Version: 1, Issued: 30-May-2024
BENCHMARK HOLDINGS PLC MATERIALITY SURVEY DEFINITIONS PACK
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Contents | ||
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+44 (0)114 240 9939 | Thorncliffe Park, Chapeltown, Sheffield S35 2PH |
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6.6 | Animal health & welfare | 11 |
6.7 | Antibiotic stewardship | 11 |
info@benchmarkplc.com | Benchmark Holdings plc, 4 Park Square, |
+44 (0)114 240 9939 | Thorncliffe Park, Chapeltown, Sheffield S35 2PH |
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1. Purpose
The purpose of this document is to assist users in completion of Benchmark Holdings PLC 2024 Materiality Survey.
The terms and definitions within this document apply to the topics listed within the Survey.
2. Introduction
Materiality Assessment enables us to identify and prioritise key ESG issues that can affect our business. Double Materiality Assessment is the consideration of both the outward impacts to society or the environment, and the inward impacts to the bottom line of our business.
Gathering feedback allows us to identify which ESG topics are most important at different stages in our value chain and to different stakeholder groups.
Priority ESG issues play a key role in risk awareness, strategy development, investment, and ensuring long term value creation for our stakeholders.
3. Terms relating to Materiality Assessment
3.1 CSRD
The Corporate Sustainability Reporting Directive (CSRD) requires companies to report on how their business activities may affect society and the environment; and how their sustainability strategy aims to reduce impacts over the short, medium, and long term.
CSRD reporting is based on a foundation of Double Materiality Assessment, to determine the most significant sustainability dependencies, impacts, risks, and opportunities (DIRO) for our business to address.
3.2 ESRS
The European Sustainability Reporting Standards (ESRS) are the frameworks for companies to use to report against and comply with CSRD.
3.3 Material
Based on application of criteria, the most important sustainability matters for an organisation to address, including impacts to society, the environment, or the businesses financial performance.
3.4 Impact
Changes to the environment or society (people), whether actual or potential, and whether positive or negative.
3.5 Timeframes for assessment
Short (0-1 years), medium (1-5 years), and long term (5+ years)
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4. Terms relating to Environmental Impacts
Impacts to our planet and the species on it, which may result from the organisations activities and value chain.
4.1 Climate change
Climate change refers to the long-term shifts in temperature and weather patterns, which can be natural or influenced by human activity.
4.1.1 Greenhouse gas emissions
Greenhouse gases (GHGs) are gases in the earth's atmosphere, like carbon dioxide (CO2); they trap radiation from the sun and warm the planet's surface, increasing the average temperature of the air and oceans. Global warming is suggested to the be main driver of climate change. To reverse these effects and build a sustainable future, countries around the world have committed to Net Zero. Organisations have a part to play and are responsible for managing and reducing GHGs arising from their operations and value chains (Scope 1-3GHG emissions).
Net Zero means cutting carbon emissions to a small amount of residual emissions, which can be absorbed and stored by nature and other measures to leave zero in the atmosphere.
Generator fuel (Scope 1 - direct); Purchase of electricity (Scope 2 - indirect); Waste disposal (Scope 3 - indirect, value chain).
4.1.2 Energy management
Energy management includes the monitoring, control, and optimisation of energy consumption, with the aim of conserving resources, improving cost effectiveness, and reducing environmental impact.
The fossil fuelled energy production industry is the largest contributor to GHG emissions and climate change. Improving energy efficiency and transforming to renewable energy sources are important levers towards achieving Net Zero.
4.1.3 Climate change resilience
Climate change resilience is our ability to prepare, adapt, mitigate, and recover from climate-related physical and transitional vulnerabilities*, ensuring business continuity and taking advantage of opportunities for growth.
Climate change adaptation means altering behaviour, systems, and ways of life to protect people and the planet from the impacts of climate change. Climate change mitigation means reducing the amount of greenhouse gases in the atmosphere.
Physical vulnerabilities are impacts and risks due to the changing environment because of climate change, like increased extreme weather or changes to hydrological (water) cycles. Transitional vulnerabilities are impacts and risks relating to the transition to a low carbon economy, including policy and legal, technology, market, and reputational risks.
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4.2 Pollution
Pollution is the introduction of a substance to the environment at a rate faster than it can be harmlessly dispersed.
4.2.1 Pollution to air, water, & soil
Pollution disrupts and threatens the long-term stability of healthy ecosystems, negatively impacting flora, fauna, and human health. Organisations are responsible for ensuring emissions to the environment are controlled and do not result in adverse change. Pollution prevention removes or minimises emissions and protects natural resources and ecosystems from harm.
Pollution to air may include process emissions, dusts, or emissions from vehicles.
Pollution to water may include wastewater emissions or effluents, discharged to local water courses. Pollution to soil may include chemical/oil spillages, pesticides and (micro)plastic waste.
4.3 Water & Marine Resources
Surface water, ground water and other ocean-based marine resources relevant to our operations.
4.3.1 Freshwater management
Freshwater is a shared, global resource, and is essential for life. In some areas around the world there is a lack of resources to meet demand either due to poor quality or quantity, resulting in water stress and a deterioration of freshwater resources. It is the responsibility of all organisations to use resources fairly, without compromising the needs of the future. Organisations should monitor the potential impacts of water usage, by tracking withdrawals, consumption, and discharges to the environment.
4.3.2 Marine resources
Marine resources are essential ingredients for animal feeds used across aquaculture. Organisations must ensure extraction and use of marine resources does not impact the long-term health and productivity of oceanic ecosystems.
Marine resources can include fish meal or fish oil, key ingredients for many Fish Feeds.
4.4 Biodiversity & Ecosystems
Biodiversity is the variety of life in an area, including animals, plants, fungi, and microorganisms, working together in ecosystems. Ecosystems are networks made of living organisms and the physical environment, including nutrient cycles and energy flows. Healthy ecosystems maintain balance in planetary boundaries and support life on earth.
4.4.1 Land (and sea) use change
Land-use change describes the way humans modify a natural landscape from one state to another. Organisations are accountable for ensuring responsible practices are adopted to minimise impact through their own operations and value chains. Land-use change is a large contributor to GHG emissions and can disrupt ecosystem services and put pressure on biodiversity due to degradation of natural habitats.
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Expansion of agriculture to feed a growing population can lead to increases in deforestation. Deforestation is known to cause flooding, increased atmospheric GHGs, and contributes to climate change.
Ecosystem services are the benefits humans gain from ecosystems, commonly split into four categories: Provisioning services - goods produced or provided by ecosystems (food or wood).
Regulating services - control of climate, disease, and pollination.
Supporting services - nutrient cycling, hydrological (water) cycle, oxygen production. Cultural services - non-material benefits including recreation or spiritual benefits.
4.4.2 Biodiversity
Protecting and promoting the variety of life forms in ecosystems ensures the long-term sustainability of natural resources. There are many known causes of biodiversity loss, include climate change, land and sea-use change, as well as introduction of alien species and exploitation of resources. It is the responsibility of organisations to promote responsible sourcing of marine and agricultural ingredients, land-use practices, and escapee management.
4.5 Resource use & Circular Economy
4.5.1 Circular Economy
A circular economy is based on the principle that products and services are designed to eliminate waste and pollution, keep materials in use at their highest value and regenerate nature.
4.5.2 Resource use efficiency
The process of utilising resources in a way that minimises waste and maximises output, leading to lower operating costs and higher profits, as well as reduced impacts to society and the environment.
4.5.3 Waste management
Organisations are responsible for collecting, transporting, treating, and disposing of waste materials in an environmentally responsible manner, minimising waste and reducing use of hazardous substances at all stages of a products lifecycle, to minimise negative impacts on human health and the natural environment.
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+44 (0)114 240 9939 | Thorncliffe Park, Chapeltown, Sheffield S35 2PH |
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5. Terms relating to Social Impacts
Impacts to people, communities and society which may result from the organisations activities and value chain.
5.1 Employees
Employees of Benchmark Holdings PLC ("own workforce") or upstream and downstream value chain employees ("workers in the value chain").
5.1.1 Equal opportunities and non-discriminationEquality, diversity, & inclusion
Employers are responsible for fostering an environment where all individuals are treated fairly and have equal opportunities to contribute and thrive and are not subject to violence or harassment in the workplace. Employees have a right not to be treated less favourably or subject to an unfair advantage due to age, disability, gender reassignment, marriage or civil partnership, pregnancy and maternity, race, religion or belief, sex, or sexual orientation (protected characteristics).
Talent attraction, development & retention
We want to attract and retain the best people and ensure we hire for attitude and alignment to our values as well as technical ability and experience. Our renumeration policies provide a transparent, fair, and consistent means of rewarding employees across the group. Investing in our employee's continuous development empowers them to both achieve their professional goals and contribute to our commercial success.
5.1.2 Working conditions. Health, safety, & wellbeing
Ensuring that employees work in a safe and healthy environment, as well as promoting programs and policies that foster the physical, mental, and emotional well-being of workers, and work-life balance.
Health and safety covers the identification, mitigation, and reduction of inherent risks, and providing good working conditions like suitable lighting, ventilation and hygiene facilities are critical to maintaining a safe working environment for employees.
Wellbeing, or wellness, covers a person's quality of life, and includes consideration for physical and mental health, as well as social, intellectual, spiritual, and financial health.
Employment terms
Just and equitable conditions and agreements governing employment relationships, including secure employment, compensation, benefits, working time, freedom of association and collective bargaining, and opportunities for advancement, without discrimination.
Human rights
Safeguarding vulnerable people, and enabling people to live life free from harm, abuse, and neglect. Employers must ensure employees have access to adequate housing, water, and sanitation whilst at work and that their privacy is respected. Benchmark prohibits the use of forced or compulsory labour and employment
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+44 (0)114 240 9939 | Thorncliffe Park, Chapeltown, Sheffield S35 2PH |
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of children under the age of 16. We do not tolerate slavery and take steps to ensure this does not occur in our business or supply chains.
5.2 Affected Communities
People living or working in the area affected by the organisation's activities, or upstream and downstream value chain activities.
5.21 Community impact & development
A responsible operator engages with and respects the rights* of affected communities, ensuring fair use of shared land and resources, respect for human rights, free, prior, and informed consent of indigenous peoples, and the rights for freedom of expression and assembly. Benchmark aims to enhance well-being and uplift the communities in which we operate, by supporting charity donations, scholarships, and other social projects.
Rights* include economic, social, cultural, civil, and political.
5.3 Consumers and end users
Consumers are individuals who acquire, consume, or use goods and services for personal use, either for themselves or for others, and not for resale or commercial purposes.
End users are individuals who ultimately use or are intended to ultimately use a particular product or service.
5.3.1 Product & consumer safety
Organisations are responsible for ensuring their products meet established standards and regulations and pose minimal risk to consumers and end-users. Organisations must provide quality information about their products, including user guidance, health and safety requirements, and support safeguarding of vulnerable people including children.
5.3.2 Responsible marketing
Customer and society centric marketing approach, with the intention of positively impacting people and communities, and integration of wider societal concerns like environmental and social impacts of products.
5.3.3 Social inclusion
Promoting participation of all people in society, and uplifting people who are disadvantaged by enhancing access to resources, opportunities, and rights. Organisations should ensure equitable treatment and inclusivity of all consumers, and fair access to products and services.
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+44 (0)114 240 9939 | Thorncliffe Park, Chapeltown, Sheffield S35 2PH |
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6. Terms relating to Governance
The mechanisms, processes, and relations by which companies operate and are guided.
6.1 Ethical business conduct
Business conduct is the principles, policy and values that govern the way companies engage in business activity and are often defined by law. Ethical business conduct goes beyond legal compliance, setting the standards for morally right and wrong behaviour, addressing issues in an organisation's operations and value chain, to ensure fair treatment and honesty.
Benchmark is committed to conducting ourselves in an ethical manner and follows a code of conduct which sets the tone for our corporate culture. This framework aims to address issues such as modern slavery, misconduct, whistle blowing, anti-bribery and corruption, safeguarding, forced and child labour, and political activity, amongst other topics including how we treat our employees, stakeholders, and animal welfare.
6.2 Stakeholder engagement
The process of involving people who may be affected by business decisions or can influence the success of decisions into strategic conversations. It involves identifying stakeholders needs, concerns and issues; and incorporating them into actions taken.
Stakeholders include employees, senior management, investors, lenders, business partners, suppliers, customers, local communities, academics, NGOs, industry experts, and other key groups.
6.3 Responsible procurement
Considering social, environmental, and economic impacts of procured goods and services, and ensuring our supply chain is ethical and sustainable, and supports global sustainable development. Key areas include ensuring traceability of ingredients and promoting sustainable agriculture and aquaculture practices, and good social standards.
Sourcing agriculture ingredients like soy and timer from suppliers not contributing to deforestation. Monitoring social practices in suppliers and only working with suppliers who comply with human rights.
6.4 Technological & digital transformation
Large scale integration of advanced technologies and digital tools to enhance efficiency, productivity, and innovation.
6.5 Data privacy & cyber security
Ensuring data integrity and protection of individuals' personal information from unauthorized access or use. Cyber security means safeguarding computer systems, networks, and data from malicious attacks or breaches.
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Benchmark Holdings plc published this content on 10 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 June 2024 14:53:05 UTC.