Materiality for sustainability topics

Woodside also conducts a materiality assessment process which is aligned to our risk management process but has a specific focus on sustainability-related topics. It is intended to inform our understanding of which sustainability-related topics are most relevant to our business performance, activities and stakeholders. It considers potential risks, opportunities and impacts of sustainability topics on our business, the economy, the environment and upon people, including impacts on human rights.

In the materiality assessment, management undertake analysis drawing upon internal and external inputs, including from our Executive Leadership Team and Directors and our monitoring of developments, trends and stakeholder views throughout the year. In addition, some specific engagements with stakeholders (such as investors, customers, communities, and governments) can help us to verify our analysis.

When topics have been identified, they are prioritised. The highest priority topics are determined to be material.¹ Following endorsement by the Executive and the Sustainability Committee, actions to address the material topics are included in a Corporate Sustainability Plan which is implemented and monitored by the Executive and the Sustainability Committee. Potential risks associated with the material topics are incorporated into the Woodside risk management process.

Our materiality assessment process is also informed by Our Values which guide everything we do.