In FY21 we identified an opportunity to further embed our materiality process and material issues into the business. From FY22 we will run the process in the first quarter of the year (rather than the fourth), better aligning to our Enterprise Risk Profile, trends analysis and strategy setting, and business planning cycles. This year we continued to focus on the material issues identified in FY20.
While we have not run a full stakeholder engagement process for this year’s materiality assessment, we did survey our customers to understand which issues they think are most important, and to validate our continued use of the FY20 material issues. In FY22 we are aiming to increase engagement in the process to ensure we continue to consider a broad range of stakeholder views.
Our approach to identifying material issues in FY20 is detailed below:
We identified a range of issues and topics through research and engagement including:
- Feedback from investors
- Customer feedback and trends
- Employee surveys
- Targeted stakeholder surveys as part of the materiality assessment
- Indices, standards and industry benchmarks such as Global Reporting Initiative (GRI) and Dow Jones Sustainability Index (DJSI)
We surveyed a range of stakeholder representatives, and some of our employees, and asked them to prioritise a range of economic, environment and social aspects based on importance to them.
We then held a cross functional materiality workshop to test the insights from the stakeholder surveys and assess and prioritise our material issues. Participants included representatives from our insurance and operating divisions, as well as functions that align to external stakeholder groups (for example Customer Experience, Investor Relations and Corporate Affairs).
Validation and review
Results from the materiality workshop were reviewed in the context of completeness and stakeholder inclusiveness.
Material issues were reviewed and approved by our leadership, and the materiality assessment was also reviewed by EY as part of the FY20 sustainability assurance process.
Our approach to reporting
Our safer communities reporting (including shared value and sustainability reporting) is developed in line with the Global Reporting Initiative (GRI) guidelines. In 2021 our reporting uses GRI Standards’ Reporting Principles for Defining Report Content of Stakeholder Inclusiveness, Sustainability Context, Materiality, and Completeness.
Since our inaugural report in 2004, we have obtained independent assurance of our sustainability and non-financial reporting. This year we engaged KPMG to assure selected Customer, Community, Workforce and Environment indicators, as well as our adherence to the GRI G4 Principles for Defining Report Content of Stakeholder Inclusiveness, Sustainability Context, Materiality and Completeness.
The assurance was performed to a limited level in accordance with the ISAE 3000 Assurance Engagements Other than Audits or Reviews of Historical Financial Information standard.