Scottish Sea Farms Materiality Assessment
In 2023, Simply Sustainable supported Scottish Sea Farms in the development of its first materiality assessment. Conducting a materiality assessment is crucial for determining the sustainability topics a company should prioritise. This process involves considering both stakeholder input and evaluating risks and opportunities that align with these topics. At Simply Sustainable, we encourage our clients to be transparent about the environmental and social impacts of their business activities, so they can confidently reassure key stakeholders of their commitment to sustainability.
Impacts and benefits
- Gathered insights and opinions from over 200 internal and external stakeholders to understand their expectations and evolving demands.
- Conducted a business impact assessment to identify the key sustainability risks and opportunities for Scottish Sea Farms to address.
- Identified the most material sustainability topics to guide Scottish Sea Farms in shaping future strategic sustainability efforts and direction.
- Demonstrate commitment to sustainability and build trust with stakeholders.
Getting the best result relies on doing the right groundwork, and collaborating with Simply Sustainable on our first materiality assessment has ensured exactly that. Step by step, they expertly guided us through the process of exploring the themes that mattered most to our internal and external stakeholders alike, helping identify the shared priorities and, in turn, shaping the next steps of our sustainability journey.Amanda Tresise Sustainability Data & Reporting Lead, Scottish Sea Farms
The story
Between February and July 2023, Simply Sustainable supported Scottish Sea Farms, a leader in sustainable aquaculture, as they pursued a more strategic and proactive approach to sustainability through a thorough materiality assessment. The mission was clear: to identify the sustainability topics most relevant to both internal and external stakeholders and develop a foundation to shape strategic decisions.
Our methodology involved several key stages, starting with the identification of sustainability topics specific to Scottish Sea Farms’ business operations. Using established ESG and sustainability standards and frameworks such as GRI, SASB, MSCI and UNSDG’s, while also studying industry peers we identified the sustainability topics most pertinent to the business.
A fundamental element of the materiality assessment approach is gathering stakeholder insights, offering key stakeholders the opportunity to express their needs and opinions. Through interviews and surveys, we gathered insights from over 200 stakeholders, encompassing Scottish Sea Farms’ key customers, suppliers, shareholders, media, and internal stakeholders from various levels within the organisation. This diverse group of participants ensured a holistic view of the company’s impact and expectations.
Simultaneously, we conducted a thorough business impact assessment aimed at identifying and rating the risks and opportunities associated with each of the sustainability topics under consideration.
Throughout our approach we ensured collaboration at every stage, including confirmation with the Scottish Sea Farms project team, ensuring that the findings accurately represented the company’s operational landscape.
By combining stakeholder feedback with the business impact assessment results, we conducted a comprehensive materiality assessment, resulting in a materiality matrix—a visual representation outlining the most material sustainability topics for Scottish Sea Farms. This matrix serves as a robust tool to guide the company’s future sustainability efforts.
Performing a materiality assessment presents significant benefits in defining a business’s strategic sustainability focus. By actively listening to stakeholders, identifying material issues, and aligning sustainability efforts accordingly, Scottish Sea Farms has embarked on a journey to enhance its sustainability initiatives. This commitment to sustainability underscores the company’s dedication to a brighter and more responsible future.
To find out how Simply Sustainable can help you develop your ESG and sustainability strategy, request a call-back from one of our team of experts.