Materiality matrix

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Understanding what matters most to our stakeholders is fundamental to being a purpose-driven organisation.

We actively engage with these stakeholders to help us understand their views and priorities. Understanding what matters to our stakeholders helps us to prioritise areas for focus and investment, enabling us to factor their views into strategic decision-making. 

This understanding feeds into our materiality assessment, giving rise to the materiality matrix, which drives the matters disclosed across these webpages, helping to ensure we are disclosing relevant information of interest to our stakeholders.

In defining the strategic relevance of a theme to the company, we continue to adopt the integrated reporting <IR> framework definition of materiality and value creation. This means considering the impacts of the company on all of our stakeholders, alongside our dependencies, i.e. the impacts of the material themes on the company. This value may be financial or non-financial. This approach is consistent with the concept of double materiality.

Our 2023/2024 materiality review

In this year’s assessment, we have also considered the definition of materiality adopted by the International Sustainability Standards Board (ISSB), which strengthens the concept of considering a material risk or opportunity from a level of interest to stakeholders to consider the impact on value created for stakeholders, in addition to the potential effect on our ability to create value as a company.

We have carried out a thorough review of our material themes and materiality matrix. Striking the right balance between different interests and views is not easy, but our assessment process consolidated feedback based on a balance of views obtained from all of our stakeholders. The applicability of industry-specific topics in the Sustainability Accounting Standards Board (SASB) standards were also considered as part of this assessment, along with the UN Sustainable Development Goals that we contribute towards.

Our materiality assessment is aligned closely with our assessment of principal risks and uncertainties, with close linkage between the themes highest in terms of company value (horizontal axis) and our top principal risks and common causal and consequence themes identified. Our assessment process this year identified 29 material themes.