2023 ESG Report
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 8-10 of our 2023 ESG Report.
Materiality
In 2021, we conducted a materiality assessment following GRI Standards 2016, identifying key issues impacting our business and those that are important to our stakeholders.
Although we intended to undertake a 2023 assessment, the ISSB’s proposed materiality assessment requirements led us to defer this to ensure alignment with IFRS S1 and S2 standards once finalized in Canada.
Governance
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.
Stakeholder engagement
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.
