Materiality Audits

Various Clients including: Microsoft, Renault, Urenco, ARC, Arco, Advanced, Dr Barbara Sturm, Ella’s Kitchen, Tyler, North South Wines, OneAdvanced, McLaren Automotive, UCC Europe, Forest Holidays and more) 

Double Materiality is now a core requirement of many emerging mandatory reporting regulations and best practice frameworks for ESG. Our clients face the challenge of defining key priority issues to lay the groundwork for developing an effective sustainability strategy and target setting.

Philosophy has developed and refined a highly successful methodology for conducting such assessments and has been delivering impactful insights to help clients build sustainability strategies aligned to a clear set of priorities over the last ten years.

Our client receives actionable insights and strategic guidance derived from a thorough understanding of their market position, stakeholder expectations, and industry best practices. Armed with this knowledge, they are empowered to develop a robust sustainability strategy that not only addresses key priority issues but also drives meaningful impact and differentiation in the market.

We have devised and continue to develop a comprehensive approach to materiality, comprising the following steps:

• Internal Review and Industry Benchmarking: Our team conducts an in-depth internal review of the clients’ sustainability practices, reporting procedures and targets, alongside benchmarking against a selection of pre-agreed industry peers and competitors. This gap analysis provides valuable insights and recommendations regarding the client’s market position and areas for differentiation.
• Multi-Stakeholder Consultation: Through a multi-stakeholder consultation exercise, we engage with a diverse range of stakeholders including investors, suppliers, customers, partners, employees, and experts. This exercise aims to identify the most important social and environmental impact aspects, stakeholder priorities, and key business risks and opportunities.

1. Materiality Grid: A prioritised list of social, environmental, economic, governance and workplace issues, presented in the form of a Materiality grid.
2. Deep Dive Insight Reports: Tailored reports for each stakeholder group, providing in-depth insights and recommendations based on their specific perspectives and priorities.
3. Recommendations Report: A comprehensive report outlining recommendations for building a sustainability strategy and setting clear targets.
4. Strategic Framework: Development of a new strategic framework with clear priorities for focus.
5. Board-Ready Presentation: An insights presentation for the Board, encompassing a review of findings and recommendations, accompanied by pre-reading materials for thorough preparation.
6. Supporting Papers: Additional supporting materials outlining competitive benchmarking; market landscape and micro-focused operational review.