Croda
Greater clarity and monitoring of emerging issues
The materiality assessment conducted for Croda, a FTSE 100 speciality chemicals company, focused on formalising the desk research stage conducted in-house and to expand this by including several stakeholder engagement stages. The aim was to gain greater clarity on the important issues for Croda’s wide range of stakeholders, built around Croda’s existing strategic framework as well as provide an opportunity to monitor for emerging issues.
The materiality assessment conducted for Croda, a FTSE 100 speciality chemicals company, focused on formalising the desk research stage conducted in-house and to expand this by including several stakeholder engagement stages. The aim was to gain greater clarity on the important issues for Croda’s wide range of stakeholders, built around Croda’s existing strategic framework as well as provide an opportunity to monitor for emerging issues.
The process
The process included:
• An external/internal stakeholder survey.
• Interviews with a representative sample of these external and internal stakeholders to gain further granularity on issues material to them.
• A focus group consisting of Sustainability Committee members enabled a discussion that gave further detail and prioritisation to the issues list.
• A final scoring phase which reflected the findings from the entire process and documented recommendations with final adjustments to the hierarchy of material issues.
• A double materiality mapping exercise of materiality issues from an impact and/or financial and an opportunities and/or risk perspective.