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    Materiality assessment​

    Vale’s approach to managing impacts, and the disclosures in our Integrated Report, are based on a set of material topics that we have identified for our operations. These topics constitute Vale's materiality, a process of evaluating and prioritizing the impacts, risks and opportunities associated with our business model. Since 2007, we have regularly revisited our material topics to refine the stakeholder engagement process, reassess identified impacts for relevance, and respond to emerging trends and forward-looking projections.

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    Double materiality​

    In our most recent materiality assessment, in 2023, we evolve the double materiality concept, an approach that looks at impacts, risks and opportunities from two different perspectives:

    Impact

     Materiality as represented by our impacts on the economy, the environment and people, including human rights; and​

    Financial

    The potential to affect financial performance and value creation.​

    ​Materiality at Vale​

    Vale’s 10 material topics reflect the most relevant impacts, risks and opportunities for creating sustainable value. The assessment, which included an extensive survey of our key stakeholders and experts, yielded the same set of material topics as in the previous assessment. Innovation is a cutting across all material topics as a driver of value creation. It enhances our ability to amplify positive impacts, seize opportunities, mitigate risks, and address negative impacts effectively.

    Photo: Vale's Archive

    Material Issues GRI 3-2

    • Our ESG Databook contains fact sheets providing a detailed overview of each topic and information on how we engage with our stakeholders.​
       
    • Our 2023 Integrated Report contains a table mapping each topic to the relevant standard disclosures, frameworks, pillars, risks, opportunities, and challenges.

    * Crosscutting to all the material themes 

    Materiality process overview​

    Conheça as cinco fases do processo de revisão da materialidade, que foi conduzido entre setembro e novembro de 2022:

    We reviewed external documents and literature to identify whether any industry-relevant topics were not included in Vale’s material topics and need to be incorporated in the current review cycle. This step confirmed that our material topics are inclusive of all key aspects from both a corporate and an industry perspective.

    We compiled stakeholder inputs, complaints, suggestions and concerns received through our permanent stakeholder engagement channels. This provides us with a more comprehensive understanding of the most significant impacts for stakeholders, as it extends beyond a one-time survey focused on materiality. The compiling includes 11 permanent stakeholder engagement channels, covering a wide spectrum of stakeholder groups.
     

    In addition, as part of our commitment to understanding and capturing the perspectives of our stakeholders, we regularly conduct perception surveys regarding Vale’s Sustainability performance. In 2023, we conducted 50 in-depth interviews and a quantitative survey involving over 190 representatives from diverse groups, including academics, clients, suppliers, multilaterals, and regulatory entities. When compared to our industry peers, the general public perceives us to be on par with the sector’s average.  

    Conversely, among those subject to in-depth interviews, there is a more favorable perception of Vale’s sustainability performance, with 50% considering it above average. However, this positive perception is not uniformly reflected in terms of trust in the company. When analysing the results of the general public’s confidence, compared to 2021, there was a 9% increase in perception in Brazil.  

    Within this audience, 33% express a high level of trust, while 41% maintain a moderate level of trust. When asked, the primary drivers for a moderate level of trust mentioned were the company’s response to the impacts of Brumadinho and Mariana, as well as the perception that the company does not consistently act in the best interest of society.  

    It is essential to highlight that stakeholders also recognize Vale’s engagement efforts and demand for an increasingly closer relationship to strengthen communication and active listening. Among the identified opportunities is the necessity for more focused communication and a narrative directed towards the outcomes of our initiatives, along with the potential to demonstrate our role in forest restoration and protection, sustainable mining practices, and dam management.

    The assessment of financial materiality gathered information from various public sources, including Vale’s disclosures to investors and institutional and ESG websites.  Additionally, insights were derived from monitoring litigation, controversies, our corporate strategy and our 2030 commitments.  

    Furthermore, we made efforts to integrate these assessments into our risk management methodology and criteria. Although in the initial stages, these efforts will be further developed in the upcoming materiality review cycle. 

    Based on the information from the first three assessment stages, we compiled summary sheets for each of the 10 material topics. These sheets were used as a basis for individual interviews with executives linked to each topic, members of the Sustainability Committee and external experts. In all, we held 18 online sessions with representatives from these stakeholder groups.
    The inputs gathered from these interviews were incorporated into the summary sheets and then consolidated into a final assessment report. This report informed the contents of Vale’s 2023 Integrated Report. Selected contributions and interviews can be found directly within the Report.