Large Financial Services Company
Robust Materiality Assessment
In 2014, BrownFlynn led a large financial services company through a robust materiality assessment process to identify the most significant sustainability impacts, risks, and opportunities for its business and stakeholders. This assessment included industry research; benchmarking the company against its peers; mapping the company’s sustainability impacts across its value chain; interviewing a broad cross-section of internal and external stakeholders; and launching internal and external stakeholder surveys. BrownFlynn worked with the company to evaluate and score all sources of input to determine the relative priority of each sustainability topic.
Upon completion of the materiality matrix, senior business leaders from across the company reviewed the topics. BrownFlynn led the group through an interactive exercise to determine actionability for each topic based on the degree of control the company has, how much capital investment would be required for performance improvements, and how much capacity the company has internally to manage performance.
Actionability—BrownFlynn led the company’s senior business leaders through an exercise to determine which topics were most actionable; the size of the bubble on the materiality matrix reflects the degree to which the company can take action.
The materiality assessment process helped the company further align its corporate priorities with the sustainability issues most relevant to its business. The company’s Sustainability Steering Committee will focus future initiatives and progress on material topics. Additionally, the process furthered internal understanding of sustainability as a comprehensive and integrated approach to environmental sustainability, as well as social, governance, and economic issues.
Statement from the most senior decision-maker of the organization about relevance of sustainability to the organization and the organization’s strategy for addressing sustainability
Name of the organization
Primary brands, products, and services
Location of organization’s headquarters
Number of countries where the organization operates, and names of countries with significant operations or that are specifically relevant to the sustainability topics covered in the report
Nature of ownership and legal form
Scale of the reporting organization
Total workforce by employment type, employment contract, and region, broken down by gender
Percentage of total employees covered by collective bargaining agreements
Description of the organization’s supply chain
Significant changes during the reporting period regarding organization's size, structure, ownership, or supply chain
Whether and how the precautionary approach or principle is addressed by the organization
Externally developed economic, environmental, and social charters, principles, or other initiatives to which the organization subscribes or endorses
Memberships in associations and/or national/international advocacy organizations
Entities included in the organization consolidated financial and nonfinancial reports
Process for defining report content
Material aspects identified in the process for defining report content
For each material aspect, the aspect boundary within the organization
For each material aspect, the aspect boundary outside the organization
Explanation of the effect of and reasons for any restatements of information provided in earlier reports
Significant changes from previous reporting periods in the scope and aspect boundaries
List of stakeholder groups engaged by the organization
The basis for identification and selection of stakeholders with whom to engage
The organization’s approach to stakeholder engagement, including frequency of engagement by type and by stakeholder group, and an indication of whether any of the engagement was undertaken specifically as part of the report preparation process
Key topics and concerns that have been raised through stakeholder engagement, and how the organization has responded to those key topics and concerns, including through its reporting. Report the stakeholder groups that raised each of the key topics and concerns
Date of most recent previous report
Contact point for questions regarding the report or its contents
‘In accordance’ option and GRI Content Index
Policy and current practice with regard to seeking external assurance for the report
Governance structure of organization, including committees of the highest governance body
The organization’s values, principles, standards, and norms of behavior such as codes of conduct and codes of ethics
Disclosure on Management Approach for Aspect
Coverage of the organization’s defined benefit plan obligations.
Financial assistance received from government.
Significant indirect economic impacts, including the extent of impacts.
Total number and rates of new employee hires and employee turnover by age group, gender and region.
Average hours of training per year per employee, by gender and by employee category.
Percentage of employees receiving regular performance and career development reviews, by gender and by employee category.