In early 2017, Molson Coors refreshed our materiality assessment to include an integrated view of all our business units, including MillerCoors. We are currently analyzing the results of our latest assessment and using them to develop long-range goals and our 2025 sustainability strategy.
In our most recent assessment, we worked with an external consultancy Corporate Citizenship to provide additional rigor and analysis in our process to pinpoint the environmental, social, and economic issues most relevant to our company. Corporate Citizenship used a combination of qualitative and quantitative research to gain a detailed understanding of our priority issues.
Corporate Citizenship first compiled a list of 24 current and emerging responsibility issues most relevant to Molson Coors and the beverage industry. The list was informed by global trends and drivers, as well as sector and sustainability reporting frameworks, such as SDGs, DJSI, CDP and SASB. Corporate Citizenship then conducted interviews with 17 internal leaders from the across the business and surveyed over 100 stakeholders to understand their views on how Molson Coors should prioritize key issues; address opportunities and risks; and where we should allocate resources to support our business in the next 3-5 years.
Findings from both internal and external perspectives were analyzed to develop a ranking of each issue’s relative importance to our stakeholders and its relative impact on the business. The findings are mapped on the following Materiality Matrix and identify High, Medium or Low priorities.
We used the results of the materiality assessment to shape our sustainability strategy and 2025 goals to support areas that are key to our business success. Simultaneously, we have also used the results to engage widely with internal and external stakeholders to gather feedback on our proposed 2025 goals and strengthen engagement over time.
To conduct our 2017 materiality assessment, we engaged with a number of stakeholders from across our business units: Molson Coors Canada, MillerCoors in the U.S., Molson Coors Europe and Molson Coors International. We identified the stakeholder groups most relevant and influential to Molson Coors, which included: Regulators/Government bodies; Industry Groups; Customer/Retailers; Suppliers; Investors and NGO partners, and collected a list of the highest priority stakeholders from all our local teams. From this group, we sent a survey to over 300 external organizations, asking them to rank in order 24 issues they felt were most important to Molson Coors for the next 3-5 years. We received over 100 responses and a representative sample from across our global footprint.
We will continue to systematically engage with our stakeholders on a regular basis to keep a pulse on the changing sustainability landscape and their expectations of us as a company. We believe collaborative engagement, such as roundtables and meetings allow us to continuously assess our stakeholders’ changing needs and concerns. Additionally, we intend to refresh the assessment and undertake a formal assessment of our most relevant issues every 3-5 years to understand if our material opportunities and risks have shifted.