We are intentional about taking action on the societal issues that matter most to our business and our stakeholders. Conducting a corporate responsibility materiality assessment helps us to more effectively adapt our strategy, focus our resources and customize our reporting to meet our stakeholders’ expectations. Reporting on our material issues helps us be “in accordance” with the Global Reporting Initiative (GRI) Standards. It is important to understand the definition of materiality used for our materiality assessment in this report is different than that used for filings with the Securities and Exchange Commission (SEC). Issues deemed material for purposes of this report may not be considered material for SEC reporting purposes.
Our approach to materiality is not a static process, and we are continually working to refine the process to make it more useful. In 2016, we leveraged external research and an internal analysis of the impact of social and environmental issues to our business and the degree of impact/influence we have on those issues. In 2017, we shared those findings with stakeholders to hear their feedback and expectations on the issues that matter most, and how we can most effectively work to address those issues.
- Internal Stakeholders: We worked closely with internal working groups to realign and prioritize the environmental and social topics of concern and our approach to those topics.
- External Stakeholders: We engaged Business for Social Responsibility (BSR) to administer a stakeholder survey to gauge how we are doing on these issues. Overall, most of our external stakeholders believe that we are focused on the right issues and have recognized Target’s current leadership, and our plan to take a future leadership role, on a wide range of issues.
The feedback and validation garnered from internal and external stakeholders directly informed the priority areas that guide our strategy and this report: Empower Teams, Serve Guests, Foster Communities and Design Tomorrow. We plan to update our formal materiality analysis again in 2019.