There are a wide range of Corporate Responsibility-related risks, opportunities and impacts that we need to manage across our business. To help us prioritize the issues that are most important to us and to our stakeholders, in 2011 we conducted an initial materiality assessment.
We went through the following process:
- Reviewed best practice approaches to materiality and the approaches of our peers
- Consulted a cross-section of people from across our business to define a list of material issues and prioritize these into high, medium and low importance
- Presented a draft materiality matrix to the CR Roundtable
- Reframed and repositioned some issues to reflect the Roundtable’s feedback and produce a finalised version of the matrix This year there was no formal input from external stakeholders to our materiality assessment process.
The judgements about the relative importance of issues to stakeholders are therefore based on the knowledge of our internal issue experts. Next year we aim to involve external stakeholders more formally in the process as part of our goal to make it as robust and inclusive as possible.