Material Content Matrix
Our materiality process helps us to identify and assess those issues that are most material to our stakeholders and to the business. These results are then used as the basis for determining the content and structure of our CR Report. They are laid out below in a matrix format - click on the relevant title to access the supporting page of the CR report for each of the issues identified.
- Issues reported in detail
- Issues given limited coverage in report
- Issues reported on 'as needs' basis
In 2010, we reviewed our approach to the way in which we manage material issues, and revised our process for identifying and assessing those issues that are most material to the business and to its stakeholders.
The process was informed by our ongoing stakeholder engagement exercises and sought to identify environmental, social and economic issues that are, or might turn out to be, relevant to the business and to its stakeholders, and to collect the information needed to assess their significance.
The issues were then prioritised according to their significance and, where necessary, further information was sought to ensure sound decision-making and action. The process was then reviewed to ensure that the materiality determination was considered sound and credible and that the business had accepted its findings and considered their implications.
Material issues generally remain important for long periods of time – years rather than months – and therefore, in 2011, we undertook a formal external review of the matrix by benchmarking against other large UK utility suppliers, to ensure we were not missing any specific energy sector issues.
This formal review, along with feedback from our regular ongoing interaction with our external stakeholders, did not identify any new issues to add to the matrix, or any that should be removed.
During 2011, we began to review our materiality process so that we can: identify both risks and opportunities; adopt a more consistent and auditable approach to prioritisation; and embed this within existing processes. This will be completed in 2012 and included in next year’s report.