Our Environmental, Social and Governance framework
Stobart Group is committing to ongoing communication regarding its ESG performance against its strategy and providing appropriate disclosure.
To ensure we prioritise the ESG issues we impact most and that influence the decision- making of our stakeholders, we conducted a formal materiality analysis in 2019. We plan to repeat this process at regular intervals going forward to ensure that we continue to identify and act on priority issues.
We used the results of the materiality analysis to inform our updated ESG strategy and to help us decide on where to focus our internal resource. The results have also been used to shape our disclosure. The materiality assessment integrates with our Enterprise Risk Management process by using aligned risk criteria. The results will be considered in our enterprise risk process.
The materiality assessment was undertaken by an expert adviser. They identified the issues we focus on within the business, those prioritised by companies in our peer group, and by standard setters. They interviewed our business leaders and experts, together with a number of our external stakeholders to gather their perspectives.
The issues identified were then scored on the degree of stakeholder interest and potential business impact. The results were placed on a matrix, with the relative positions indicating the materiality of the issues facing our business.
The results were reviewed and agreed by the ESG steering group with representatives from key business and functional areas.
The results arising from the materiality assessment (shown in the materiality matrix below) will now be used in a variety of ways. Primarily the results will be used to inform our new ESG strategic framework, which will be reviewed and managed by the management team to ensure progress is made. Key data items will also be used within our Group Risk Register to track key issues.
Our ESG performance and standards are ultimately the responsibility of the Board with the day-to-day management and monitoring being overseen by the Stobart Group Management Board, with Nick Dilworth as lead.