Engaging With Stakeholders to Set Priorities
To reassess the sustainability issues, risks and opportunities that are most important to our business and our stakeholders, Tyson Foods completed its second sustainability materiality assessment.
Our sustainability materiality assessment helps us identify and prioritize social, environmental and governance issues that matter most in our direct operations and supply chain. The process of identifying the importance of these issues involves, in part, reaching out to external stakeholders to capture their view into what is most important for the company from a sustainability perspective. This feedback helps us understand not only what we need to share in our sustainability reports, but is also useful in informing our sustainability strategy.
Conducting a materiality assessment refresh enables us to identify and prioritize significant economic, environmental and social impacts to Tyson Foods’ business and optimize sustainability investments in our business. Our materiality process followed these steps:
We conducted a thorough benchmarking study, comparing our sustainability program and progress against 17 of our peers. Based on this research and analysis, we established a list of key focus areas or “material issues.”
Using a third-party consultant, we collected input on the relative importance of these issues from 2,375 internal and external stakeholders through an online survey of team members, nongovernmental organizations (NGOs), customers, vendors and consumers.
Build a Materiality Matrix
Combining the results of the bench-marking study and stakeholder surveys, we created a materiality matrix that shows the environmental, social and governance issues that are a focus of our business and our stakeholders. We then use these insights to inform our sustainability strategy, more effectively use our resources and align our reporting process with what matters most.