To assess the sustainability issues, risks and opportunities that are most important to our business and society, we routinely engage with customers, NGOs, investors, academia, local community officials, regulators and other stakeholders. These interactions help us identify and prioritize social, environmental and governance (ESG) issues that matter most in our direct operations and supply chain.
We also conduct formal materiality assessments to help us identify the importance of ESG issues, inform our sustainability strategy and determine what we need to share in our sustainability reports. Each year, our sustainability team reviews our materiality matrix against the external ESG landscape and our routine engagement with stakeholders during that year. Based on this review, we can assess if there have been significant changes to material ESG issues in the past 12 months.
A thorough benchmarking study compares our sustainability program and progress against peer companies. Based on this research and analysis, we identify a list of key focus areas or “material issues.”
We garner input on the relative importance of these issues through online surveys with both internal and external stakeholders, as well as through regular discussions with team members, nongovernmental organizations (NGOs), customers, vendors and consumers.
We combine inputs from the benchmarking exercise and stakeholder engagement to develop a materiality matrix that shows the ESG issues that are a focus of our business and our stakeholders and then use these insights to inform our sustainability strategy, more effectively use our resources and align our reporting process with what matters most.
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