With Colruyt Group towards CSRD compliance

The Corporate Sustainability Reporting Directive (CSRD) requires large companies to report annually on their sustainability performance. Möbius helped Colruyt Group meet the requirements of this new European legislation.

Strategic challenge

Sustainability is one of the central pillars at Colruyt Group. The group has been publishing an integrated annual report for a long time, clearly explaining its sustainability goals and policies. But with the new CSRD rules, companies must now follow stricter reporting standards and start with a double materiality analysis (DMA). Colruyt Group used this as a chance to take a closer look at important ESG topics and to strengthen and better guide its current sustainability strategy.

As an external partner, Möbius was responsible for supporting this analysis. Thanks to our expertise, Colruyt Group was able to implement the best practices around CSRD that have emerged in the market in recent years. In addition, we monitored the neutrality throughout the process and ensured a strict separation between the analysis and the later consequences concerning reporting and policy.

Together with Möbius, we were able to conduct our exercise in a robust, objective and enjoyable way. The team guaranteed expert workshop guidance, useful tools and substantive support. Great working together like this!

Sara De Decker Staff member Sustainability Colruyt Group

Approach

Möbius guided Colruyt Group in all steps of the materiality process. We supported the project team in defining the methodology, in translating the complex CSRD guidelines into manageable actions, and in proper documentation and auditability of the whole analysis. The complex diversity of activities in different parts of the value chain (both production and retail; both food and cycles; ...) posed a challenge here.

We started with a solid preparation phase to create a strong stakeholder plan and a useful shortlist of ESG topics. We made a clear research plan, listing the questions that each ESRS (the standards from CSRD) requires for identifying important impacts, risks, and opportunities (IROs). If we didn’t have the answers yet, we noted where to find them — either through desk research or by speaking with an internal or external expert. Together with Colruyt Group’s Finance and Risk teams, we also agreed on how to score the topics and set the limits for what counts as “material.”
In the identification phase, we brought together a long list of IROs. Through desk research and interviews with several internal and external stakeholders, Möbius ensured a complete picture of the IROs occurring in the value chain and upstream.
In the scoring phase, we organised workshops with both topical experts and financial stakeholders. In these workshops, Möbius acted as a neutral facilitator. We also used tools to analyse relevant data. After that, a survey was organised to test the first results with Colruyt Group's external stakeholders.
Finally, we consolidated all results and evaluated the clustering of subtopics. This resulted in a clear materiality matrix for Colruyt Group, validated by the different management levels.

Along the way, we scheduled regular check-ins with the auditor. This allowed us to get feedback and adjust our approach based on what the audit team needed.

Results

Möbius successfully achieved the desired outcomes, including providing an overview of evaluated and non-evaluated ESG topics, describing the undertaken process, detailing all IROs, and presenting a matrix of material topics. Additionally, the exercise led to the following impacts:

Thorough documentation of all steps executed in a well-structured document. This allows the auditor to go through the whole process again and helps Colruyt Group to review the process in the coming years.
Comprehensive risk management during the DMA, all risks linked to ESG were examined, namely risks that have financial consequences as well as reputational or business continuity consequences.
Stakeholder engagement, as Möbius gathered insights and expectations from a diverse group of Colruyt Group stakeholders throughout the exercise. This contributed to transparent communication and close networking.
Accurate reporting by Möbius. Thanks to the materiality analysis, Colruyt Group can report more focused on those themes where they have a major impact or financial effects. This leads to a more complete picture for investors and other stakeholders, and allows Colruyt Group to use reporting resources efficiently.