Aztec Group’s double materiality assessment
Aztec Group (Aztec), a leading provider of fund and corporate services for the alternative investment sector, originally fell within the scope for CSRD-aligned reporting due to its operations within Luxembourg. Aztec was, therefore, looking for a partner to support its preparation for reporting under CSRD with the ambition to voluntarily report its activities at Group level. This consisted of a double materiality assessment and a reporting gap analysis.
The Simply Sustainable team has extensive experience working with various companies on CSRD preparation, gaining in-depth knowledge of the legislative texts, official guidance, the double materiality process and the European Sustainability Reporting Standards (ESRS) reporting items. With this experience, Simply Sustainable was well positioned to support Aztec to conduct its first double materiality assessment and provide support with its CSRD reporting readiness.
The impacts and benefits
- Stakeholder-validated insights: Engagement of 113 stakeholders via interviews and surveys to inform a nuanced materiality prioritisation.
- Aligned to business strategic priorities: Integrated feedback from cross-functional working groups, Risk, and Finance teams to ensure alignment with strategic goals.
- Identified material impacts, risks and opportunities: Conducted a rigorous double materiality assessment which identified material areas for the business to focus its sustainability efforts and resource.
- Improved business resilience: Positioned Aztec to improve sustainability-related services and increase resilience to regulatory and reputational risks.
The story
Between July 2024 and February 2025, Simply Sustainable delivered a robust double materiality assessment for Aztec. A double materiality assessment is the first step in preparing for CSRD-aligned reporting. With our support, Aztec now has strong foundations in place for an audit ready CSRD report and the refinement of its sustainability strategy.
We kicked off the project with an activation workshop that brought together the individuals within Aztec who make up the Sustainability Working Group and introduced them to CSRD and our proposed process.
The assessment began with a comprehensive mapping of Aztec’s value chain, thoroughly categorising upstream suppliers, internal operations and downstream stakeholders. This enabled the identification of critical sustainability impacts, risks and opportunities across all tiers of the business. Sustainability topics were identified and refined using ESRS guidance, stakeholder insights and peer benchmarking to ensure both regulatory alignment and sector relevance.
Stakeholder engagement was central to the process. Through a survey of 85 stakeholders and 15 in-depth interviews, we captured diverse perspectives that shaped a longlist of 65 significant impacts and 145 risks and opportunities. These impacts, risks and opportunities were assessed using CSRD-aligned scoring methodology, ensuring an audit-ready, data-driven outcome. Throughout the process, we ensured detailed involvement from Aztec via a series of workshops designed to convey the methodology used, gather additional data points and collate feedback.
Working closely with Aztec’s Strategy, Finance, and Risk teams, we defined and validated materiality thresholds. The result was the identification of material impacts, risks and opportunities across nine material topics that reflect both business priorities and stakeholder expectations.
These material topics were brought to life through a double materiality matrix designed to enhance strategic decision-making and reporting clarity. Final outputs also included robust justifications for material impacts, risks and opportunities; ESRS disclosure mappings and a CSRD-aligned double materiality report – equipping Aztec with a strong foundation for ESRS 2: General Disclosures. Throughout the process there was a significant focus on audit requirements, as outlined by CSRD, to ensure that Aztec received an audit-ready outcome in preparation for its future reporting.
With a clear sense of stakeholder priorities and regulatory expectations, Simply Sustainable has empowered Aztec to act decisively on sustainability priorities – strengthening resilience, enhancing transparency and accelerating its long-term value creation.
Outcome
The double materiality assessment marked a pivotal step for Aztec, enabling it to align sustainability goals with stakeholder expectations and CSRD compliance. By identifying and prioritising material sustainability topics, the company has laid the groundwork for credible, transparent reporting and long-term value creation. This forward-thinking approach affirms Aztec’s role as a responsible leader in financial services and positions it to drive meaningful impact within and beyond the sector.
Curious as to how Simply Sustainable can help your business navigate CSRD and double materiality?
To find out how Simply Sustainable can bring your sustainability strategy to life, request a call-back from one of our team of experts.