Your expenditure in a sustainability initiative must be guided by a well-executed ESG materiality assessment if your program is to be effective. Assessments can be time-consuming and complex, and failure to complete the task to the required standard can lead to your application for an ESG rating to be rejected.
The expert consultants at ESG PRO simplify the reporting process, saving you time and costs by offering a fully managed service to progress your ESG reporting accurately and quickly.
Materiality, in this context, is the concept of identifying the sustainability topics which are thought to have the greatest potential impact upon the organisation as well as those which have the greatest importance (such as from a strategic perspective). In this sense, materiality is inward-looking.
Dual materiality, also referred to as double materiality, is a European approach which identifies which materiality topics might define how the organisation affects those outside. It seeks to explain the impact of the organisation might have upon society, the environment, and so forth.
The outcome is a graphical representation which shows the opinions of both the organisation and its stakeholders. Often, there is a significant divergence of opinion.
Every organisation has stakeholders. They include the executive, board members, employees, investors, customers, and suppliers. However, there are numerous other groups with a vested interest, such as local communities, schools, government regulators, and beyond.
Indeed, a key role of your materiality assessment consultant is to help you to identify all potential stakeholder groups, clustering them according to their relative importance, and defining the appropriate communication channels to reach them effectively.
A major part of our work involves designing the optimal communication channels for you to reach your stakeholders. How you engage with members of the public, overseas supply chains, your investors, and your employees requires creating the appropriate personas so your surveys resonate, and gain engagement.
Our marketing team creates a full design brief, so you can see how a multi-channel approach works. This may include emails, website landing pages, videos, and conducting in-person or remote interviews. You can rely on us as an advisory, or we can offer a fully managed service.
Don’t risk your ESG programme by making basic mistakes. To meeting the criteria of the Global Reporting Institute (GRI), for example, your organisation is required to act upon the stakeholder priorities too, and not just those priorities agreed by your business as key topics.
Our expert ESG consultants know how to map your materiality assessment and we use the data to help you to create your entire sustainability strategy. By supporting your internal Sustainability team, and engaging with your risk management and marketing teams too, you are assured of a solid foundation for your environment, social, and governance reporting project.