As part of our sustainability strategy, Better Nutrition, Better World, we recognise that delivering better nutrition requires protecting natural resources, supporting our people, and maintaining strong governance.
WHAT DOES THAT MEAN?
Glanbia conducts a Double Materiality Assessment (DMA) on a regular basis in line with our sustainability reporting requirements. Double materiality means assessing our approach to sustainability from two angles: how our actions impact society and the environment, and how emerging sustainability issues could impact our business. This dual approach helps us understand both our influence on the world and the sustainability risks and opportunities for our business.
How our actions, now and in the future, create both positive and negative effects on people and the planet.
The financial challenges and opportunities we face from dependencies on natural, human, and social resources in a changing world.
Our DMA is required by the Corporate Sustainability Reporting Directive (CSRD) and aligns with the guidance set out in the European Sustainability Reporting Standards (ESRS). The process involves mapping Glanbia’s business model and value chain to identify stakeholder groups and understand how our operations impact people, communities and the environment.
Mapped out our business model and value chain, benchmarked our business against industry peers, analysed media trends and identify key stakeholders.
Leveraged insights from Task Force on Climate-related Financial Disclosures (TCFD) analysis, our group risk register, and other valuable resources to uncover real and potential impacts, risks, and opportunities (IROS).
Conducted in-depth impact assessments in collaboration with internal and external stakeholders and validated the results with subject-matter experts.
Conducted in-depth risk and opportunity assessments in collaboration with internal stakeholders and validated the results with subject-matter experts.
Secured senior leadership approval, finalised and communicated our most material topics and IROS to the business and external audiences.
We combined ESRS topics, expert insights and stakeholder input to identify and assess key impacts, risks and opportunities (IROs). Our materiality approach guided our sustainability strategy and risk management to ensure we are contributing to a better world.
A summary of material sustainability related topics is presented below. The specific IROs identified within these material sustainability topics are described in detail, including the value chain impact, within the Planet, People and Performance sections of this report.
| Material topic | Impacts | Risks | Opportunities | |
|---|---|---|---|---|
| Planet | Climate change | 3 | 1 | 2 |
| Water and marine resources | 1 | 2 | – | |
| Resource use and circular economy | 2 | – | – | |
| People | Own workforce | 6 | 1 | – |
| Workers in the value chain | 6 | 2 | – | |
| Consumers and end-users | 3 | 2 | 1 | |
| Performance | Business conduct | 1 | 1 | – |
| Cyber security | – | 1 | – |
Read our Sustainability Statement in our Annual Report. You can find out more about our Double Materiality Assessment on page 147.
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