Double-Materiality Assessment

Overview

As new global challenges continue to emerge and with significant changes to our portfolio, in 2023 we released our second materiality assessment to understand which sustainability topics are most important to our internal and external stakeholders. In the face of changing practices and requirements, we chose to perform a double-materiality assessment to generate greater insights into key sustainability topics that are material¹ to us and how that impacts society and the environment.

A double-materiality assessment meets the applicable requirements currently proposed by the European Commission’s Corporate Sustainability Reporting Directive (“CSRD”), and it meets or exceeds the standards required for the Task Force on Climate-Related Financial Disclosures (“TCFD”), the Sustainability Accounting Standards Board (“SASB”), and the Global Reporting Initiative (“GRI”).

We believe the results and related insights enable us to continue evolving our sustainability strategy to meet our stakeholders’ needs.

Single-Materiality Matrix

Sustainability topics presented in this matrix are mapped in terms of their importance to our internal stakeholders (X-axis) and external stakeholders (Y-axis).

Double-Materiality Matrix

Sustainability topics presented in this matrix are mapped in terms of their potential internal impacts (X-axis) and external impacts (Y-axis).

Material topics are defined as those that are in the top-right quadrant when all survey topics are mapped against increasing importance to stakeholders. It is important to note that, while materiality assessments include input from stakeholders, an organization’s final selection of their “material topics” may also be informed by other factors.

1 The use of “material” or “materiality” on this page is not related to, or intended to convey, matters or facts that could be deemed “material” to a reasonable investor as referred to under U.S. securities laws or similar requirements of other jurisdictions.