What is an ESG materiality assessment?
Michelle Winters, Goby's VP of Solutions, explains what ESG materiality assessments are and how they can benefit your organization.
Hi, everyone, my name is Michelle. Today I'm here to answer a question I get very frequently, which is “I am doing all these things for ESG, stakeholders are continued to ask me questions, but I don't know where to go from here, or how to really get started.”
And so one of the things that we typically recommend is conducting an ESG materiality assessment. I’m going to define that really quickly for you guys, which is essentially a method to identify and prioritize the issues that are most important to an organization and its stakeholders.
We recommend a few steps to go through this process.
First is identifying those internal and external stakeholders.
Second is conducting those initial stakeholder outreach and education for them on what you're trying to accomplish.
Third, is identifying potential issues that might positively or negatively impact the organization's growth, cost trust, and how important each of those issues can be to stakeholders.
Fourth would be reviewing existing documentation: What are you guys doing today? What are your other stakeholders doing today? What are your peers doing today?
Merging all those findings together and then creating and designing a report and ensuring that you're meeting a lot of the key goals of identifying short-term, medium-term, long-term initiatives, identifying how you're going to track and measure those initiatives and how to prioritize them.
And then last, but not least, share it and put it into action. So thanks so much for listening to me today. hope everyone's doing well. And happy to answer any more questions on materiality assessments or anything and everything ESG thanks.