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Stakeholder matrix and interaction strategies  

Hoist Finance initiated a formal stakeholder dialogue process already in 2017. In our aim to always improve ourselves, we conducted an analysis during 2019 to identify learnings from prior stakeholder dialogues and identified areas where we can enhance our process. Based on the findings, we have developed a more detailed stakeholder matrix and connected it to how we would like to engage with different stakeholder groups. This will allow us to be more relevant and target our dialogues in a more effective way. Starting 2020, we will conduct our stakeholder dialogues, with the new matrix and engagement strategy as a base, allowing a more continuous dialogue using existing channels whenever possible. 

How we define our stakeholders

Hoist Finance’s stakeholders are groups and individuals who, directly or indirectly, are affected by the company’s operations: employees, shareholders, business partners, customers and society at large.

The Executive Management Team and the Board of Directors have overall responsibility for balancing these interests, while securing the company’s survival.

Interaction
Regulators
Society
Competitors
Industry associations
Media
NGOs
Suppliers
Close interaction
Customers
Employees
Investors & analytics
Clients

Materiality analysis and stakeholder engagement process 

The new stakeholder matrix and engagement strategy will serve as the foundation in gaining a deeper understanding of what sustainability aspects our different stakeholders think we should focus on. This, combined with our new stakeholder engagement process, will allow us to conduct more relevant materiality assessments and help us make sense of our sustainability landscape. These new tools will build our mandate for focusing and acting on those issues that are of the highest priority for the business. 

During 2019, our focus has been to create a close dialogue with our employees throughout the company, to understand what sustainability aspects they find most important for us to address. When creating the new sustainability strategy, we combined the input from this dialogue with the results from the main areas identified from previous stakeholder dialogues, which were the following: respect for customers’ privacy, compliance with laws and regulations, ethical and fair treatment of customers and ensuring customer satisfaction.   

Our five step stakeholder engagement process:

1. Analysis of external and internal perspectives 2. Stakeholder mapping and ioritization 3. Design process 4. Engagement 5. Review, Report and Act

1. Analysis of external and internal perspectives

Identify mega, industry and sustainability trends relevant to Hoist Finance and our stakeholders. The trends may include climate change, societal change (e.g. financial/social exclusion), digitalisation, emerging regulations (e.g. sustainable finance) and other trends affecting Hoist Finance as well as benchmarking with industry peers. We also identify Hoist Finance’s current priorities and future initiatives based on existing sustainability strategy, previous stakeholder dialogues and business strategy.

2. Stakeholder mapping and prioritization

Hoist Finance has many different stakeholders that are important to our business. In order to ensure effective and efficient engagement we take stance from our stakeholder matrix and prioritize select stakeholder groups for the coming year. Based on the prioritized stakeholder groups strategies are created for interaction and engagement.

3. Design process

Define the level of ambition for the engagement to align expectations for all parties and identify issues relevant for chosen stakeholder groups. Identify and choose format for how to approach selected stakeholder groups for most effective engagement.

4. Engagement

Stakeholder dialogues are performed with selected stakeholder groups through surveys, interviews or workshops to create an understanding of the stakeholders’ perspective.

5. Review, Report and Act

After reviewing and analyzing the results from the stakeholder dialogues, an action plan is developed with the aim to translate the findings, insights, and agreements from the engagement into action and to communicate these actions to our stakeholders.

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- Annual Report 2019 -
- Årsredovisning 2019 -