A double materiality analysis is an essential step towards CSRD compliance. With such an analysis, a company identifies the impact its activities have on people and the environment throughout the value chain, as well as which ESG risks and opportunities are important to keep on the radar. In addition, this analysis determines the scope of the sustainability reporting.

Together with Vandemoortele, we determined their material impacts, risks and opportunities over the past year, and adapted the existing sustainability strategy for the coming years according to the results of the double materiality analysis. Our analysis included the following steps:

1. We first mapped Vandemoortele’s context. Among other things, the scope of their value chain and the various business relationships and stakeholders were scrutinised.
2. We then identified potential material impacts, risks and opportunities (IROs). This was done through benchmarking and desk research.
3. We then determined the ‘material’ topics. This was done with a measurement of IROs in consultation with internal and external stakeholders;
4. Finally, we had the final list of material topics validated by management and the board of directors

The double materiality analysis was an intensive process that provided many new insights for the development of the 2030 sustainability strategy. For instance, new topics were added to the strategy and targets and strategic KPIs were updated. The new 2030 sustainability strategy was published for the first time in Vandemoortele’s sustainability report for the 2023 fiscal year. Extensive communication on this will also follow in the coming period, both to employees and external stakeholders. Pantarein also assisted Vandemoortele in elaborating the communication strategy and assets for this purpose.

The report already complies with as many CSRD reporting requirements as possible. An external party also performed a limited assurance on the double materiality analysis and sustainability data this year. This is a mandatory audit imposed to ensure the objectivity and accuracy of sustainability reports, and to bring their quality to the same level as annual financial reports.

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Achieving the level of detail required by the CSRD requires a lot of work and a structured approach. Together with our customers, we tackle this step by step. Vandemoortele chooses to raise the bar every year. Since their 2020 report, the company has already taken several steps, making their CSRD journey more manageable. The coming year will fill the final gaps for full compliance in 2024.