Working with KPMG, our materiality assessment solidified the areas of focus within our sustainability strategy. Together we identified and validated a set of material risks and opportunities and their relative importance for Smart and our stakeholders.
Who we’re doing this for
We continue to speak to a range of stakeholders to ensure their needs and pressures are represented. These include:
Customers Our members and clients are increasingly conscious of the impact their choices have on the environment and society. Therefore, they are rightfully enquiring about Smart’s carbon footprint, net zero targets, contributions to the community, sustainable investing options and responsible supply chain management. By addressing these concerns, we seek to retain customer loyalty, maintain a competitive edge, and build our reputation as a socially and environmentally responsible brand.
Capital markets and investors Capital markets and investors are pivotal stakeholders in our sustainability journey. Their concern lies in our progress towards diversity and inclusion, the board’s diversity and involvement in sustainability matters, and Smart’s ethos and values. They also closely monitor our social impact, talent attraction initiatives and efforts to address energy consumption and emissions. By involving them in our strategy, we can build trust and maintain long-term partnerships with those who share our commitment to sustainability.
Colleagues Our colleagues play a crucial role as stakeholders, and their perspectives are vital for our sustainability approach. They support our efforts to prioritise diversity and equality within the organisation and expect us to prioritise the sustainability of our products and services. Additionally, our sustainable investment offerings, carbon emissions and the environmental footprint of colleagues’ commutes are of significant concern. Addressing these aspects helps boost colleague morale, job satisfaction and retention, while aligning their values with Smart’s mission.
Regulators Engaging with regulatory bodies is essential as sustainability issues take precedence on their agendas. These bodies demand transparency from companies, particularly regarding environmental operations and their impacts. The focus is often on energy usage and greenhouse gas emissions. By proactively addressing their concerns, we not only meet legal requirements but also contribute to shaping positive changes in the industry. Furthermore, while we may not be subject to certain regulations, our investors and clients may be, so they may require information from us to ensure they maintain compliance.
By including these stakeholders and understanding their perspectives, we ensure that our approach to sustainability is comprehensive and reflects our commitment to addressing the issues that matter most to our stakeholders. This collaborative approach helps us drive positive change, build stronger relationships and achieve shared sustainability goals.
Through interviews, focus groups and questionnaires, we captured the needs and pressures experienced by these and other stakeholders. This data revealed 19 material topics, seven of which are a clear priority. We mapped these against four pillars: Planet, People, Prosperity, Principles of Governance.
The seven priority areas identified in this work will be our focus as we strive to improve our sustainability. These priority areas form the seven sections of this report.