Stakeholder engagement - a comprehensive overview
Stakeholder engagement in line for your CSRD report is not just asking what stakeholders find important. Validation of your materiality and goals with stakeholders in a way that is quick and user friendly is difficult, so read about our guidance & software here.
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Stakeholder engagement
Stakeholder engagement, a crucial element of sustainability management, is often misinterpreted with regards to the CSRD. In contrast to the way this was done in earlier days, to validate materiality with stakeholders is not simply asking them what they find important.
The CSRD aims to make sustainability reporting transparent and trustworthy, and thats why the subjective input of stakeholders is not so relevant for determining materiality. However, engaging with stakeholders still is a mandatory aspect for CSRD preparations, so what information should we be looking for?
One of the most crucial elements of validation using stakeholder engagement is making sure that the shortlist of impacts, risks and opportunities is complete and accurate. This can be done in several ways. It is essential to keep track of your findings such that your accountant can verify the CSRD preparation process.
Get a demo account
Get a demo account to gain direct access to the Ecocharting CSRD platform. Explore its comprehensive functionalities:
- Stakeholder engagement
- Double materiality assessment
- ESG data collection
- Reporting & publishing
In practice
How to engage with stakeholders
The CSRD requires companies to detail their interactions with stakeholders, including employees, customers, investors, suppliers, and affected communities. This is not just a communication requirement, but rather companies are expected to detail how they have incorporated stakeholder feedback in determining the materiality of topics and in setting corporate strategy.
The first step is to identify stakeholder groups and determine which of these are ‘affected stakeholders’. Utilising a matrix, you can sort your stakeholders based on the influence they exert on your firm and the extent to which they have an interest in the organisation’s actions.
By providing stakeholders partial access to the software, you can gather valuable feedback regarding your IRO-shortlist. Or digitise interviews & stakeholder dialogues within the Ecocharting platform to validate materiality and ensure a digital audit trail.
The trick is to leverage the insights and information arising out of these interactions to enhance the reliability of your sustainability report. Ultimately, through involving stakeholders in your double materiality analysis, new important IRO’s may emerge.
ESG topics
Possible datapoints
Types of impacts & scores
CSRD & Ecocharting
Join our next webinar to learn about CSRD and how Ecocharting can help you in your journey towards sustainability.
- Roadmap CSRD & the fit with Ecocharting
- Ecocharting software: setup, costs, timeline
- Double materiality Deep Dive
- F.A.Q. and Q&A
Ecocharting Software
Get started and engage with your stakeholders digitally
In our software, stakholder engagement can be ensured in in several ways. All CSRD topics are ready to be assessed for double materiality. Follow our step-by-step process, and the relevant data points will automatically come into focus.
Roadmap CSRD
Our most up-to-date whitepaper. Discover a complete overview of the regulations and the steps to be taken:
- How to engage with whom and when?
- Which datapoints belong in the report?
- How to determine materiality?
- What is the role of digitisation and automation?
Start CSRD preparations today using Ecocharting.
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