Identifying and evaluating matters that are of common material interest to our stakeholders and to our business, and understanding how they may affect our ability to create value over time, are integral to our planning processes and help support the delivery of Anglo American’s strategy.
We identify our material matters through an externally facilitated materiality assessment, which we expect to carry out every two to three years. In 2023, we conducted a robust, stakeholder-driven double materiality assessment that sought to capture the key material issues that impact society and the environment (external) and impact Anglo American (internal).
This materiality assessment incorporated externally facilitated in-depth interviews with a range of internal and external stakeholders, supplemented by an internal survey sent to managers across the Group, and extensive desktop research. A thirdparty-led validation workshop then took place where subject-matter experts were asked to validate the matters identified as most impactful on both Anglo American and wider society. The final materiality matrix was then approved by the Group‘s leadership and the Board. To supplement the prior year double materiality assessment, in 2024 we undertook extensive desktop research, including: review of the Group Risk Register; global media coverage and analyst reports on Anglo American and the mining sector; and analysis of Board and executive discussions.
Understanding our stakeholders
Healthy stakeholder relationships help us to better communicate how our business decisions, activities and performance are likely to affect or be of significant interest to our stakeholders, and provide the opportunity to co-create effective and lasting solutions to business and other challenges.
Anglo American’s stakeholders include host communities, governments, our workforce, customers, business partners, multinational organisations, industry peers, broader civil society, trade unions, trade associations and suppliers, in addition to our shareholders who own the business. In some instances, we work with representatives from multi-stakeholder initiatives to provide a more collaborative and holistic view on the issues facing our industry.
Beyond the materiality process, we continually engage with our stakeholders at global, national and local levels to develop long-term mutually beneficial relationships that support responses to society’s most pressing challenges.
Material matters in 2024
The matters identified through our materiality process are naturally numerous and wide-ranging and can cover a number of topics and issues. Some also intersect with specific principal risks facing the Group, as identified in the Group Risk Register. Principal risks are those risks, or combination of risks, that would threaten the business model, future performance, solvency or liquidity of Anglo American and are shown with the following symbol (‡).
The material matters shown in the matrix are those that relate to sustainability outcomes, including across the three pillars of environmental, social and governance (ESG). We are aware that there are numerous macro-economic and operational factors that can also impact both our stakeholders and Anglo American.