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In line with our devolved business model, assessing and prioritising material environmental and social impacts, risks and opportunities starts with our businesses. This process builds on their business-level assessments of overall risk and opportunities, including ESG matters.
At Group-level, we aggregate the material ESG topics and risks identified by our businesses and incorporate a Group perspective. This includes considering topics discussed through stakeholder engagement, including with investors.
We are clear on our Group priorities, these are:
We will continue to focus on these Group priorities next year with the additional priority area of human and labour rights in the Twinings and Ovaltine supply chains. The investment and programme of work relating to water treatment and effluent at AB Mauri is almost complete and therefore will be removed as a Group priority in due course. We expect our individual businesses to set their own additional priorities as they see fit.
There will always be a need for the Group to be responsive to new and emerging priorities that may occur at any time. We will seek to ensure that we are able respond when there is something we need to do. The topics presented in the table below have been identified as material for the Group. Most are material for some or all businesses, however the degree to which each topic is material for each business varies.
As part of our ongoing review of our material thematic topics at Group level, we will update the consolidation of topics as necessary. Our current grouping of material topics is detailed below:
Our business segments
Our value chain
With divisions operating across the EU, one of our areas of focus this year has been preparing for the upcoming disclosure requirements under the EU Corporate Sustainability Reporting Directive (CSRD). In 2025/26 some of our European entities will be required to report under CSRD.
At Group level, we are working to support those businesses in scope to ensure they are prepared for the requirements of CSRD. Over the past year we have held briefings and training sessions to outline the requirements, with a specific focus on the double materiality assessment, which will inform the disclosure requirements for each reporting entity.
At Group level, as part of this focus, we have worked closely with internal and external stakeholders to create guidance to assist the businesses as they undertake their double materiality assessments.
This is aligned with the guidance of EFRAG1 and aims to ensure that the businesses are equipped to conduct their assessments in compliance with the required standard and that the analysis is conducted consistently, in preparation for our groupwide reporting, which will be required in 2028/29.
We understand the potential to contribute towards certain Sustainable Development Goals (SDGs) through the ESG programmes of some of our businesses. Click here for more information.
1. European Financial Reporting Advisory Group