Materiality Tool for Impactful Business Projects
1 like689 views
This document provides an overview of a materiality tool for impactful business projects. It discusses sustainability failure rates and why addressing materiality matters for industries and companies. Common root causes of sustainability project failures are examined, including issues with market analysis, organizational planning, leadership, and stakeholder engagement. Mitigation strategies are proposed, such as understanding the type of company, mapping stakeholders, and developing impactful sustainability work. The 6 capitals model is introduced as a tool to evaluate projects across financial, manufactured, intellectual, human, social, and natural capital impacts. A case study of H&M's Conscious Collection initiative applies the 6 capitals framework to assess the program's materiality.
Materiality Tool for Impactful Business Projects
- 1. Materiality Tool for Impactful Business Projects May, 2017 Bangkok, Thailand
- 2. Agenda Sustainability Failure Rate Why this matters Industries Companies How do they fail Root causes Examples Mitigation strategies 6 capitals model Examples Putting it into practice Case Study
- 3. Agenda Sustainability Failure Rate Why this matters Industries Companies How do they fail Root causes Examples Mitigation strategies 6 capitals model Examples Putting it into practice Case Study
- 4. Sustainability Failure Rate Bain Achieving Breakthrough Results in Sustainability, 2017 2% …..of Corporate Sustainability efforts achieved or exceeded the expectations that were set….
- 5. Agenda Sustainability Failure Rate Why this matters Industries Companies How do they fail Root causes Examples Mitigation strategies 6 capitals model Examples Putting it into practice Case Study
- 6. 746.4 593.9 513.1 428.8 415.2 404.3 334.6 330.4 300.3 281.1 271.4 264.8 257.8 245.2 238.8 Apple Google Microsoft Amazon Facebook Berkshire Hathaway Exxon Mobil Johnson & Johnson Chase Alibaba Group Sustainability Industry Wells Fargo General Electric AT&T Bank of America #11 in global ranking http://dogsofthedow.com/largest-companies-by-market-cap.htm Why this matters: Industry
- 7. Why this matters: Industry • Assuming the 2% success rate • Scaling for the total spend • The total investment with no material benefit is larger than the total market capitalization of General Electric -265 5.4 -300 -250 -200 -150 -100 -50 0 50 Loss Gain
- 8. The reputation of a company has a significant contribution to its market capitalization Why this matters: Company Value 26% 39% 12% S&P500 (avg) S&P500 (Large) S&P500 (Small) http://www.world-economics-journal.com/The%20Impact
- 9. http://www.mckinsey.com/business-functions/risk/our-insights/are-you- prepared-for-a-corporate-crisis Number of media headlines signaling corporate reputation risk is increasing 130 570 1030 1990-99 2000-09 2010-16 Why this matters: Company Reputation Risk
- 10. Agenda Sustainability Failure Rate Why this matters Industries Companies How do they fail Root causes Examples Mitigation strategies 6 capitals model Examples Putting it into practice Case Study
- 11. Failure: root causes http://calleam.com/WTPF/?page_id=2213 Market & Strategy Analysis Organizational & Planning Leadership and Governance Quality Risk Competency Engagement
- 12. Failure: root causes Market & Strategy Analysis Organizational & Planning Leadership and Governance Quality Risk Competency Engagement 1 2 http://calleam.com/WTPF/?page_id=2213
- 13. Failure: root causes Market & Strategy Analysis Organizational & Planning Leadership and Governance Quality Risk Competency Engagement 1 http://calleam.com/WTPF/?page_id=2213
- 14. Failure: root causes - market WHATyoudo HOW you do it + + - -
- 15. Failure: root causes - market WHATyoudo HOW you do it + + - - Tobacco Fast Fashion Modern Forestry Consulting Media
- 19. Agenda Sustainability Failure Rate Why this matters Industries Companies How do they fail Root causes Examples Mitigation strategies 6 capitals model Examples Putting it into practice Case Study
- 20. Mitigation Strategies http://calleam.com/WTPF/?page_id=2213 Market & Strategy Analysis Organizational & Planning Leadership and Governance Quality Risk Competency Engagement 2
- 21. Mitigation Strategies Understand What kind of company are you?(1.0 vs 2.0 vs 3.0)
- 22. Mitigation Strategies 3.02.0 Company focuses on using their products and processes to mitigate impact on society Company efforts on the benefits of sustainability to increase efficiency and decrease risk 1.0 Company efforts largely focused on marketing Firm typologies:
- 23. Mitigation Strategies Understand What kind of company are you?(1.0 vs 2.0 vs 3.0) Define What kind of company do you want to be
- 24. Mitigation Strategies Understand What kind of company are you?(1.0 vs 2.0 vs 3.0) Map Map your stakeholders Define What kind of company do you want to be
- 26. Mitigation Strategies Understand What kind of company are you?(1.0 vs 2.0 vs 3.0) Map Map your stakeholders Define What kind of company do you want to be Develop Create your sustainability programme
- 27. Mitigation Strategies Understand What kind of company are you?(1.0 vs 2.0 vs 3.0) Map Map your stakeholders Create Develop impactful sustainability work Define What kind of company do you want to be Develop Create your sustainability programme
- 28. Mitigation Strategies Understand What kind of company are you?(1.0 vs 2.0 vs 3.0) Map Map your stakeholders Create Develop impactful sustainability work Define What kind of company do you want to be Develop Create your sustainability programme
- 29. Mitigation Strategies Bain Achieving Breakthrough Results in Sustainability, 2017 Clear commitments with quantitative targets Leadership Engagement Business case for change Process and incentive changes Key success factors
- 30. Mitigation Strategies Bain Achieving Breakthrough Results in Sustainability, 2017 Clear commitments with quantitative targets Leadership Engagement Business case for change Process and incentive changes Key success factors
- 31. Mitigation Strategies - Reminder Bain Achieving Breakthrough Results in Sustainability, 2017 2% …..of Corporate Sustainability efforts achieved or exceeded the expectations that were set….
- 32. Mitigation Strategies Bain Achieving Breakthrough Results in Sustainability, 2017 62% …..of respondents cited public reputation as the primary business rationale for sustainability programs— nice to have, but not essential to the business
- 33. Mitigation Strategies not Material=“…not essential to the business…”
- 34. Mitigation Strategies SEC Staff Accounting Bulletin No. 99: Materiality Definition: “A matter is material if it is substantially likely that the information will affect decisions of a reasonable person”
- 35. Agenda Sustainability Failure Rate Why this matters Industries Companies How do they fail Root causes Examples Mitigation strategies 6 capitals model Examples Putting it into practice Case Study
- 36. 6 Capitals Tool Accounting Financial
- 37. 6 Capitals Tool Accounting Sustainability Labor Financial Financial Natural Capitol Local Community https://www.greenbiz.com/blog/2014/01/28/materiality-drives-sustainability-reporting
- 38. 6 Capitals Tool • In business using different screening tools can lead to richer analysis and results http://www.accountingtools.com/questions-and-answers/types-of-financial-analysis.html Horizontal analysis Vertical analysis Short term analysis Multi-company comparison Industry comparison
- 39. 6 Capitals Tool • Different tools to measure sustainability project materiality o ESG: Environment, Social and Governance o GRI: Global Reporting Initiative o 6 Capitals
- 40. 6 Capitals Tool • Different tools to measure sustainability project materiality o ESG: Environment, Social and Governance o GRI: Global Reporting Initiative o 6 Capitals
- 41. 6 Capitals Tool Financial Capital Human Capital Intellectual Capital Natural Capital Social CapitalManufactured Capital
- 42. 6 Capitals Tool https://www.aicpastore.com/Content/media/PRODUCER_CONTENT/Newsletters/Articles_2014/CorpFin/6-types- of-Capital.jsp Type Example Financial Capital Pool of financial assets available Manufactured Capital These assets include physical distribution networks, products and services, and how these goods and services are delivered to customers Intellectual Capital Intangible assets, such as trademarks, patents, and brand equity Human Capital Costs of employee turnover, retraining, and on-boarding new employees Social Capital Productive relationships with external stakeholders Natural Capital Environmentally friendly buildings, alternative energy facilities, and the integration of such practices into organizational supply chains
- 43. GOOD FOR: 6 Capitals Tool • Evaluation of projects • Evaluation of investments • Evaluation of programmes NOT GOOD FOR: • Full-firm sustainability assessments • Stakeholder impact evaluation
- 44. 6 Capitals Tool Note: • In addition to the 6 Capitals tool, users are advised to employ the financial measurements most commonly used in their company • For the purposes of the class – we are going to simplify and just use the 6 Capitals tool without financial measurements
- 45. Case Study: H&M Materiality Assessment: Conscious Collection
- 46. Case Study: H&M Materiality Assessment: Conscious Collection
- 47. Case Study: H&M Materiality Assessment: Conscious Collection Programme: • H&M collects used garments at its stores and uses the resulting material to create the next generation of clothing in their “conscious collection” • €0.02 per kilo of donated clothing is donated to local charities
- 48. Case Study: H&M Materiality Assessment: Conscious Collection Financial Materiality Will the sales of the Conscious Collection clothing have a net positive effect on the bottom line? Factors: • Hurdle Rate • WACC • Risk / Yield curve • Financing Mix • etc
- 49. Case Study: H&M Materiality Assessment: Conscious Collection Sustainable Materiality Will the sales of the Conscious Collection clothing have a net positive effect on the bottom line? Factors: • Financial Capital • Manufactured Capital • Intellectual Capital • Human Capital • Social Capital • Natural Capital
- 50. Case Study: H&M Recycle: As of Feb 2017, 23,072 tons of clothing collected. Donation: As of Feb 2017, €833.062 has been donated to local charity. Materiality Assessment: Conscious Collection
- 51. Case Study: H&M Type Reminder Material Yes No Financial Capital financial assets Manufactured Capital physical distribution Intellectual Capital trademarks, patents Human Capital employee turnover Social and Relationship Capital external stakeholders Natural Capital environmentally friendly
- 52. Case Study: H&M Type Reminder Material Yes No Financial Capital financial assets Manufactured Capital physical distribution Intellectual Capital trademarks, patents Human Capital employee turnover Social and Relationship Capital external stakeholders Natural Capital environmentally friendly
- 53. Case Study: H&M Recycle: As of Feb 2017, 23,072 tons of clothing collected. Donation: As of Feb 2017, €833.062 has been donated to local charity. Materiality Assessment: Conscious Collection
- 54. Case Study: H&M Recycle: As of Feb 2017, 23,072 tons of clothing collected. Materiality: Current technology = 276 years to use all of this this material Donation: As of Feb 2017, €833.062 has been donated to local charity. Materiality: This is 0.00353% of annual sales Materiality Assessment: Conscious Collection
- 55. Case Study: H&M Type Reminder Material Yes No Financial Capital financial assets Manufactured Capital physical distribution Intellectual Capital trademarks, patents Human Capital employee turnover Social and Relationship Capital external stakeholders Natural Capital environmentally friendly
- 56. Case Study: H&M “Sin” Example Hidden trade-offs narrow set of attributes eg recycled paper Lack of proof lack of tangible evidence eg % of post consumer waste Vague claims eg all natural Irrelevant claims Ex: CFC free products The lesser of two evils organic cigarettes Outright lies false claims, eg energy rating 6 “Sins” of Greenwashing http://sinsofgreenwashing.com/index6b90.pdf
- 57. Case Study: H&M “Sin” Example Hidden trade-offs narrow set of attributes eg recycled paper Lack of proof lack of tangible evidence eg % of post consumer waste Vague claims eg all natural Irrelevant claims Ex: CFC free products The lesser of two evils organic cigarettes Outright lies false claims, eg energy rating 6 “Sins” of Greenwashing http://sinsofgreenwashing.com/index6b90.pdf
- 58. Case Study: H&M
- 59. 6 Capitals Tool - Practice Materiality Assessment: Nestlé Nestlé pledged to reduce water withdrawals per ton of product by 35% in 2020, compared with 2005 levels http://www.nestle.com/csv/water/water-efficiency
- 60. 6 Capitals Tool - Practice Type Reminder Material Yes No Financial Capital financial assets Manufactured Capital physical distribution Intellectual Capital trademarks, patents Human Capital employee turnover Social and Relationship Capital external stakeholders Natural Capital environmentally friendly
- 61. 6 Capitals Tool - Practice Materiality Assessment: Nestlé Nestlé pledged to reduce water withdrawals per ton of product by 35% in 2020, compared with 2005 levels Results (2016): • €29.53m annual savings (0.13% of COGS vs 0.05% COGS investment) • 1500 Olympic-sized swimming pools of water per year http://www.nestle.com/csv/water/water-efficiency http://www.nestle.com/asset-library/documents/library/documents/half_yearly_reports/2016-half-yearly-report-en.pdf
- 62. 6 Capitals Tool - Practice Materiality Assessment: Walmart Walmart committed to doubling the fuel efficiency of its vehicle fleet. $1 billion in annual savings and significant reduction in greenhouse gas emissions
- 63. 6 Capitals Tool - Practice Type Reminder Material Yes No Financial Capital financial assets Manufactured Capital physical distribution Intellectual Capital trademarks, patents Human Capital employee turnover Social and Relationship Capital external stakeholders Natural Capital environmentally friendly
- 64. 6 Capitals Tool - Practice Materiality Assessment: Walmart Walmart committed to doubling the fuel efficiency of its vehicle fleet. $1 billion in annual savings and significant reduction in greenhouse gas emissions Additional Info: • This project was originally presented to “reduce Walmart greenhouse gas footprint” and failed to secure funding • Project later reformatted to be more Material to the business, and was funded
- 65. Agenda Sustainability Failure Rate Why this matters Industries Companies How do they fail Root causes Examples Mitigation strategies 6 capitals model Examples Putting it into practice Case Study
- 66. CASE STUDY • Background: • Value Chain – Who cares and why • Supply Chain Sustainability • Special Features • Deep Dive: Child Labor • The case of Allophone
- 67. Value Chain – Who cares and why Reminder • Definition “A matter is material if it is substantially likely that the information will affect decisions of a reasonable person” • Business Materiality = Sustainability Materiality SEC Staff Accounting Bulletin No. 99: Materiality
- 68. Value Chain – Who cares and why Blume & Keim Institutional Investors and Stock Market Liquidity Retail, 33% Index Funds, 17% Institution (ST), 25% Institution (LT), 25% 75% of US Equities are held by Long Term Investors 25% of US Equities are held by Short Term Investors
- 69. Value Chain – Who cares and why McKinsey and Aspen Institute panel of Long Term investors Sharp decline in employee satisfaction Material change in asset base Questionable supply chain practice (human rights or environmental) 35% 39% 63% Survey of long-term investors responding “most concerned”
- 70. Value Chain – Who cares and why Summary: The majority owners, of the majority of the US equity market indicate that “Questionable supply chain practice” has them Most Concerned
- 71. WHY?
- 72. Value Chain – Who cares and why Source: National Bureau of Statistics; Ernst & Young analysis 8% 5% 7% 12% 10% 5% 53% Services Tax Labor Capital Raw Materials Energy Intermediate Goods Manufacturing 18% 5% 16% 29% 1% 5% 26% Services
- 73. Value Chain – Who cares and why Source: National Bureau of Statistics; Ernst & Young analysis 8% 5% 7% 12% 10% 5% 53% Services Tax Labor Capital Raw Materials Energy Intermediate Goods Manufacturing 18% 5% 16% 29% 1% 5% 26% Services
- 74. Value Chain – Who cares and why 65% 17% 5% 4% 9% Average Corporate Cost (S&P500) Cost of Goods Sold SG&A Interest & Taxes Depreciation and Other Operating income http://www.businessinsider.com/breakdown-of-sp-500-costs-since-1994-2014-3?IR=T • On average - COGS represents the largest portion of retail prices and corporate cost structure • In other words – the company supply chain
- 75. CASE STUDY • Background: • Value Chain – Who cares and why • Supply Chain Sustainability • Special Features • Deep Dive: Child Labor • The case of Allophone
- 76. Supply Chain Sustainability Sustainability Social Environmental Community Financial Company Employees1 2 Supply Chain Partners A Child Labor B Fair Wage C Working Hours D Benefits E Association Rights F EHS F Forced Labor
- 77. Supply Chain Sustainability Conduct audits in relevant factories Training to prevent future recurrence Close open issues found in the audit Identify
- 78. CASE STUDY • Background: • Value Chain – Who cares and why • Supply Chain Sustainability • Special Features • Deep Dive: Child Labor • The case of Allophone
- 79. Special Features UNIQUEFEATURES Supply Chain Sustainability has a number of unique features that differentiate it from traditional Supply Chain Management EmotionalContent Observers have preexisting views 01 Transmitability SCS issues can transmit risk to other parts of the supply chain or Company 02 Complexity Underlying issues can be far more complex than traditional business issues 03
- 80. Special Features UNIQUEFEATURES Supply Chain Sustainability has a number of unique features that differentiate it from traditional Supply Chain Management EmotionalContent Observers have preexisting views 01 Transmitability SCS issues can transmit risk to other parts of the supply chain or Company 02 Complexity Underlying issues can be far more complex than traditional business issues 03
- 85. Special Features Standard Risk model • Risk = Magnitude x Probability • Translation: How big a problem is this x what is the likelihood of it happening? • Example: • What happens if my company burns down? • Who is effected? • How can we prevent it? https://en.wikipedia.org/wiki/Risk_assessment
- 86. Sustainability Risk model • Risk = Hazard + Outrage • Translation: How big a problem is this x what is the likelihood of it happening x what is the public perception? • Example: • What happens if my product poisons someone's family pet? Peter M. Sandman: Outrage Management Index Special Features
- 87. Sustainability Risk model • Risk = Hazard + Outrage • Translation: How big a problem is this x what is the likelihood of it happening x what is the public perception? • Example: • What happens if my product poisons someone's family pet? • What happens if my product poisons an investment banker? Peter M. Sandman: Outrage Management Index Special Features
- 88. UNIQUEFEATURES Supply Chain Sustainability has a number of unique features that differentiate it from traditional Supply Chain Management EmotionalContent Observers have preexisting views 01 Transmitability SCS issues can transmit risk to other parts of the supply chain or Company 02 Complexity Underlying issues can be far more complex than traditional business issues 03 Special Features
- 95. “ 5%? That’s not so bad….”
- 98. Your Company ..... ..... .....Tier 2 ..... ..... .....Tier 3 ..... ..... .....Tier 4 ..... ..... .....Tier 1 Customer Customer Customer Commodity A Commodity B Commodity C Traditional View
- 99. Your Company ..... ..... .....Tier 2 ..... ..... .....Tier 3 ..... ..... .....Tier 4 ..... ..... .....Tier 1 Customer Customer Customer Commodity A Commodity B Commodity C Traditional View
- 101. Q: Is this realistic? A: Rartely
- 102. Q: Is this realistic? A: Rarely
- 111. Supply chain context
- 112. UNIQUEFEATURES Supply Chain Sustainability has a number of unique features that differentiate it from traditional Supply Chain Management EmotionalContent Observers have preexisting views 01 Transmitability SCS issues can transmit risk to other parts of the supply chain or Company 02 Complexity Underlying issues can be far more complex than traditional business issues 03 Special Features
- 113. Special Features Sustainability Social Environmental Community Financial Company Employees1 2 Supply Chain Partners B Fair Wage C Working Hours D Benefits E Association Rights F EHS F Forced Labor Child LaborA
- 117. CASE STUDY • Background: • Value Chain – Who cares and why • Supply Chain Sustainability • Special Features • Deep Dive: Child Labor • The case of Allophone
- 118. 15 18 Child Juvenile Adult 0 http://www.ilo.org/global/about-the-ilo/media-centre/issue-briefs/WCMS_206127/lang--en/index.htm Generally accepted definition: Topic Deep Dive: Child labor
- 119. Topic Deep Dive: Child labor https://en.wikipedia.org/wiki/East_Asian_age_reckoning Country Age at birth Child Age Changes Europe, UK, USA, Australia 0 Annually on date of birth Cambodia 1 Sometime in the month of January China 1 (depending on Province) February 4th or 5th Korea 1 Beginning of the year Mongolia 1 Girls: number of full moons since conception Boys: number of new moons since birth Vietnam 1 Early February
- 120. Topic Deep Dive: Child labor 64 42 29 1 Agriculture Manufacturing Mining Other https://www.dol.gov/ilab/reports/child-labor/list-of-goods/ number of sub-sectors In total there are 136 High Risk sectors
- 121. http://www.ilo.org/global/topics/child-labour/lang--en/index.htm 78.0 59.0 13.0 9.2 Asia Pacific Sub-Saharan Africa Latin America Middle East & N Africa employment (mils) Topic Deep Dive: Child labor
- 122. Child Labor on the decline (Source: International Labor Organization) http://singularityhub.com/2016/06/27/why-the-world-is-better-than-you-think-in-10-powerful-charts/ Topic Deep Dive: Child labor 246 222 215 168 134 107 2000 2004 2008 2012 2016 2020 (proj) Total employment (mils) -40% -25% Girls Boys Since 2000
- 123. Despite the obvious risk, most social compliance professionals in the manufacturing sector rate the risk of Child Labor in China as “low” Why? Topic Deep Dive: Child labor
- 124. Topic Deep Dive: Child labor 94.00% 75.00% 35.00% 20.00% 2.00% 0.05% 0.03% Working Hours Wages Worker Safety Discrimination Juvenile Labor Forced Labor Child Labor % of social audits with finding
- 125. Age 0 Perception by media & public View of subject matter experts 15 18 Child Juvenile Adult Topic Deep Dive: Child labor
- 126. CL example Perceived Labor Risk
- 127. Actual Labor Risk
- 128. http://seeingredinchina.com/2011/04/27/how-poor-are- chinese-farmers/ 5,919 19,500 Rural Urban Average Annual Wage (renminbi) http://economix.blogs.nytimes.com/2012/02/24/the-ieconomy-how- much-do-foxconn-workers-make/?_r=0// 3.2x Topic Deep Dive: Child labor
- 129. Simple, fast process: 1) Get a fake ID 2) Apply at a high turnover factory 3) Build your work experience 4) Get a new job in 18 - 24 months Topic Deep Dive: Child labor
- 134. http://static01.nyt.com/images/2012/01/22/business/apple/appple-articleLarge.jpg
- 137. CASE STUDY • Background: • Value Chain – Who cares and why • Supply Chain Sustainability • Special Features • Deep Dive: Child Labor • The case of Allophone
- 138. One of your classmates, Sam Li, has just landed a great job at the new, cool, startup allophone. As we all know, allophone are coming up with the next best handheld device…..
- 140. The microlithography patent for the technology to make the Air is owned by allophone. MegaCom have been contracted to assemble the device Only MegaCom, the worlds largest phone manufacturer, can make the Air at the required quantity and shipping dates
- 142. Two days before the launch of the Air your friend Sam calls you with a problem has agreed to carry the phone in Thailand only after a social compliance audit of MegaCom, Shanghai The audit had some disturbing findings
- 143. The MegaCom, Shanghai audit found that 12 out of the 13,000 employees at the factory were found to be underage. The 12 employees were all 15 years old
- 144. Due to your experience you have been called in to advise Allophone and MegaCom on strategy They are considering the following strategic options:
- 145. Options Under Consideration Option Detail Negatives Delay the launch Continue with MegaCom after they fix the situation -Market share loss -Time loss -Increased costs Admit fault De-source MegaCom and find another, more socially compliant, factory -Technology “lock in” Ignore the press Look for other phone carrier in Thailand. Wait for the media storm to pass Does allophone have the reputation assets to spend?
- 146. Questions What is your preferred option? Why? Is the Child Labor content of the phone Material to your decision?
- 148. MATERIAL 41,653,137 kg 23072 tons 23.07 thousands (tons) 12 years per ton of material 276.86 years to use all material CHARITY 223,000,000,000 SEK in 2015 sales € 23,588,198,313.53 2015 in euro sales € 833,062.00 charity 0.00353% % of sales http://hm.charitystar.com/en/home/ https://qz.com/662031/is-hm-misleading-customers-with-all-its-talk-of-sustainability/ http://www.rapidtables.com/convert/weight/kg-to-ton.htm http://sustainability.hm.com/content/dam/hm/about/documents/masterlanguage/CSR/2015%20Sustainability%20report/HM_Susta inabilityReport_2015_final_com_5.pdf H&M Calculations