IR Partners supported Fodelia in conducting its double materiality assessment
IR Partners’ sustainability team facilitated a double materiality assessment process for the food group Fodelia as part of the company’s preparations for statutory reporting under the EU Corporate Sustainability Reporting Directive (CSRD). The goal of the assessment, conducted in 2024, was to identify the key sustainability themes relevant to Fodelia’s operations and the entire value chain, which are material from the perspective of business impacts and/or financial risks and opportunities.
The assessment process, which involved a broad, multidisciplinary working group from Fodelia, proceeded in stages. Based on a comprehensive background study, an analysis of the current situation, a benchmarking comparison, stakeholder interviews, and an online survey of our own staff, we gained a good understanding of the company’s potential impacts, risks, and opportunities, in light of the requirements of the ESRS reporting standards and stakeholder expectations. In the next phase, the identified impacts were prioritised in expert workshops using an electronic tool. The assessment of financial risks and opportunities was conducted using the company’s existing risk management model.
The double materiality assessment provided Fodelia with a clear picture of the sustainability themes central to its business. Based on the results of the assessment, IR Partners made recommendations for updates to Fodelia’s sustainability program and facilitated expert workshops to finalise the program.
At the end of the project, the process was thoroughly documented for management and board review as well as future assurance. Additionally, IR Partners helped Fodelia identify the material data points to be reported in accordance with the ESRS standards, as well as areas for improvement that the company should focus on as it prepares for reporting.
“With IR Partners leading the process, what initially felt like a daunting exercise progressed smoothly and logically from one phase to the next. The team had familiarized themselves with our business, which helped us focus on the sustainability matters that are truly material to Fodelia. The CSRD framework is incredibly complex at first glance, and it isn’t easy to find time for independent study amidst all other work. Through this process, the expertise of our entire sustainability team has grown significantly, and we now feel equipped to manage the multifaceted and demanding entity.” — Kati Kokkonen, CFO, Fodelia
Fodelia is a Finnish food industry group dedicated to turning domestic food companies into thriving success stories. The group owns pioneering food brands that invest in innovative products, value-adding customer concepts and advanced production processes. The companies offer consumers clean, locally and responsibly produced food with a transparent and traceable origin.