Amid the “ESG” megatrend, many companies are currently confronted with the question of which of the sustainability issues are to be classified as particularly relevant or material for them and their stakeholders and how this enhances their positioning regarding in sustainability management.
A materiality analysis enables companies to gain a holistic view of reciprocal impacts between the company and the environment, society and the economy, with the involvement of internal and external stakeholders.
A foundation for your sustainability strategy
In the course of the CSRD (Corporate Sustainability Reporting Directive) guideline, which will apply from the 2023 reporting year, and the GRI reporting standard, the conduction of a double materiality analysis will be required for many companies. In addition to an assessment of the impact of sustainability issues on a company’s financial results and competitiveness, this also requires consideration of the company’s impact on sustainability aspects.
The materiality analysis thus constitutes a multi-stage process, taking into account industry reference and regulatory environment, using professional survey tools to involve relevant stakeholders and a structured data collection and evaluation to define material issues.
A professionally conducted materiality analysis therefore lays the foundation for a successful sustainability strategy by uncovering areas for action, enabling opportunity and risk planning, and marking the start of a sustainable stakeholder dialog.
If you are also facing the challenge of identifying material topics for your sustainability strategy or involving your stakeholders in a materiality analysis, please contact us!
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