Collaboration and transparency inside the company and along the value chain are critical to develop innovative solutions and drive positive change.
Eastman actively works across the value chain and within globally recognized frameworks, partnering to address the world’s biggest challenges. As a publicly traded, global company, Eastman’s value chain represents a broad range of stakeholders, from employees, communities, customers and investors to consumers, infl uencers, regulatory agencies and academia. We actively engage these stakeholders through a variety of ongoing processes at the corporate, regional and local levels. Stakeholder engagement varies in type and frequency by stakeholder group. While we do not report specifi c details of all engagements, examples are represented below and to the right.
Stakeholder engagement varies in type and frequency by stakeholder group,
and we do not report specific details of all engagements.
As our strategy evolves with the world’s changing demands, we continue to assess and identify the emerging issues that are most relevant for our stakeholders.
Our approach to assessing stakeholder priorities involves multiple frameworks, tools and forms of engagement. By gaining insights to global trends and issues as well as gathering input and feedback from a diverse range of stakeholders at the corporate, regional and local level, we better understand relevant sustainability issues and macro trends that align to the company’s strategy.
Over the past year, we completed an updated stakeholder priority matrix based on the importance our stakeholders place on sustainability issues, Eastman’s prioritization of these issues relative to our business strategy, and the level of impact an issue may have on our reputation. The process included several inputs to develop a comprehensive view of priorities, potential risk areas and opportunities:
- We completed a third-party assessment of our external stakeholder groups using Datamaran, a business intelligence tool that analyzes public sources of information, including annual financial reports, sustainability reports, SEC filings, regulatory initiatives, accredited media, and social media.
- We assessed Eastman’s performance and public commitments on sustainability related issues that fall within the standard environmental, social and governance (ESG) framework based on a number of third-party ESG assessments and reporting frameworks, including Sustainalytics, MSCI, Institutional Shareholder Services (ISS), Carbon Disclosure Project (CDP), and EcoVadis.
- We assessed the company’s goals and commitments against the United Nations Sustainable Development Goals.
- We derived an internal corporate assessment of relevant sustainability issues through cross-functional working teams within the company’s ESG Council and Sustainability Subcouncils. This assessment included prioritization of global macro trends that inform the company’s overarching innovation driven growth strategy as well as business strategies and priorities.
- We surveyed a random representative sample of Eastman’s global employee population.
- We surveyed a sample of local community representatives. The results of the internal and external surveys were combined and presented in the matrix below. Prioritization and effective management of these ESG issues and opportunities are integrated in our strategy, business models, risk management, and governance, driving continued commercial success.