Material aspects

The board of Metair has committed to a process of risk management that is aligned to the principles of the King III Report on Corporate Governance and uses a well-structured and tested risk rating methodology.

Our material aspects are those challenges and opportunities that have the most potential to significantly affect the group’s long-term sustainability, or impact our stakeholders. 

These aspects are initially identified as part of the risk assessment process.  Monitoring and oversight of risk management in the group is the responsibility of the audit and risk committee.  A register of key risks is drafted annually at each operation, or more frequently when required, and these are consolidated to create a group risk register.  These risks include a review of economic, environmental and social impacts, risks and opportunities. 

Group risks are then assessed against other criteria to establish their materiality to the group. 

These criteria include:

  • input derived from our engagements with our key stakeholders, which is useful to identify additional issues that may not have arisen in the internal risk assessment process;
  • developments in relevant legislation and regulation;
  • sustainability and integrated reporting guidelines and best practice;
  • review of local and international media reports on the automotive and other target industries; and
  • peer reports and industry benchmarks.
  • The resulting list of material aspects is then assessed against our combined assurance model to ensure that each issue is subject to an appropriate level of assurance.