In anticipation of the sustainability reporting requirements outlined in the CSRD, which will be in force for disclosures related to 2024, Nutreco decided to already move forward in 2022 to perform a materiality assessment taking into account the double materiality principle. Double materiality in reporting accounts not only for how a company affects the environment and society but also how the environment and society impact the company's financial value. A sustainability topic meets the criteria of double materiality if it is material from the impact perspective (inside-out) and from the financial perspective (outside-in).

Through our double materiality assessment in 2022, we identified key internal and external stakeholders to engage in the different phases of the assessment. We considered a broad representation across geography, business line and relationship with Nutreco in order to reflect diverse internal and stakeholder perspectives through the process. We gathered input from these internal and external stakeholders about their prioritisation of sustainability topics through in-depth interviews and workshops. In line with the double materiality principles, our discussion with stakeholders focused on both the impact and financial perspective of each topic. This process enabled us to identify the topics that are highly material for Nutreco.

We identified the following highly material topics for Nutreco:

1. Efficient use of resources in animal nutrition
2. Animal health and AMR
3. Climate change
4. Product quality and safety
5. Circular novel and responsible raw materials
6. Biodiversity and ecosystems
7. Business ethics and transparency
8. Resilience to economic and political volatility
 

The results of our materiality assessment further confirm the areas of focus in our RoadMap 2025. In 2023, we will further implement the insights of our double materiality assessment into our 2025 RoadMap and sustainability strategy.

 

Chapters:

1.1 Our brands, customers and suppliers
1.2 Double materiality