In 2020, FirstEnergy conducted its first materiality assessment of potential ESG topics as part of our ongoing commitment to corporate responsibility. Our process was guided by the foundational principles outlined in the Global Reporting Initiative (GRI) Framework, as well as by the Sustainability Accounting Standards Board (SASB). We partnered with a third-party consultant to complete the assessment according to the following approach:
Engaging stakeholders is a critical component of the ESG materiality assessment, and their insights helped us focus our ESG efforts to best drive change and create value. Our ESG materiality assessment also provided opportunities for educating our employees about evolving stakeholder expectations around ESG management, reporting and disclosure. This assessment reinforced the need to regularly engage with our stakeholders to validate our ESG priorities. For details on FirstEnergy’s broader stakeholder engagement efforts, please see our Stakeholder Engagement page.
The results of our assessment affirmed several topics that are integral to our business, such as Safety & Health, Financial Performance, Energy Reliability & Resiliency, and Cyber & Physical Security. Additionally, our ESG materiality assessment validated topics that are central to corporate responsibility efforts at FirstEnergy and provide a strong foundation for continued forward-thinking initiatives: Greenhouse Gas Emissions & Climate Change, Innovation, Community Vitality, and Diversity, Equity & Inclusion. These topics align with our company’s mission and core values, and we expect them to be central to our company strategy into the foreseeable future.
The findings from our ESG materiality assessment will also help inform and drive our ESG priorities and initiatives. The results will be used to continue to educate and inform our stakeholders, enhance our reporting disclosures and evaluate opportunities for goal setting.
Going forward, we plan to periodically refresh our ESG materiality assessment to ensure that our material topics remain relevant and responsive to evolving stakeholder expectations.