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 the Sustainability Accounting Standards Board (SASB). We partnered with a third-party consultant to complete the assessment that included the following approach:
Engaging stakeholders is a critical component of the materiality process, and their insights helped us determine our most important ESG topics to focus on in order to drive change and create value. Our materiality assessment also provided opportunities for educating our internal stakeholders about evolving expectations around ESG management, reporting and disclosure. The process reinforced the need to regularly engage with our stakeholders to validate our material ESG priorities.
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 materiality assessment validated topics that are central to FirstEnergy’s ESG strategy and provide a strong foundation for continued forward-thinking initiatives: Greenhouse Gas Emissions & Climate Change, Innovation, Community Vitality, and Diversity & Inclusion. These topics align with our company’s mission and core values, and we expect them to be material and influential to our company strategy into the foreseeable future.
The findings from our materiality assessment will also help inform and drive our ESG strategy, 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 materiality assessment to ensure that our material topics remain relevant and responsive to evolving stakeholder expectations.