Digital twin: Guiding asset owners to overcome common pitfalls
Focused on the topics most material to our business and stakeholder needs, we seek to deliver sustainable impact and contribute as best as we can to global sustainable development issues.
Helping to identify, refine and assess the sustainability topics material to our business that meet stakeholder expectations, the process of a materiality assessment seeks to inform company strategy, goals and reporting on sustainability. Our materiality assessment helps to determine the sustainability related topics that have the greatest direct or indirect impact on Wood’s ability to create, preserve or erode economic, environmental and social value for our company, our stakeholders and society at large.
Effective engagement with all of Wood’s stakeholders will ensure we remain balanced in our decision-making as we strive to deliver a sustainable business and contribute to global sustainable development. We conduct periodic materiality assessments to inform our strategic direction over a 3-year period, or where there is significant change in the business. This approach makes sure we continue to evolve and focus on the topics most valuable to our business and stakeholders.
Covering all Wood’s activities, our materiality assessment focuses on 3 key stakeholder groups, our employees, clients and investors which form the basis of our stakeholder outreach and research. Using GRI standards (GRI 3) and a 7-step approach to determining the issues most material to Wood, we consider 4 key elements against our 3 key stakeholder groups: company strategy, our ESG risks, principal and emerging risks, and stakeholder engagement and research. Aligning our approach to the 2030 agenda on sustainable development, our material issues reflect our aims under people, planet and profit and the goals we have set as part of our sustainability strategy and evolving ambition.