Our approach to materiality assessments
We perform a full materiality assessment every three years for NatWest Group that is reviewed every year. This year we completed a full assessment to identify important sustainability topics for our key stakeholders and our business. Our approach considers a broad range of sustainability topics that aims to build long-term value in our stakeholders and for our business. This guides our thinking and ensures we are focused on the right issues through the assessment process. To identify our initial list of topics, we used peer reviews, megatrends, industry analysis, sustainability frameworks and ESG developments.
Stakeholder engagement and topics identified
We collected and analysed views of key stakeholder groups through internal and external interviews, and consultation workshops were held to understand their outcomes of interest. We engaged approximately 50 stakeholders internally in addition to a select group of senior leaders to conclude our list of material topics.
Scope, challenges and limitations
The topics included in the table above represent key sustainability topics for NatWest Group plc and may differ across our legal entities and geographical footprint. Progress against individual topics can be varied. The topics are not necessarily indicative of, and may be different to, the topics we may disclose in future. Our list of topics and stakeholders engaged may continue to evolve as subsequent materiality assessments are completed and as our, and the industry’s, understanding of the sustainability impacts, risks and opportunities continues to develop. Refer to page 2 of this report for further details on the considerations for our materiality assessment. Like many companies we continue to face challenges on data availability, comparability, and uncertainty on the extent of sustainability-related impacts, as well as associated financial risks and opportunities. We also continue to actively consider new insights and data which may influence or enhance our view on material sustainability topics. We will continue to review industry developments and evolve our approach to the assessment of materiality with regard to new insights, data and developing regulatory obligations and frameworks.
