Welcome back,
everyone. In this month’s video and webinar series, Materiality – Prioritizing
Sustainability in Your Strategic Business Plan, I will provide my
insight on the topic of materiality and identifying how Corporate
Responsibility can be key to sustaining your business. The first video in this
series, Identifying How Corporate Responsibility Fits Your Organization (below), focuses on recognizing
material issues in your company.
The concept
of materiality originated with corporate financial reporting. As the global
economy expands and we continue to impact the environment on such a large
scale, investors are looking to organizations to disclose sustainability
information that goes beyond economic impacts to include the social and
environmental concerns facing companies. Recognizing that every business is
reliant on these sources, long-term planning requires consideration of all the factors
that can pose risks or create opportunities for a company.
I included
an example in the video (which you can also view here) of Nestlé’s materiality matrix.
Nestlé has done a tremendous job of identifying and classifying areas of focus. By assessing each issue based
on its impact to Nestlé’s business operations against those of most concern to
stakeholders, Nestlé has clearly prioritized each issue. Creating a matrix like
this one for your company is a necessary step in developing Corporate
Responsibility goals to maximize return on investments and ensure long-term
viability.
We will
examine the materiality matrix further during the live webinar scheduled for Tuesday, December 17. In the next video in this series, I will
be covering Creating Sustainability Goals that Supplement Your Business Strategy,
which will build upon this topic and demonstrate how to develop Corporate
Responsibility goals that will provide organizational value.
– Tad
Radzinski PE, LEED AP, SFP
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