This webinar, "Double Materiality in Practice," features a global panel of experts including Tim Siegenbeek van Heukelom, Chief Impact Officer at Socialsuite, Emmanuelle Palikuca, Head of Sustainability Advisory at Alliance Advisors, and Wesley Gee, Chief Sustainability Officer at Works Design. The discussion focuses on double materiality, which considers both the financial impact of sustainability matters on a company, as well as the company's impact on the environment and society. The presenters emphasize that a materiality assessment should be the cornerstone of a company's sustainability journey.

The webinar addresses the "why, what, and how" of materiality, with a strong emphasis on the practical aspects of conducting a double materiality assessment. The discussion highlights that materiality is not just about compliance, but about understanding a company’s value proposition, strategic direction, and resource allocation. The panelists caution against viewing materiality as a tick-box exercise, noting that the end of the assessment is really the beginning of a sustainability journey.

The webinar identifies six common pitfalls in materiality assessments, and how to avoid them:

• Having a narrow focus and not understanding the value of the exercise.
• Setting unrealistic expectations, such as trying to do the assessment too quickly or without sufficient education.
• Relying too much on a "captain's call," where a few executives unilaterally decide what is material.
• Not engaging stakeholders effectively, and not understanding the difference between survey and interview data.
• Failing to understand that not all voices are equal and that some stakeholders may have more influence than others.
• Treating the exercise as a compliance task rather than an opportunity for goal setting and strategic planning.

The speakers stress that a materiality assessment is a cross-functional effort that needs education, buy-in, and a focus on the value of the information beyond reporting.

‍