Setting the parameters
We determined the materiality of BP’s key issues using three parameters: importance, impact and influence. Each parameter included clearly defined criteria to enhance the rigour and robustness of the process and to eliminate subjectivity as much as possible.
We carried out a horizon-scanning exercise to identify a list of issues for stakeholders to consider and rank. We reviewed and considered: relevant ESG frameworks and standards (including GRI, SASB and TCFD); current relevant legislation; global, marketand industry-specific trends; existing BP processes, policies and documentation, including BP’s risk processes; topics discussed in the media and across our industry.
Determining the importance of key issues
Using our prioritization criteria, we conducted interviews and facilitated an online survey with key external stakeholders and BP employees, to gather their perspectives on the importance of BP’s key issues. Participants came from: investor companies, academia, NGOs, industry associations, BP partners and service providers and government. BP employees also contributed. In addition, we used several internal consumer research documents to gauge the sustainability priorities of our customers and consumers.
Determining the impact and influence of key issues
We ran a survey to gather feedback from senior employees across BP on the impact and influence of each issue, using our prioritization criteria. To ensure a balanced and representative viewpoint, we engaged with individuals working across many different geographies and in various functions. Again, our risk team was closely involved.
Analyzing and validating
We used qualitative analysis to extract the key themes before consolidating them to create a list of our top ten material issues. We tested and validated the final results with a working group from across BP, including experts in human rights, social performance and environment, risk and measurement.
The process of engaging doesn’t stop with our materiality research. We continue to gather feedback from our stakeholders and will use this to inform our next materiality assessment.