At Glanbia we are committed to making delivering better nutrition and a better world. To ensure we assess where we have the greatest impact we actively engage with stakeholders and areas of influence.
WHAT DOES THAT MEAN?
To meet the new Corporate Sustainability Reporting Directive (CSRD) requirements, we have conducted a double materiality assessment aligned with European Sustainability Reporting Standards (ESRS). 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 risks and opportunities sustainability presents 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 process followed ESRS standards, 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 our external stakeholders and validated our findings with expert input.
Engaged internal stakeholders, issued financial materiality assessments and confirmed financial thresholds with expert validation.
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 creating 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 Report 2024 where we share our ESG performance and progress and outline our strategy and targets.
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