During 2021 our core members from Corbion, DSM and Fuji-Oil sat together and shared their views and experiences how the Handbook is already helping to improve their sustainability reporting. The discussions cantered around three questions:
- Why are we looking for improved reporting?
- How is improved reporting implemented?
- What are the benefits of using the Handbook in improved reporting?
In the report the answers are provided that can be summarised as follows:
Why are we looking for improved reporting?
The primamry reason for all three is that the companies had already formuleted ambitions targets and policies, and all feld they needed to further develop the metrics to support these policies. There is also a strong connection to the upcoming regulations such as the Due dilligence and Taxonomy law in Europe and other reporting requirements
How is improved reporting implemented?
The companies in this group had a similar procedure, which usually has the following steps:
- Materiality assessment and hotspot analysis in the value chain (similar to what is described in the Handbook
- Management approach, including target setting, development of governance structure, data collection
- Impact assessment and preparing the communication do different audiences and preparing for upcoming legislation.
What are the benefits of using the Handbook in improved reporting?
The materiality assessment, and the availability of a well defined broad scope social topics were a very important contribution to the improved reporting cycle. It helped toprovide focus and itsupported target setting. Another important benefit is the approach to screen the entire scope three in the hotspot identification phase and the data tools we discovered and started to use during our journey. This is very important as most ESG reporting focusses not further then tier 1 of the supply-chain. The Due Diligence legislation typically requires to identify social hotspots in the entire value chain.
The Whitepaper can be downloaded from here; please leave a comment behind below.
The May 11th webinar recording where we presented both the whitepaper on Reporting and Portfolio Assessment can be found here If you just want to review the slides, please click here