Materiality in CSR reporting and communications
Vedant Walia2 September 2015
Webinar by Ethical Corporation
Materiality Process at BarclaysUpdated materiality review as part of moving to GRI G4
Stakeholders Approach Method Sense check
Map and validate: • High‐level mapping • Align sustainability materiality mapping with Company’s risk factors
• Third party involvement (facilitation/validation from external agency)
• Materiality process reviewed by external auditor
Set up process:• Identify and collate inputs
• Industry –SASB, surveys
• Bespoke –YouGov survey, horizon scanning, media analysis
• Prioirtisation workshop
Agree on definitions and methodology: • Choose the
standard: GRI, SASB, IIRC, etc.
• Decide how to prioritise/weight factors (relevance to /influence on stakeholders)
• Relative ranking vs a scoring system
Identify relevant stakeholders:• Internal – convene cross‐function group: Strategy, IR, Finance, Business teams
• External – outcomes of engagement sessions throughout the year
• Investor/SRI• Media/opinion‐former
• NGOs/other
Materiality – “reflect the organisation’s significant economic, environmental and social impacts or substantively influence the assessments and decisions of stakeholders” (GRI definition)
Outcome: 2014 Barclays material topics
Source: Barclays PLC Citizenship Data Supplement 2014