The issues identified for this report have been cross-referenced to the GRI G4 Aspects and Standard Disclosures list. A Boundary Assessment for each Aspect was performed in our 2013 reporting cycle and it was determined that the outcomes of the original assessment for each Aspect had not changed as to its relevance to Vermilion or any of the stakeholders throughout our value chain. G4-20 G4-21
Where the issues were relevant to Vermilion or its stakeholders, we reevaluated whether they were of high, medium or low impact on Vermilion, and high, medium or low impact from the perspective of our key stakeholder groups.
We wish to continue to emphasize that materiality in the context of this report is not a judgment on societal importance. For example, the issues surrounding the use of child labour are of significant concern; however, their impact on Vermilion and our stakeholders is considered low as a result of our operations being located in countries with robust laws and enforcement around these issues. While unlikely, were Vermilion were to extend its operations into a geographical region where child labour was at higher risk to occur within our supply chain, we would assess this as having a higher potential impact.
Moreover, while we remain comfortable with our original high-medium assessment for the “Regulatory Framework” topic, we continually monitor changes that could influence its future categorization as it relates to the impact on Vermilion. For example, in September 2014, the Council of the European Union formally adopted the Directive on disclosure of non-financial and diversity information by certain large companies. This Directive introduced measures that will strengthen the transparency and accountability of approximately 6000 companies in the EU who have more than 500 employees. While the changes may not affect Vermilion from a mandatory perspective because our staff count in Europe does not meet the Directive’s threshold, the changes nevertheless affect our environment and the sustainability context within which we operate.
The following parameters were used to assess the level of impact on Vermilion:
We used a similar approach to assessing potential impact of these issues on stakeholders. We analyzed our engagement results with different groups of stakeholders, to identify issues and rate their importance reflecting the critical/high, important/medium, and small/low definitions from the table above. We also took into consideration how directly affected the stakeholders were (for example, employees and fenceline communities are more directly affected by Vermilion's operations than are governments). We then integrated those results to identify where issues had a common impact or concern spanning several key stakeholder groups. G4-18 G4-19
The resulting summary of all GRI Aspects is contained in our full GRI Materiality Analysis, which you can find in our additional information.G4-19 G4-20 G4-21