The assessments follow the principle of double materiality, which evaluates and prioritizes issues that may impact stakeholders and affect Thai Beverage’s sustainability efforts. In this process, Thai Beverage begins with studying and understanding the sustainability context of the organization, identifying both actual and potential impacts, and assessing their significance. We engage with internal and external stakeholders and consult sustainability experts before ranking the most significant priorities. Enterprise Risk Management, including testing issues with experts, is employed to evaluate risks associated with these priorities. This evaluation is crucial before presenting the findings to the board of directors for approval. The process of assessing key sustainability issues follows these steps and includes the following details: In accordance with the operational context and sustainability strategies of the Thai Beverage Group, ThaiBev has conducted a study to understand key sustainability issues. This is to ensure relevance and alignment with the current global trends, considering research from various sources such as the World Economic Forum (WEF), S&P Global’s indices and assessments, the Sustainability Accounting Standards Board (SASB), as well as international frameworks like the United Nations Sustainable Development Goals (UN SDGs). Particularly, issues related to the food and beverage industry are examined, along with reports and studies from companies in the same industry, and the concerns of internal and external stakeholders are taken into account. This comprehensive approach enables the collection of sustainability issues that are in line with the context of ThaiBev. These issues are expected to have an impact on the company’s sustainability and will be further assessed for their potential impacts and opportunities in the next phase. impact and assessing the significance of the impact. To gather insights from stakeholders and sustainability consultants in identifying actual and potential impacts, ThaiBev has engaged in activities to involve key stakeholders both internally and externally. In the initial step, experts were requested to analyze and provide feedback on issues that have the potential to impact ThaiBev’s sustainability operations, including their effects on stakeholders (shortlisted issues) and the possible forms of impact.

Following that, the company followed the principle of double materiality by conducting a materiality assessment through an online platform (Google Forms). This allowed both internal and external key stakeholders to participate in evaluating the positive and negative impacts that have occurred or may occur as a result of ThaiBev activities related to each identified issue. The assessment also covered economic, social, and environmental aspects, designed in a survey format based on the organization’s enterprise risk management approach. It included an evaluation of the likelihood of both actual and potential opportunities and an assessment of the severity of impacts, both positive and negative. The likelihood and severity levels of impacts were categorized into four levels: (1) Low, (2) Medium low, (3) Medium high, and (4) High severity, as in the figure.

After conducting surveys with each group of key stakeholders, the results were gathered and analyzed together. These findings were then presented to the Sustainable Development Working Team (SDWT) and the management of Thai Beverage for the next steps.

In this stage, ThaiBev re-evaluated various important issues by following the principle of double materiality, considering the impacts of each issue on the company’s sustainability operations. The SDWT collectively determined the materiality threshold of the impacts of the identified issues in both financial and non-financial dimensions, referring to the criteria outlined in the organization’s enterprise risk management approach.

Subsequently, the results obtained from each key stakeholder group’s survey were reviewed before evaluating and prioritizing the issues with the highest impact (most significant) on ThaiBev. To validate the findings, ThaiBev conducted a materiality test with independent experts who have no affiliation with the company, both domestically and internationally. This was done to gather opinions on the assessment process and the identified issues. Following this, the two sets of results were presented to the Board of directors to seek feedback and obtain approval on the most significant sustainability issues for the company.

These priorities would serve as guidelines for managing sustainability and disclosing information in future reports.