Stakeholder engagement is a process whereby a company identifies and assesses its key stakeholders, and then develops a plan to effectively engage with them in order to achieve the company’s sustainability goals

The process of stakeholder engagement typically includes the following steps:

1. Define the company’s sustainability goals and objectives.
2. Identify and assess the company’s key stakeholders.
3. Develop a plan to effectively engage with stakeholders in order to achieve the company’s sustainability goals.
4. Implement and track the progress of the stakeholder engagement plan.

What is materiality?

The concept of materiality is at the heart of stakeholder engagement, as it is necessary to identify which stakeholders are most important and should be given priority attention. Materiality refers to the degree to which a particular issue or concern affects a company’s ability to achieve its sustainability goals.

There are a number of factors that can be used to determine the materiality of an issue or concern, including the following:

1. The magnitude of the issue or concern.
2. The likelihood of the issue or concern occurring.
3. The extent to which the issue or concern impacts the company’s ability to achieve its sustainability goals.
4. The level of public interest in the issue or concern.

What are material topics?

– How to determine the materiality of an issue

– The importance of stakeholder engagement

– What factors influence materiality?

– How to prioritize stakeholders

How to prioritize stakeholders?

In order to prioritize stakeholders, it is necessary to determine their relative importance to the company. There are a number of factors that can be used to determine the importance of a stakeholder, including the following:

1. The magnitude of the stakeholder’s impact.
2. The likelihood of the stakeholder’s impact occurring.
3. The extent to which the stakeholder’s impact impacts the company’s ability to achieve its sustainability goals.
4. The level of public interest in the stakeholder’s interests.