What is materiality and how does it vary across industries?
Materiality refers to the significance of information in decision-making. It varies by industry due to different regulatory requirements and stakeholder expectations.
Can you give examples of how materiality differs in finance and manufacturing?
In finance, materiality often focuses on financial performance and disclosures, while in manufacturing, it may emphasize environmental impact and safety standards.
What factors influence materiality in the tech industry?
In the tech industry, factors like data privacy, cybersecurity, and innovation speed significantly influence materiality.
How do companies determine what is material for their stakeholders?
Companies typically conduct stakeholder engagement, risk assessments, and materiality assessments to identify what is considered material.
Are there any frameworks for assessing materiality?
Yes, frameworks like the Global Reporting Initiative (GRI) and the Sustainability Accounting Standards Board (SASB) provide guidelines for assessing materiality.
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