At the beginning of our fiscal 2021, Schnitzer completed the transition to a new operating model, and now reports a single set of financial results. We have reported our sustainability results to align with this new operating model.
Since 2014, we have engaged Trucost (part of S&P Global) to provide assurance of selected environmental Key Performance Indicators (KPIs), including greenhouse gas emissions, energy consumption, water withdrawal, and waste generated. Trucost undertook this assurance in accordance with AA1000AS (2008) Type 2 moderate-level assurance.
Circumstances may arise in which reconciliation of data from previous sustainability reports is appropriate. For example, this may be due to, among other things, reconciliation of source data, updates in conversion factors, internal methodology changes, or changes in overall reporting scope.
Reconciliations promote the transparency of our reporting and enable a more accurate assessment of Schnitzer’s progress on our KPIs. Even though the reconciliations do not significantly impact our historic sustainability performance, by retrospectively updating previous figures, we expect to improve the year-over-year comparability of our data. Throughout our report, any reconciliations of previous-year data will be noted.
In 2018, we conducted a Sustainability Materiality Assessment (SMA) to identify, analyze, and act on environmental, social, and economic dimensions that may have significant impacts on Schnitzer and our stakeholders. Our key stakeholder groups include current and future employees, shareholders, regulators, local communities, customers, suppliers, and relevant non-profit associations. Combining surveys, meetings, a review of publicly available information regarding our industry sector, and internal stakeholder interviews, we assessed the importance of various sustainability-related issues to Schnitzer and its stakeholders. We plan to refresh our 2018 SMA in fiscal 2021.
Results of the 2018 SMA were averaged and plotted to identify the relative importance of each issue. The insights gained from our SMA help guide our sustainability strategy and communications, including this Sustainability Report, and our sustainability goals. As part of the fiscal 2021 refresh, we intend to realign our SMA with our new One Schnitzer operating model and progress made over the past three years.