For me, a not-particularly-lightweight hiker with a 10kg base weight, that list includes:
- a knife
- a first-aid kit with some niche stuff like big gauze pads, electrolytes, strapping tape, etc.
- quarter of a roll of toilet paper
- a compass and whistle
- a paper map
- spare laces
- 3L of water, unless water is guaranteed to be available (2L is more standard)
- spare calories in case I'm delayed
- emergency beacon (except my phone does this now)
I could sacrifice these and be fine most of the time, but I've needed nearly everything except the whistle, the full quarter-roll, and the emergency beacon.