inno.N

HK inno.N established a governance system dedicated for decision-making on ESG. The ESG Management Committee directly under senior management, along with its working-level body, the ESG Working-Level Committee, was established in 2022. This was followed by an addition of the Sustainability Management Committee under the board of directors in 2023.
The Sustainability Management Committee oversees ESG management strategies, reviews related investments and manages ESG-related risks on the Board level, while the ESG Management Committee serves a supervisory role to monitor and keep track of key decisions made on ESG, related activities and their outcomes.
Once decisions are made, they are forwarded to working-level personnel through the ESG Working-level-Committee for detailed implementation plans to be fleshed out.

Materiality assessment process HK inno.N conducted a double materiality assessment to comply with the standards for public disclosure of global initiatives and incorporate the requirements of various stakeholders into the company’s ESG policies.
The two global standards for public disclosure of material topics, GRI and CSRD of the EU, were applied to conduct the materiality assessment.
Findings from media analyses, guidelines presented under international standards and findings from surveys conducted on stakeholders were compiled to identify 15 key issues specific to the company.

Step 01Composition of an Issue Pool

• International standards (e.g. GRI, SASB, UN SDGs, TCFD)
• Analysis of Peer Biomedicine Companies for Benchmarking
• Media Monitoring (using Web Crawling)
• Review of sustainability issues of the previous year → Identification of 28 issues for a composite pool

Step 02Analysis of social and environmental impact

• Analysis of media monitoring results (15,859 cases)
• Employee surveys (on 985 employees)
• Surveys on stakeholders (i.e. a total of 680 individuals including customers, employees of partner companies and members of local communities)

Step 02Analysis of financial impact

• Employee surveys (on 231 employees)
• Surveys on stakeholders (i.e. shareholders and investors)
• Analysis of relevant laws and regulations
• Analysis of indices from rating agencies

Step 03Selection and public disclosure of key issues

• Prioritization of issues based on analysis of social, environmental and financial impact
• Review of the longlist of priority issues by senior management and board of directors to shortlist 15 key issues
• Public disclosure of key issues through the 2022 Sustainability Report

Results of the materiality assessment Taking into account the overall social, environmental and financial impact that a total of 28 longlisted issues may have, HK inno.N created a shortlist of 15 key issues that it aims to focus on. Once shortlisted, the key issues are then reviewed by senior management and working-level employees for validity for finalization of key issues. These issues are then constantly incorporated into business plans. Finally, evaluation on how well the key issues have been addressed throughout the company’s operations are shared with various stakeholders in a transparent manner through the annually published Sustainability Report.