What we do and how we do it can impact and be impacted by our stakeholders and the environment, and risks and opportunities associated with them.
We strive to understand, monitor and manage our impact across our evolving ESG landscape. These are our impact priorities.
Our impact priorities are our most relevant strategic sustainability considerations, as recognised by our stakeholders and validated by the Serco plc Board. They are those areas of risk and opportunity that may most materially affect our capacity to impact a better future, or in which we may have a material impact on the world around us.
Materiality assessment: the view from our stakeholders
In addition to regular direct engagement and consultation with our stakeholders, we conduct periodic materiality assessments.
In our 2022 materiality assessment (reported in our Annual Report and Accounts 2022) we invited customers, investors, suppliers and partners, alongside internal colleague communities, to tell us what they think our ESG priorities should be. Their feedback spanned a comprehensive range of ESG risks and opportunities based on multiple international standards.
Working with a third-party research partner, we supplemented these results with evidence-based, global data on the materiality of these topics according to our peers and competitors, regulators and policymakers, and public opinion in the media.
The overall Group analysis indicated that stakeholders in- and outside of Serco are broadly aligned in their views: that workforce, culture and governance are the most material ESG focus areas underpinning the sustainable and responsible delivery of public services.
2022 ESG materiality assessment
All topics that feature in our materiality matrix are important to Serco, strategically and operationally. Positioning does not indicate the importance and relevance of individual topics in themselves. Instead, it indicates the relative importance and relevance of a topic alongside all other topics, in the eyes of our stakeholders.
We recognise that any one of these topics may be the highest priority for any given stakeholder group in any given location. That is why we address all topics in our ESG ambitions and reporting, not just those appearing in the top-right.
Double materiality assessment: analysing our markets and geographies
Following our 2022 materiality assessment, we conducted a preliminary ‘double materiality’ analysis of the risks and opportunities across our ESG landscape. This analysis involved objective, AI-driven examination of evidence-based, global data. In addition to the data sources cited above, corresponding metrics from the Sustainability Accounting Standards Board (SASB) were included, which relate to the impact of ESG elements on financial performance.
The results highlight areas where public service providers in all markets and geographies where Serco operates may experience, achieve or otherwise cause the most material impacts.
This provides a foundation for more detailed assessment and validation of double materiality in the future.
Management adjustments to materiality assessment content may be applied periodically in response to developments across our wider ESG ecosystem and landscape. Such adjustments are reviewed and approved by the Corporate Responsibility Committee.
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