We undertook a comprehensive review to identify our material issues – the key issues that matter most to our business and our stakeholders. This report is structured to reflect the priorities for our business, in particular our CSR strategy as well as the key interests of our stakeholders.
Our material issues
Our 2016 material issues were reviewed in 2017 as part of the process for developing Richemont’s CSR 2020 Plan. The materiality process has enabled us to focus our reporting and our CSR strategy on the areas that are of most relevance to our business and our stakeholders.
Corporate Citizenship, an independent specialist organisation, carried out the following four-stage process in 2016:
Identification - conducted a review of multiple sources of internal and external information to produce an initial mapping of relevant issues. This included reviewing existing analyses from previous stakeholder engagements as well as looking at wider industry trends. This was consolidated into a long-list of 23 issues.
External engagement - conducted a stakeholder mapping exercise to provide a comprehensive picture of Richemont’s stakeholder groups, ensuring an appropriate balance of different stakeholders were engaged. Conducted interviews with a cross-section of external stakeholders to determine the relative priority of different issues. The issues list was refined further to reflect stakeholder feedback.
Internal review – engaged with key internal functions such Human Resources, Consumer Insights and Employer Branding to gain further insights. Held a working session with representatives from key functions across the Group to determine business impact prioritisation.
Validation – reviewed and finalised the materiality matrix based on feedback from key internal stakeholders, including the CSR Committee. Analysed implications for the CSR report, wider CSR strategy and future performance metrics.
The results of the materiality review are presented in our materiality matrix below.
Reporting our material issues
Our most important issues are positioned in the upper right hand corner of our materiality matrix. These are “Human rights and labour standards in the supply chain” and “Product integrity and sourcing”. We report on GRI G4 indicators that are relevant to these issues. We also continue to report on other issues that form part of our CSR Plan and are priorities for our stakeholders.