As part of the materiality assessment, the Bank applied the GRI Principles for Defining Report Content and Quality so as to identify information to be reported and by paying regard to the Bank’s activities, impacts, and the substantive expectations and interests of our main stakeholder groups.
As part of this process, the Bank considered the main feedback received from its principal stakeholder groups during 2015 and applied the Principle of Materiality by ensuring that the issues regarded as most important were addressed and prioritized.
The Bank applied the Principle of Sustainability Context by having regard to the latest trends in sustainability in Turkey and internationally. The review of the content by our sustainability experts and top management also helped us ensure that the materiality approach was complete and accurate and that we had applied the GRI Principles such as for Sustainability Context, Completeness, Materiality and Stakeholder Inclusiveness.
The following figure summarizes the results of the Bank’s materiality analysis for GRI G4. As part of the G4 materiality analysis, the Bank assessed the topics relevant to our organization and to our stakeholders making use of a variety of sources such as the Bank’s commitments, media searches, questionnaires and surveys and comparison against peer companies nationally and internationally. The Bank then linked these issues to the corresponding GRI G4 aspects having regard to whether the aspect was material within our organization, outside the organization, or both. Topics were prioritized based on their significance of impact – their potential influence on Garanti Bank’s ability to deliver on its vision and strategy as well as their potential influence on the decision-making of the Bank’s main stakeholder groups. Significance of impact was determined based on applying the following criteria:
- potential financial gain or loss,
- severity of occurrence and scale of the risks and opportunities,
- reputational impacts,
- level of stakeholder interest,
- relevance to Banking sector
The results of this prioritization process, which were approved by the Executive Vice President for Project Finance and Sustainability, and a member of the Sustainability Committee.