ESRS materiality assessment
The ESRS double materiality assessment can be broken down into four steps – with steps 1 to 3 comprising the actual assessment, and step 4 being the reporting:
• Step 1: Understand the context and define a stakeholder engagement strategy
• Step 2: Identify a list of potential material sustainability matters and IROs
• Step 3: Determine the final list of material sustainability matters
• Step 4: Report the materiality assessment process and outcome
The first step consists in analyzing your company’s business activities, business model, business relationships, and upstream and downstream value chain. This will provide you with all relevant insights needed to conduct the materiality assessment.