Schulich School of Business

Toronto, Ontario, Canada

Materiality is the principle of defining the social and environmental topics that matter most to your business and your stakeholders . A materiality assessment should be used as a strategic business tool , with implications beyond corporate responsibility or sustainability reporting. A broad and inclusive materiality process, including stakeholder engagement , can deliver benefits such as:   Ensuring business strategy takes into account significant social and environmental topics, and the management of sustainability issues is embedded in wider business processes. Identifying trends on the horizon, such as water scarcity or changing weather patterns, that could significantly impact the company's ability to create value in the long-term. Prioritizing your resources for the sustainability issues that matter most to the business and stakeholders, so you can focus time and money on the most important topics, and on collecting relevant data. Highlighting areas where we need to manage and monitor risks that are important but not currently addressed. Identifying the areas of interest to the most important stakeholders, enabling you to report concise Information that gives a meaningful picture of progress to those who need it. Helping to identify where the company is creating, or reducing, value for society. Completing an industry and competitive analysis of the reporting efforts currently in place. Identifying the reporting standards that your organization should consider and their implications. A practical ‘how to’ guide to sustainability reporting for your organization.