Collaborating for a Better Circle: Stakeholder engagement
We are committed to building a better world — A Better Circle — and we can’t do it alone. Eastman seeks collaboration and insight from stakeholders along our entire value chain to help us develop innovative solutions and drive positive change.
We take a holistic, cross-functional approach to stakeholder engagement. As a publicly traded, global company, Eastman engages with and represents a broad range of stakeholders, from employees, communities, customers, suppliers and investors to consumers, influencers, nongovernmental organizations, regulatory agencies and academia. We proactively engage them at the corporate, regional and local levels, and we consider all requests, using a methodical approach to each engagement.
Stakeholders are evaluated by many factors, including connection to our industry, willingness to engage, subject expertise and more. Stakeholder engagement varies in type and frequency by stakeholder group, some of which are listed on this page.
Our internal communications and training teams educate employees on our sustainability efforts and corporate strategy. Through our employee resource groups, collaborative intranet spaces, special events and surveys, we gain insight from our diverse workforce and share management’s approach.
As we fill our innovation pipeline, we take care in understanding the needs and expectations of the value chain to provide solutions that are sustainably advantaged. We actively engage in working sessions with customers to understand their vision and challenges and ideate solutions to help them achieve their goals.
We are committed to sustainable procurement practices and are institutionalizing a systemic approach to engage with suppliers to assess their level of commitment to sustainability and help drive improvements where needed.
We regularly engage with Community Advisory Panels in communities in which we operate to connect on and address topics of shared interest.
Sustainability issues are increasingly important to investors. We regularly engage with the investment community through our annual stockholder meeting and report; quarterly financial results, public webcast and calls; SEC filings and other public releases; and targeted ESG road shows and in-person investor events.
Our government affairs team interacts directly with legislators regarding issues that concern our stakeholders or that could potentially affect our ability to achieve our corporate commitments. This engagement has highlighted the need for broader industry efforts in recycling, improving feedstocks of plastic waste and more. Nongovernmental organizations (NGOs) Philanthropic partners and other NGOs share knowledge that helps inform our sustainability efforts. This includes everything from educational organizations creating the next generation of female scientists (who could one day work for Eastman) to trade groups where we collaborate with our peers.
Nongovernmental organizations (NGOs)
Philanthropic partners and other NGOs share knowledge that helps inform our sustainability efforts. This includes everything from educational organizations creating the next generation of female scientists (who could one day work for Eastman) to trade groups where we collaborate with our peers.
Mapping a Better circle: Sustainability materiality assessment
In 2018, we updated our materiality 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. We updated it again in 2020, using many of the same internal and external inputs, including:
- A third-party assessment using Datamaran, a business intelligence tool that aggregates and analyzes public communications and disclosures
- An assessment based on standard environmental, social and governance (ESG) frameworks and third-party raters including CDP, EcoVadis, Sustainalytics, Institutional Shareholder Services, MSCI, SASB and more
- Continued alignment with the United Nations Sustainable Development Goals
- Cross-functional internal teams working with our sustainability sub-councils
- Prioritization of global macro trends
- Surveys of employee and local community representatives
- Sector-specific industry trends