26 Aug Materiality. What’s Important?
Dearest Friends,
I’m having a hard time coming to terms with the end of summer. I’m going to miss the longer days, warmer temps, and general ease that defines summer. But time marches on and change is inevitable!
And there is much to look forward to this Fall — we’ve been busy planning over here at Faust Global Partners. Stay tuned!
To start, I’m excited about my upcoming LinkedIn Events that continue our series on How to get started with ESG today? We have two remaining and hope you can join us!
- Thursday, September 8th @10 am ET (My Birthday!) – Framework. What does success look like?
- Thursday, September 22nd @10 am ET – Data, Measurement & Reporting. What are best practices?
Thanks to everyone who joined us yesterday on LinkedIn for our second event: Materiality – What’s Important? The event was well attended with great questions and interactions between the participants!
Below are key insights from the discussion:
- Per the Global Reporting Initiative (“GRI”) – ‘Materiality’ are “those topics that have a direct or indirect impact on an organization’s ability to create, preserve or erode economic, environmental and social value for itself, its stakeholders and society at large.”
- Double materiality is an extension of materiality. It focuses on the organization’s impact on the economy, environment, and people.
- A Materiality Assessment helps to identify the ESG/S issues and their potential impact on business operations and stakeholders.
- A Materiality Assessment should be the foundation of an organization’s ESG/S strategy.
- Materiality Assessments take time & thought.
- Organizations should regularly reassess materiality as regulations, frameworks, and stakeholders’ demands evolve.
- Materiality can be approached in Four Key Steps – Research, Engage, Prioritize & Activate.
Materiality Assessment benefits include:
- Provides an opportunity to analyze business risks and opportunities, and quickly adjust and make improvements in the organization’s strategy.
- Stakeholder engagement offers an opportunity to better understand stakeholders’ demands.
- Materiality assessments allow organizations to meet the ESG/S reporting expectations of stakeholders.
- It helps organizations understand their social impact on society.
If you’d like a copy of the presentation or to learn more, please send me an email @ jennifer@faustglobal.com
How sustainable are you when it comes to back-to-school supplies?
In our latest social media for sustainable back-to-school, we’ve chosen a few sustainable, recycled, and excellent products for children to use during the school year. And all these products are B Corp certified!
“B Corp Certification is a designation that a business is meeting high standards of verified performance, accountability, and transparency on factors from employee benefits and input materials.” B Corp – www.bcorporation.net
Please consider People & Planet as you purchase your school’s supplies and clothes to kick off the school year right!
As Gandhi said: “Be the change that you wish to see in the world.”
If you have any sustainability hacks, tips, or products, please share them @ jennifer@faustglobal.com!
Wishing your children, a happy & healthy school year!
Upcoming LinkedIn LIVE
I hope to see you on September 8th for the next LinkedIn Event. As always, be in touch with any comments or suggestions to better serve you.
Be sure to connect with me on LinkedIn for additional details. Can’t wait to see everyone!
Enjoy these last days of summer! Here’s to a safe & fun Labor Day weekend for those in the United States!
Warmly yours,
Jenn