Tyson Foods engages with stakeholders to set priorities that allow us to focus our efforts.
To assess the sustainability issues, risks and opportunities that are most important to our business and our stakeholders, Tyson Foods routinely engages with customers, NGOs, investors, academia, local community officials, regulators and other stakeholders. These interactions help us identify and prioritize social, environmental and governance (ESG) issues that matter most in our direct operations and supply chain.
In calendar year 2018, this process was conducted through a formal materiality assessment. This process helped us to identify the importance of ESG issues, in part, by reaching out to external stakeholders to capture their view into what is most relevant to the company from a sustainability perspective. This feedback helps us understand not only what we need to share in our sustainability reports, but also is also useful in informing our sustainability strategy.
During the past year, Tyson Foods’ sustainability team reviewed the current materiality matrix against our regular discussions and routine engagement with stakeholders over the past year. Based on this review, we were able to validate that there have been no significant changes to material ESG issues in the past 12 months. We plan to refresh the materiality assessment in FY2020 and will share the results in our next report.
How We Approach Materiality
Identify Focus Areas
A thorough benchmarking study compares our sustainability program and progress against peer companies. Based on this research and analysis, we identify a list of key focus areas or “material issues.”
We garner input on the relative importance of these issues through online surveys with both internal and external stakeholders, as well as through regular discussions with team members, nongovernmental organizations (NGOs), customers, vendors and consumers.
We combine inputs from the benchmarking exercise and stakeholder engagement to develop a materiality matrix that shows the ESG issues that are a focus of our business and our stakeholders and then use these insights to inform our sustainability strategy, more effectively use our resources and align our reporting process with what matters most.