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, including the number of impacts, risks and opportunities relevant to each topic.
| Material topic | Impacts | Risks | Opportunities | |
|---|---|---|---|---|
| Environment | Climate change | 3 | 1 | 2 |
| Water and marine resources | 2 | 2 | – | |
| Biodiversity and ecosystems | 1 | 1 | – | |
| Resource use and circular economy | 2 | – | – |
| Social | Own workforce | 61 | 11 | – |
| Workers in the value chain | 71 | 21 | – | |
| Consumers and end-users | 3 | 2 | 1 |
| Governance | Business conduct | 1 | 2 | – |
(1) Certain IROs overlap between ESRS S1 and ESRS S2 due to the classification of employees of our joint venture, MWC-Southwest Holdings LLC, as workers in the value chain under ESRS. Due to our operational control boundary approach, the same impacts and risks apply to these employees as they do to the wholly-owned business’ employees. Therefore, the IROs, policies and related actions identified within the Own workforce section apply to our joint venture employees. See table above and topic sections for further information on overlapping IROs.
Read our Sustainability Statement in our Annual Report. You can find out more about our Double Materiality Assessment on page 147.
SEE NEXT
