Our approach to ESG
Environmental, social, and governance matters can significantly impact our business operations, the regulatory landscape in which we operate, reputation, and financial outcomes, and are therefore a focus for the Loblaw Board of Directors and its sub-committees. The Board oversees and monitors the Company’s strategy, approach, policies and practices related to ESG matters.
The Board also oversees the Company’s enterprise risk management (ERM) program, including its design and structure, as well as the assessment of its effectiveness. Risks related to governance, workplace health and safety, the environment and ethical business conduct are monitored and reported on by management to the Board or one of it’s committees.
Read more about our approach on pages 8-11 of our 2022 ESG Report.
In 2021, we conducted a materiality assessment, in line with the Global Reporting Initiative (GRI) Standards, to determine which issues have the greatest impact on our business and importance to our stakeholders.
We will complete our next materiality assessment in 2023 and will leverage the results to inform future ESG initiatives.
Loblaw’s ESG Steering Committee is responsible for establishing and ensuring a tone-from-the-top ESG culture; providing ESG guidance to the Company and Management; providing strategic direction on activities, priorities, internal tracking, and external disclosure frameworks; and implementing programs and practices that are fit-for-purpose, industry-leading, and designed to achieve business objectives —including ESG commitments and targets. Additionally, we are currently developing internal and external assurance strategies, beginning with climate change and our pursuit of net-zero.
We have a large and diverse set of stakeholders, and their input is critical to our success. We engage with them regularly in the normal course of business, and for our ESG program. They contribute to our materiality assessment and inform our decision making. Our stakeholders are defined as those impacted by our business operations, our business partners and key individuals and organizations.