We place responsibility in the context of good business management. Our PLC Board approves direction and remains informed with business reviews, progress reports and briefings. Our Operating Executive is responsible for implementing Group strategy and monitoring operational performance.
A formal review of our sustainability strategy and performance is held with both the Operating Executive and the PLC Board, annually. Material risks to the business, including strategic, operational, financial, legal and the most pertinent social and environmental risks are managed through our risk management framework.
To ensure we continue to maintain adequate executive level oversight of our sustainability agenda, we are in the process of developing a new ESG Steering Committee. Chaired by a non-executive director, the Committee’s remit on the behalf of the PLC Board will be to oversee the management of our material ESG responsibilities and to ensure the successful delivery of our sustainability strategy. Further information will be reported in 2020.
Further information on governance can be found in our Leadership and Governance Table.
Building and maintaining trust with our stakeholders underpins the success and reputation of our business. Stakeholder engagement introduces wider perspectives and enables better decision-making; it is an ongoing process which we primarily use to help us understand key priorities and how we can do things better.
We conducted independent materiality assessments in 2013 and 2016 which included identifying economic, social and environmental risks based on the geographical location of our operations as well as the locations of our key strategic suppliers. Around 940 locations were assessed, and the output helped to identify our top 20 issues, which supports how we frame our sustainability strategy.
In May 2019 we convened an independently facilitated Stakeholder Panel to appraise our approach and alignment with the UN Sustainable Development Goals as well as support further prioritisation of our environmental, social and governance (ESG) issues. For a summary of the Panel session, see our Stakeholder Panel Statement.