ESG stands for Environmental, Social and Governance and makes up a well-established framework for corporate sustainability. Storytel has drawn from this framework and has divided its approach to ESG into Footprint, Brainprint and Fingerprint to create a better understanding and clearly showcase the impact Storytel has on society at large. Our business Sustainability Corporate governance least annually and included in reporting to the Audit Committee and Board of Directors. ESG-related risks are part of the Group-wide risk assessment, and a description of the significant risks and related risk responses for the Group can be found in the Governance Report.
- Brainprint – Wellbeing of customers
- Footprint – Wellbeing of the planet
- Fingerprint – Wellbeing of employees and partners
Storytel’s Materiality Assessment
Storytel carried out its first materiality assessment in 2018 to build a foundation for the initial sustainability strategy and focus areas. In 2022, Storytel updated the materiality assessment on a Group level. The goal was to identify material topics that are 1) value drivers for the Storytel Group, 2) closely aligned with the Group’s most significant risks, 3) measurable and have clear ownership and accountability in the organization. As part of the process, the stakeholders were mapped, global sustainability trends were analyzed and 1,500 people across internal and external stakeholder groups, of which 959 were customers, were engaged. In 2024, to prepare for reporting in line with the CSRD, Storytel will perform a double materiality assessment.
ESG & Risk Management
On an annual basis, a risk assessment is carried out within the Storytel Group to identify, evaluate and prioritize the risks that are most important for achieving set business objectives within the Group. Thereafter, appropriate activities are decided upon in order to either reduce the probability of the risk occurring, or to mitigate any consequences. Risks are assigned to an owner who is responsible for monitoring and following up on decided activities and their impact on lowering the risk as intended. A review and status reporting of the most significant enterprise risks are carried out at least annually and included in reporting to the Audit Committee and Board of Directors. ESG-related risks are part of the Group-wide risk assessment, and a description of the significant risks and related risk responses for the Group can be found in the Governance Report.
Division of responsibilities
Once a year the goals, policies and processes connected to sustainability are reviewed by the Board of Directors. Storytel reports the progress towards the goals in the annual Sustainability Report, which the Board of Directors review and approve. Storytel has a Strategy & ESG Committee within the Board of Directors. The purpose and objective of this Committee is to ensure the Board’s fulfillment of the supervisory and reporting responsibility in relation to environmental, social, and governance (ESG) matters of the Company. The Strategy and ESG Committee shall ensure that the Company operates strategically and systematically with sustainability across the business, manages goal-setting and reporting processes, strengthens relations with external stakeholders, operates with high business ethics and supports the Board in fulfilling its responsibilities.
