The scale and nature of BP’s operations mean that we manage a large number of sustainability issues
Effectively engaging with our stakeholders - the many individuals and organizations who are affected in some way by BP’s activities - is an important and everyday part of our business. Whether it is in our role as an energy provider, employer, or as a business that generates revenues and helps to boost local economies, we engage with a wide and varied group of stakeholders with differing concerns and priorities. The input and feedback we receive from BP’s stakeholders throughout the year help inform our approach to reporting.
We assess the issues raised by stakeholders, who often have different priorities for BP. For example, in 2015, some groups focused on how we are responding to the climate challenge, while others expressed strong interest in understanding how we create value in the communities where we operate. We need to prioritize where we focus our efforts in our reporting. That means we consider materiality - that is, how important issues are to our stakeholders and how they could impact BP’s ability to deliver its strategy. Each year, subject matter experts from our businesses, policy, risk, government affairs, and safety and operational risk teams review the existing list of key issues and scan the horizon for emerging ones. And, we validate the issue selection and prioritization with senior leaders, external stakeholders and our board committee responsible for sustainability-related issues - confirming they are aligned with BP’s principal risks.
We define each issue to help us understand and respond to a specific stakeholder concern, which may evolve over time. We report externally on issues rated as medium to high in terms of materiality. The top seven issues for 2015 are outlined below. Some issues are closely linked with others, for example supply chain issues are relevant to labour rights and building local skills, and we report on these in the relevant areas.