Tabcorp's Materiality Journey with Socialsuite

Company Overview

Tabcorp is a world-class diversified gambling entertainment group employing almost 2000 people. We operate a portfolio of leading Australian brands across wagering, media and integrity services, with national scale and reach. We also operate complementary international wagering and broadcasting businesses. Our goal is to be a leader in customer and community care and set the benchmark for sustainability in our industry. Each year our operations return a significant amount of our revenue to governments, racing industry and retail partners. These contributions support essential government-funded community services and are a significant source of funding for our industry partners.

Background

At Tabcorp, we strive to be a leader in customer and community care, setting the benchmark for sustainability in our industry. Each year, we produce our Sustainability Report, prepared in alignment with global standards such as the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB), the Task Force on Climate-Related Financial Disclosures (TCFD), the United Nations Global Compact (UNGC), and the United Nations Sustainable Development Goals (UN SDGs). While we’ve made significant progress in our sustainability journey, we recognize there’s always more to do. Our goal is to continuously learn, evolve, and improve, ensuring we set the standard for sustainability in our industry.

To strengthen our sustainability reporting and strategy, we partnered with Socialsuite in early 2024 to conduct a best-practice double materiality assessment. We partnered with Socialsuite to use their software and expertise to enhance our reporting efforts but also lay the foundation for a comprehensive review and refresh of our Sustainability Framework, planned for early 2025.

Implementation

Before engaging Socialsuite, we completed a materiality pre-assessment, gathering insights on industry priorities, investor perspectives, media mentions, and peer analysis. Socialsuite helped us build on this foundation by planning a structured materiality assessment process and identifying key stakeholder engagement opportunities. We appreciated their recommendation to phase the work over the year, which allowed for a more consistent and manageable implementation. This approach ensured the quality of our assessment and the depth of stakeholder insights.

The first phase involved an internal ‘pulse check’ materiality assessment, leveraging our pre-assessment insights. Socialsuite’s stakeholder engagement technology made this process quick and efficient, enabling us to gather targeted feedback from internal stakeholders. This helped us focus on areas where we have potential or actual impacts, risks, and opportunities.

In the second phase, we conducted a broader round of stakeholder engagement, including surveys and interviews with more key internal and external stakeholders. Socialsuite’s materiality platform was instrumental in capturing both qualitative and quantitative data, as well as integrating our pre-assessment information. The platform’s ability to centralize and analyze data was a game-changer for us. Previously, we relied on a manual process, which was time-consuming and cumbersome. Socialsuite’s software automated the heavy lifting, allowing us to focus on interpreting the insights rather than managing the data.

We used the platform to compile the materiality analysis outcomes into a presentation format, which Socialsuite’s advisor helped us validate during a workshop with our ESG committee. The rich insights from stakeholders were invaluable in determining our material topics. After preliminary validation, we sought final approval from our Board. Socialsuite then generated a comprehensive final materiality report, documenting the process, key insights, and material topics.

Results

Our collaboration with Socialsuite in 2024 has transformed how we approach materiality assessments. Their materiality management platform streamlined the entire process, from data collection to analysis and reporting. By moving away from a manual process to a technology-driven approach, we saved significant time and resources while improving the accuracy and depth of our insights.

The phased implementation allowed us to engage stakeholders at a measured pace, ensuring high-quality input and a thorough understanding of our material topics. The initial ‘pulse check’ provided a strong foundation, while the subsequent surveys and interviews enriched our perspective with diverse stakeholder views. Socialsuite’s platform enabled us to centralize and quantify these insights, turning raw data into actionable intelligence.

The validation workshop with our key internal stakeholders and the final Board endorsement underscored the credibility of the process. Socialsuite’s final materiality report provided a clear and comprehensive roadmap for our sustainability strategy, informing our 2024 Sustainability Report and guiding the refresh of our Sustainability Framework in 2025.

Overall, Socialsuite’s software and expertise have been invaluable in advancing our sustainability leadership. This partnership reflects our dedication to raising the bar in sustainability practices and setting a benchmark for the industry.

Tabcorp

Company Overview

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