel producers segment produces iron and steel products from its own mills. These products include flat-rolled sheets, tin plates, pipes, tubes, and products made of stainless steel, titanium and high alloy steels. Iron and steel foundries, which cast various products, typically purchase iron and steel from other entities. The industry also includes metal service centres and other metal merchant wholesalers, which distribute, import or export ferrous products. Though entities are developing alternative processes, steel production primarily relies on two primary methods: the basic oxygen furnace (BOF), which uses iron ore as an input, and the electric arc furnace (EAF), which uses scrap steel. Many entities in the industry operate on an international scale. Note: With a few exceptions, most entities do not mine their own ore to manufacture steel and iron products. There exists a separate standard for the Metals & Mining (EM-MM) industry.
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Relevant Issues for both Industries (11 of 26)

Why are some issues greyed out? The SASB Standards vary by industry based on the different sustainability-related risks and opportunities within an industry. The issues in grey were not identified during the standard-setting process as the most likely to be useful to investors, so they are not included in the Standard. Over time, as the ISSB continues to receive market feedback, some issues may be added or removed from the Standard. Each company determines which sustainability-related risks and opportunities are relevant to its business. The Standard is designed for the typical company in an industry, but individual companies may choose to report on different sustainability-related risks and opportunities based on their unique business model.

Disclosure Topics

What is the relationship between General Issue Category and Disclosure Topics? The General Issue Category is an industry-agnostic version of the Disclosure Topics that appear in each SASB Standard. Disclosure topics represent the industry-specific impacts of General Issue Categories. The industry-specific Disclosure Topics ensure each SASB Standard is tailored to the industry, while the General Issue Categories enable comparability across industries. For example, Health & Nutrition is a disclosure topic in the Non-Alcoholic Beverages industry, representing an industry-specific measure of the general issue of Customer Welfare. The issue of Customer Welfare, however, manifests as the Counterfeit Drugs disclosure topic in the Biotechnology & Pharmaceuticals industry.
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    • GHG Emissions The category addresses direct (Scope 1) greenhouse gas (GHG) emissions that a company generates through its operations. This includes GHG emissions from stationary (e.g., factories, power plants) and mobile sources (e.g., trucks, delivery vehicles, planes), whether a result of combustion of fuel or non-combusted direct releases during activities such as natural resource extraction, power generation, land use, or biogenic processes. The category further includes management of regulatory risks, environmental compliance, and reputational risks and opportunities, as they related to direct GHG emissions. The seven GHGs covered under the Kyoto Protocol are included within the category—carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulfur hexafluoride (SF6), and nitrogen trifluoride (NF3).
      • Greenhouse Gas Emissions Chemical manufacturing generates direct (Scope 1) greenhouse gas (GHG) emissions from fossil fuel combustion in manufacturing and cogeneration processes, as well as process emissions from the chemical transformation of feedstocks. GHG emissions may result in regulatory compliance costs or penalties and operating risks for chemicals entities. However, the financial effects may vary depending on the magnitude of emissions and the prevailing emissions regulations. The industry may be subject to increasingly stringent regulations as countries try to limit or reduce emissions. Entities that cost-effectively manage GHG emissions through greater energy efficiency, the use of alternative fuels or manufacturing process advances may benefit from improved operating efficiency and reduced regulatory risk, among other financial benefits.
    • Air Quality The category addresses management of air quality impacts resulting from stationary (e.g., factories, power plants) and mobile sources (e.g., trucks, delivery vehicles, planes) as well as industrial emissions. Relevant airborne pollutants include, but are not limited to, oxides of nitrogen (NOx), oxides of sulfur (SOx), volatile organic compounds (VOCs), heavy metals, particulate matter, and chlorofluorocarbons. The category does not include GHG emissions, which are addressed in a separate category.
      • Air Quality In addition to greenhouse gases (GHGs), chemical manufacturing may produce air emissions including sulphur dioxides (SOx), nitrogen oxides (NOx) and Hazardous Air Pollutants (HAPs). As with GHGs, these emissions typically stem from fuel combustion and feedstock processing. Relative to other industries, the Chemicals industry is a more significant source of some of these emissions. Entities face operating costs, regulatory compliance costs, regulatory penalties in the event of non-compliance and capital expenditures related to emissions management, although related financial effects may vary depending on the magnitude of emissions and the prevailing regulations. As such, an entity that actively manages the issue through technological process improvements or other strategies may mitigate such impacts, improve financial performance and enhance brand value.
    • Energy Management The category addresses environmental impacts associated with energy consumption. It addresses the company’s management of energy in manufacturing and/or for provision of products and services derived from utility providers (grid energy) not owned or controlled by the company. More specifically, it includes management of energy efficiency and intensity, energy mix, as well as grid reliance. Upstream (e.g., suppliers) and downstream (e.g., product use) energy use is not included in the scope.
      • Energy Management Chemical manufacturing is typically energy-intensive, with energy used to power processing units, cogeneration plants, machinery and non-manufacturing facilities. The type of energy used, amount consumed and energy management strategies depends on the type of products manufactured. Typically, fossil fuels such as natural gas and natural gas liquids are the predominant form of non-feedstock energy used, while purchased electricity also may be a significant share. Therefore, energy purchases may be a significant share of production costs. An entity’s energy mix may include energy generated on-site, purchased grid electricity and fossil fuels, and renewable and alternative energy. Trade-offs in the use of energy sources include cost, reliability of supply, related water use and air emissions, and regulatory compliance and risk. As such, an entity’s energy intensity and energy sourcing decisions may affect its operating efficiency and risk profile over time.
    • Water & Wastewater Management The category addresses a company’s water use, water consumption, wastewater generation, and other impacts of operations on water resources, which may be influenced by regional differences in the availability and quality of and competition for water resources. More specifically, it addresses management strategies including, but not limited to, water efficiency, intensity, and recycling. Lastly, the category also addresses management of wastewater treatment and discharge, including groundwater and aquifer pollution.
      • Water Management Used primarily for cooling, steam generation and feedstock processing, water is a critical input in chemicals production. Long-term historical increases in water scarcity and cost, and expectations of continued increases—because of over-consumption and reduced supplies resulting from population growth and shifts, pollution and climate change—show the importance of water management. Water scarcity may result in a higher risk of operational disruption for entities with water-intensive operations, and can increase water procurement costs and capital expenditures. Meanwhile, chemical manufacturing may generate process wastewater that must be treated before disposal. Non-compliance with water quality regulations may result in regulatory compliance and mitigation costs or legal expenses stemming from litigation. Reducing water use and consumption through increased efficiency and other water management strategies may result in lower operating costs over time and may mitigate financial effects of regulations, water supply shortages and community-related disruptions of operations.
    • Waste & Hazardous Materials Management The category addresses environmental issues associated with hazardous and non-hazardous waste generated by companies. It addresses a company’s management of solid wastes in manufacturing, agriculture, and other industrial processes. It covers treatment, handling, storage, disposal, and regulatory compliance. The category does not cover emissions to air or wastewater nor does it cover waste from end-of-life of products, which are addressed in separate categories.
      • Hazardous Waste Management Chemical manufacturing may generate hazardous process waste which may include heavy metals, spent acids, catalysts and wastewater treatment sludge. Entities face regulatory and operational challenges in managing waste, since some wastes are subject to regulations pertaining to their transport, treatment, storage and disposal. Waste management strategies include reduced generation, effective treatment and disposal, and recycling and recovery, if possible. Such activities, although requiring initial investment or operating costs, may reduce an entity’s long-term cost structure and mitigate the risk of remediation liabilities or regulatory penalties.
    • Human Rights & Community Relations The category addresses management of the relationship between businesses and the communities in which they operate, including, but not limited to, management of direct and indirect impacts on core human rights and the treatment of indigenous peoples. More specifically, such management may cover socio-economic community impacts, community engagement, environmental justice, cultivation of local workforces, impact on local businesses, license to operate, and environmental/social impact assessments. The category does not include environmental impacts such as air pollution or waste which, although they may impact the health and safety of members of local communities, are addressed in separate categories.
      • Community Relations Chemical entities are important economic contributors to many communities, providing employment opportunities and community development through taxes and capital generation. Meanwhile, issues including environmental policy, community health and process safety have important regulatory, operational, financial and reputational implications for entities. Environmental externalities including air emissions and water use may affect the health of people living near chemical facilities over the long term. Meanwhile, process safety incidents may endanger community health and safety, resulting in regulatory penalties, legal action and mitigation costs. Consequently, chemicals entities may benefit from building strong relationships with communities to mitigate potential operating disruption, reduce regulatory risk, retain top employees, lower the risk of litigation expenses in the event of process safety incidents and ensure a strong social licence to operate. Entities may adopt various community engagement strategies, such as developing community engagement plans, establishing codes and guidelines to ensure alignment of the organisation’s interests with those of their surrounding communities, or conducting impact assessments to evaluate projects and mitigate potential adverse impacts.
    • Employee Health & Safety The category addresses a company’s ability to create and maintain a safe and healthy workplace environment that is free of injuries, fatalities, and illness (both chronic and acute). It is traditionally accomplished through implementing safety management plans, developing training requirements for employees and contractors, and conducting regular audits of their own practices as well as those of their subcontractors. The category further captures how companies ensure physical and mental health of workforce through technology, training, corporate culture, regulatory compliance, monitoring and testing, and personal protective equipment.
      • Workforce Health & Safety Employees in chemical manufacturing facilities face health and safety risks from exposure to heavy machinery, harmful substances, electrical hazards and high pressure and temperatures, among others. Creating an effective safety culture is critical to mitigate safety impacts proactively, which might otherwise result in financial consequences including higher healthcare costs, litigation and work disruption. By maintaining a safe work environment and promoting a culture of safety, entities can minimise safety-related expenses and potentially improve productivity.
    • Product Design & Lifecycle Management The category addresses incorporation of environmental, social, and governance (ESG) considerations in characteristics of products and services provided or sold by the company. It includes, but is not limited to, managing the lifecycle impacts of products and services, such as those related to packaging, distribution, use-phase resource intensity, and other environmental and social externalities that may occur during their use-phase or at the end of life. The category captures a company’s ability to address customer and societal demand for more sustainable products and services as well as to meet evolving environmental and social regulation. It does not address direct environmental or social impacts of the company’s operations nor does it address health and safety risks to consumers from product use, which are covered in other categories.
      • Product Design for Use-phase Efficiency As increasing resource scarcity and regulations encourage greater materials efficiency and lower energy consumption and emissions, the Chemicals industry may benefit from developing products that enhance customer efficiency. From reducing automobile emissions through materials optimisation to improving building insulation performance, Chemicals industry products can enhance efficiency across many applications. Entities that develop cost-effective solutions to meet customer demand for improved efficiency may benefit from increased revenue and market share, stronger competitive positioning and enhanced brand value.
      • Safety & Environmental Stewardship of Chemicals Product safety and stewardship is a critical issue for entities in the Chemicals industry. The potential for human health or environmental impacts of chemicals during the use-phase can influence product demand and regulatory risk, which in turn can affect revenues and result in higher operating, regulatory compliance and mitigation expenses. The industry can mitigate regulatory risk and grow market share by developing innovative approaches to manage the potential impacts of products during the use-phase, including developing alternative products with reduced toxicity. This could contribute to shareholder value through improved competitive positioning, greater market share, reduced regulatory risks and higher brand value.
      • Genetically Modified Organisms Some chemical entities produce crop seeds developed using genetically modified organism (GMO) technology. GMO technology has improved some crop yields, including corn and soy, by altering the crop’s resistance to pesticides and herbicides and improving drought tolerance, among other factors. At the same time, consumers and regulators in some areas have expressed concern over the use of GMO technology because of perceived health, environmental and social impacts of GMO cultivation and consumption. Thus, entities that employ such technology face both market opportunities and risks related to its use. The adoption of GMO crop technology is significant in some regions, although in other regions regulators have implemented bans, quotas or labelling requirements on GMO-based products. Such product bans or labelling requirements may decrease revenues or increase costs for manufacturers, and regulatory scrutiny and public perception may affect reputational risk. As such, entities that effectively respond to market drivers related to GMO products can mitigate risks and capitalise on opportunities.
    • Supply Chain Management The category addresses management of environmental, social, and governance (ESG) risks within a company’s supply chain. It addresses issues associated with environmental and social externalities created by suppliers through their operational activities. Such issues include, but are not limited to, environmental responsibility, human rights, labour practices, and ethics and corruption. Management may involve screening, selection, monitoring, and engagement with suppliers on their environmental and social impacts. The category does not address the impacts of external factors – such as climate change and other environmental and social factors – on suppliers’ operations and/or on the availability and pricing of key resources, which is covered in a separate category.
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    • Management of the Legal & Regulatory Environment The category addresses a company’s approach to engaging with regulators in cases where conflicting corporate and public interests may have the potential for long-term adverse direct or indirect environmental and social impacts. The category addresses a company’s level of reliance upon regulatory policy or monetary incentives (such as subsidies and taxes), actions to influence industry policy (such as through lobbying), overall reliance on a favorable regulatory environment for business competitiveness, and ability to comply with relevant regulations. It may relate to the alignment of management and investor views of regulatory engagement and compliance at large.
      • Management of the Legal & Regulatory Environment The Chemicals industry faces strict regulation governing air emissions, water discharge, chemical safety and process safety, among other issues. Anticipating and adapting to regulatory developments, both in the short and long term, is a critical issue for the industry, as regulatory developments can significantly affect product demand, manufacturing costs and brand value. Therefore, entities with a clear strategy for managing the regulatory environment that aligns corporate performance with sustainable environmental outcomes and accounts for societal externalities may benefit from increased regulatory certainty, stronger brand value and improved competitive positioning.
    • Critical Incident Risk Management The category addresses the company’s use of management systems and scenario planning to identify, understand, and prevent or minimize the occurrence of low-probability, high-impact accidents and emergencies with significant potential environmental and social externalities. It relates to the culture of safety at a company, its relevant safety management systems and technological controls, the potential human, environmental, and social implications of such events occurring, and the long-term effects to an organization, its workers, and society should these events occur.
      • Operational Safety, Emergency Preparedness & Response Health, safety and emergency management is a critical issue for entities in the Chemicals industry. Technical failure, human error or external factors such as weather may result in accidental releases of chemical substances into the environment at processing facilities or during storage and transportation. Furthermore, the combustible nature of some chemical substances, combined with the high operating temperatures and pressures involved in manufacturing, increases the risk of explosions, hazardous spills or other emergency situations. Such events may harm workers or people in nearby communities through the release of harmful air emissions and chemical substances, and they may impact the environment adversely. Entities may face operational disruptions, damage to facilities, reputational harm, and increased regulatory compliance and remediation costs in the event of a process incident. As such, strong process safety management may reduce operational downtime, mitigate costs and regulatory risk, and ensure workforce productivity.
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    • GHG Emissions The category addresses direct (Scope 1) greenhouse gas (GHG) emissions that a company generates through its operations. This includes GHG emissions from stationary (e.g., factories, power plants) and mobile sources (e.g., trucks, delivery vehicles, planes), whether a result of combustion of fuel or non-combusted direct releases during activities such as natural resource extraction, power generation, land use, or biogenic processes. The category further includes management of regulatory risks, environmental compliance, and reputational risks and opportunities, as they related to direct GHG emissions. The seven GHGs covered under the Kyoto Protocol are included within the category—carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydrofluorocarbons (HFCs), perfluorocarbons (PFCs), sulfur hexafluoride (SF6), and nitrogen trifluoride (NF3).
      • Greenhouse Gas Emissions Iron and steel production generates significant direct greenhouse gas (GHG) emissions, primarily carbon dioxide and methane, from production processes and on-site fuel combustion. Although technological improvements have reduced the GHG emissions per tonne of steel produced, steel production remains carbon-intensive compared to other industries. Regulatory efforts to reduce GHG emissions in response to the risks posed by climate change may result in additional regulatory compliance costs and risks for iron and steel entities because of climate change mitigation policies. Entities can achieve operational efficiencies through the cost-effective reduction of GHG emissions. Capturing such efficiencies can mitigate the potential financial effects of increased fuel costs from regulations that limit—or put a price on—GHG emissions.
    • Air Quality The category addresses management of air quality impacts resulting from stationary (e.g., factories, power plants) and mobile sources (e.g., trucks, delivery vehicles, planes) as well as industrial emissions. Relevant airborne pollutants include, but are not limited to, oxides of nitrogen (NOx), oxides of sulfur (SOx), volatile organic compounds (VOCs), heavy metals, particulate matter, and chlorofluorocarbons. The category does not include GHG emissions, which are addressed in a separate category.
      • Air Quality Iron and steel production typically generates criteria air pollutants, volatile organic compounds (VOCs) and hazardous air pollutants, which can have significant localised public health impacts. Of particular concern are sulphur oxides, nitrogen dioxide, lead, carbon monoxide and manganese, as well as particles such as soot and dust, released during production. Technological innovation and continuous improvements in steel-making processes have reduced air pollutants significantly from the Iron & Steel Producers industry. However, air pollutants remain a concern because of increased regulatory and public concern about air pollution, as well as expansion of steel production in emerging markets. In emerging markets, regulatory efforts to curb air pollution may constrain iron and steel production. Active management of facility emissions through industry best practices implementation across global operations can facilitate the transition to sustainable steel production, reducing costs and potentially enhancing operational efficiency.
    • Energy Management The category addresses environmental impacts associated with energy consumption. It addresses the company’s management of energy in manufacturing and/or for provision of products and services derived from utility providers (grid energy) not owned or controlled by the company. More specifically, it includes management of energy efficiency and intensity, energy mix, as well as grid reliance. Upstream (e.g., suppliers) and downstream (e.g., product use) energy use is not included in the scope.
      • Energy Management The production of steel requires significant energy, sourced primarily from the direct fossil fuel combustion as well as energy purchased from the grid. Energy-intense production has implications for climate change, and electricity purchases from the grid can result in indirect Scope 2 emissions. The choice between various production processes—electric arc furnaces and integrated basic oxygen furnaces—can influence whether an entity uses fossil fuels or purchases electricity. This decision, together with the choice between using coal versus natural gas or on-site versus grid-sourced electricity, may influence both the costs and reliability of energy supply. Affordable, easily accessible and reliable energy is an important industry competitive factor. Energy costs account for a substantial portion of iron and steel manufacturing costs. How an iron and steel entity manages its energy efficiency, its reliance on various types of energy and associated sustainability risks, and its ability to access alternative sources of energy can influence its profitability.
    • Water & Wastewater Management The category addresses a company’s water use, water consumption, wastewater generation, and other impacts of operations on water resources, which may be influenced by regional differences in the availability and quality of and competition for water resources. More specifically, it addresses management strategies including, but not limited to, water efficiency, intensity, and recycling. Lastly, the category also addresses management of wastewater treatment and discharge, including groundwater and aquifer pollution.
      • Water Management Steel production requires substantial volumes of water. Entities face increasing operational, regulatory and reputational risks associated with water scarcity, costs of water acquisition, regulations on effluents or amount of water used, and competition with local communities and other industries for limited water resources. These risks are particularly likely to affect regions where water is scarce, resulting in water availability constraints and price volatility. Entities unable to secure a stable water supply could face production disruptions, while rising water prices could directly increase production costs. Consequently, entities adopting technologies and processes to decrease reduce water consumption may reduce operating risks and costs by mitigating the operational impacts of regulatory changes, water supply shortages and community-related disruptions.
    • Waste & Hazardous Materials Management The category addresses environmental issues associated with hazardous and non-hazardous waste generated by companies. It addresses a company’s management of solid wastes in manufacturing, agriculture, and other industrial processes. It covers treatment, handling, storage, disposal, and regulatory compliance. The category does not cover emissions to air or wastewater nor does it cover waste from end-of-life of products, which are addressed in separate categories.
      • Waste Management Although waste reclamation rates in steel production are high, the industry generates significant quantities of hazardous wastes. Slag, dusts and sludges constitute the three main industry waste types. These by-products often are recycled internally or sold to other industries. However, process wastes such as electric arc furnace dust, which may be regulated as a hazardous material because of its heavy metal content, can have significant environmental and human health impacts, present a regulatory risk, and result in additional operating costs for entities. Risks related to the long-term impacts of waste disposal may result in significant costs, including those associated with monitoring and managing contaminated off-site disposal properties, for which jurisdictional authorities may hold iron and steel producers responsible for remediation and restoration activities. Entities that reduce waste streams, hazardous waste streams in particular, and recycle or sell non-hazardous by-products, could mitigate regulatory risks and reduce costs while increasing revenues.
    • Human Rights & Community Relations The category addresses management of the relationship between businesses and the communities in which they operate, including, but not limited to, management of direct and indirect impacts on core human rights and the treatment of indigenous peoples. More specifically, such management may cover socio-economic community impacts, community engagement, environmental justice, cultivation of local workforces, impact on local businesses, license to operate, and environmental/social impact assessments. The category does not include environmental impacts such as air pollution or waste which, although they may impact the health and safety of members of local communities, are addressed in separate categories.
      None
    • Employee Health & Safety The category addresses a company’s ability to create and maintain a safe and healthy workplace environment that is free of injuries, fatalities, and illness (both chronic and acute). It is traditionally accomplished through implementing safety management plans, developing training requirements for employees and contractors, and conducting regular audits of their own practices as well as those of their subcontractors. The category further captures how companies ensure physical and mental health of workforce through technology, training, corporate culture, regulatory compliance, monitoring and testing, and personal protective equipment.
      • Workforce Health & Safety Iron and steel production processes can present significant risks to employees and contractors working in iron and steel plants. Given the high temperatures and heavy machinery involved, worker injuries and fatalities are a matter of serious concern to iron and steel producers. Given the hazardous work environment, the industry has relatively high fatality rates requiring a strong safety culture and comprehensive health and safety policies. Although accident rates in the industry are in decline, worker injuries and fatalities can result in regulatory penalties, negative publicity, low worker morale and productivity, and increased healthcare and compensation costs.
    • Product Design & Lifecycle Management The category addresses incorporation of environmental, social, and governance (ESG) considerations in characteristics of products and services provided or sold by the company. It includes, but is not limited to, managing the lifecycle impacts of products and services, such as those related to packaging, distribution, use-phase resource intensity, and other environmental and social externalities that may occur during their use-phase or at the end of life. The category captures a company’s ability to address customer and societal demand for more sustainable products and services as well as to meet evolving environmental and social regulation. It does not address direct environmental or social impacts of the company’s operations nor does it address health and safety risks to consumers from product use, which are covered in other categories.
      None
    • Supply Chain Management The category addresses management of environmental, social, and governance (ESG) risks within a company’s supply chain. It addresses issues associated with environmental and social externalities created by suppliers through their operational activities. Such issues include, but are not limited to, environmental responsibility, human rights, labour practices, and ethics and corruption. Management may involve screening, selection, monitoring, and engagement with suppliers on their environmental and social impacts. The category does not address the impacts of external factors – such as climate change and other environmental and social factors – on suppliers’ operations and/or on the availability and pricing of key resources, which is covered in a separate category.
      • Supply Chain Management Iron ore and coal are critical raw material inputs to the steel production process. Iron ore mining and coal production are resource-intensive processes. Mineral extraction often has substantial environmental and social impacts adversely affecting local communities, workers and ecosystems. Community protests, legal or regulatory action, or increased regulatory compliance costs or penalties can disrupt mining operations. Iron and steel entities could face supply disruptions as a result, or in some cases, also may be subject to regulatory penalties associated with the environmental or social impact of the mining entity supplier. Minimising such risks through appropriate supplier screening, monitoring and engagement, iron and steel producers may manage their direct critical raw materials suppliers proactively to ensure they are not engaged in illegal or otherwise environmentally or socially damaging practices.
    • Management of the Legal & Regulatory Environment The category addresses a company’s approach to engaging with regulators in cases where conflicting corporate and public interests may have the potential for long-term adverse direct or indirect environmental and social impacts. The category addresses a company’s level of reliance upon regulatory policy or monetary incentives (such as subsidies and taxes), actions to influence industry policy (such as through lobbying), overall reliance on a favorable regulatory environment for business competitiveness, and ability to comply with relevant regulations. It may relate to the alignment of management and investor views of regulatory engagement and compliance at large.
      None
    • Critical Incident Risk Management The category addresses the company’s use of management systems and scenario planning to identify, understand, and prevent or minimize the occurrence of low-probability, high-impact accidents and emergencies with significant potential environmental and social externalities. It relates to the culture of safety at a company, its relevant safety management systems and technological controls, the potential human, environmental, and social implications of such events occurring, and the long-term effects to an organization, its workers, and society should these events occur.
      None

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