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Key ESG Topics
Environmental
Social
Governance
Products and Solutions
Background
Our first analysis of key sustainability topics was finalized in 2014, and in 2017 we completed our first refresh to ensure our issue prioritization is up to date. In 2022, we undertook a comprehensive assessment aligned with the latest recommendations of the Global Reporting Initiative GRI Standards. We use the results of our analysis to inform our sustainability strategy and to form the boundaries for our Global Reporting Initiative aligned reporting.
ESG Priority Topic Identification Process
We convened a cross-functional taskforce to undertake the following steps of analysis:
1. We defined the context for our analysis: Because GRI has not yet defined Sector Standards for Eaton’s company, we started with the comprehensive list of GRI Universal Standards and Material Topics as our basis for analysis. To inform the context, we also reviewed the risks as identified by Enterprise Risk Management process and their linkages to ESG topics. In addition, the sustainability function conducted a benchmark analysis of some of Eaton’s critical external stakeholders: Global frameworks, disclosure standards, reporting frameworks, associations and ESG raters and rankers. We reviewed their priority topics as it relates to business and to Eaton, and cross-walked those against the comprehensive list of GRI topics. The ten specific stakeholders we reviewed were: CDP, Task Force on Climate Related Financial Disclosures, Sustainable Accounting Standards Board, MSCI, FTSE, ISS ESG, Sustainalytics, EcoVadis, UN Sustainable Development Goals and the Responsible Business Alliance.
2. We identified our current and potential impacts through quantitative and qualitative analysis: We quantitatively analyzed external ESG frameworks, surveys, ratings, and association standards to understand external views on priority ESG topics as they apply to Eaton. Our ESG Disclosures Taskforce defined stakeholders, created our interview and survey protocols, conducted interviews and surveys, analyzed the results and shared findings for leadership and board validation.
3. We engaged a broad group of stakeholders: We surveyed suppliers and employees and interviewed customers and Eaton leaders across the broad range of GRI topics to understand what these stakeholder groups view as impactful to the world, or significant to Eaton. Interviewees were also asked to provide qualitative input on how Eaton’s business strategy might impact the environment and society in the future. Investor interviews and discussion topics were reviewed and ESG topics of interest were quantitatively analyzed across the GRI topic areas. Eaton’s senior leaders validated these findings which were shared with the Audit Committee of Eaton’s Board of Directors.
4. We established a list of the most significant current or potential impacts as priority ESG topics: Based on the analysis and validation process above, we finalized a list of priority ESG topics to form the basis of Eaton’s GRI reporting boundary. Eaton may report on additional topics not identified, but these topics are deemed to be the most important of which to disclose our management approach and impact. Together, these topics are expected to reflect Eaton’s significant economic, environmental and/or social impacts and to enable our stakeholders to assess our company. To understand the boundary for each of our sustainability priorities, we mapped the impacts along our value chain. Through this exercise, we divided our impacts into three groups:
In the following table, we have captured our updated priorities and their associated boundaries
Consistent with GRI materiality guidelines
