We want to make sure we are focusing on the sustainability issues that matter most, both for our business and our stakeholders.
We carried out a formal materiality assessment during 2016 which reviewed and ranked a wide range of issues. It took account of how important each issue is to our business strategy; which issues could represent a significant risk or opportunity for the business; how important each issue is to our key stakeholders; and whether our business operations could have a significant negative or positive impact on an issue.
We are using the outcomes from our materiality review to review and update our sustainability priorities.
Our materiality matrix
Our materiality assessment, conducted by an external consultant, included a number of stages:
A long list of issues was identified based on our current priorities and business strategy, the approach taken by our peers, external standards and frameworks and a media review.
Interviews were carried out with a wide range of external stakeholders to discuss their views on the priority issues for Taylor Wimpey and to gather feedback on our current approach. Stakeholders included investors, local and central government, suppliers, NGOs, industry groups, registered social landlords and sustainable business organisations. It also looked at the results of customer research and the outcomes from community engagement processes conducted by our regional businesses.
Internal views were assessed through interviews with senior managers in our corporate centre and regional businesses, supplemented by research with a number of our Heads of Customer Service and graduate recruits.
The research findings were used to create a draft materiality matrix that was reviewed by our senior leadership.