Our materiality assessment helps us to identify our most important Responsible Business issues, risks and opportunities, taking into account business priorities and the views of our stakeholders. It informs how we focus our resources, and what information we choose to include in our Responsible Business reporting.
Double materiality assessment
We worked with an external consultancy to conduct a double materiality assessment in 2022. This considered a wide range of ESG topics from both a financial materiality and an impact materiality perspective.
To identify issues for assessment, we reviewed industry trends and risks, internal information and data, peer disclosure and media analysis. We also gathered stakeholder feedback via a series of internal and external (investor, NGO, supplier) interviews and online surveys to rank each issue’s relative importance.
Climate change was identified as the highest impact issue, with sustainable products and forests also receiving a high impact rating. All three issues were rated more highly than in previous processes, reflecting increased focus on these topics in the business and externally. Responsible sourcing was also identified as a high-impact issue due to the number of suppliers and global reach of the Kingfisher supply chain.
This year, several material ESG issues were changed or consolidated to reflect changing stakeholder expectations and business priorities. ESG issues emerging from New Business Models was added as a new topic to reflect the impact of new business offerings in recent years and expansion into new markets.
For more information about our assessment methodology, check out our Responsible Business Report 2022/23