Our governance approach

In 2021, we conducted a materiality assessment following GRI Standards 2016, identifying key issues impacting our business and those that are important to our stakeholders. Engaging a third-party consultant, we surveyed over 600 internal and external stakeholders, including colleagues, suppliers, government entities, academia, Non-governmental organizations (“NGOs”), and investors. This survey gauged the significance, relevance, impact, and perception of select Environmental, Social, and Governance issues, considering familiarity with our sustainability practices and evolving sustainability concerns. Acknowledging investors’ growing influence, targeted interviews were conducted to understand their top sustainability concerns. Although we intended to undertake an assessment in 2024, the ISSB’s proposed materiality assessment requirements led us to defer this to ensure alignment with IFRS S1 and S2 standards once required by the CSA in Canada.

Loblaw has an Environmental, Social, and Governance Steering Committee comprised of senior leaders who guide the Company and its colleagues on the Environmental, Social, and Governance program and related activities and is tasked with ensuring that the Company considers and adopts leading ESG practices and programs. Responsibilities include overseeing strategic business objectives for Environmental, Social, and Governance commitments and targets, as well as setting the “tone from the top” to foster an ESG focused culture within the organization. The Steering Committee also has oversight for the various Management committees which are responsible for setting priorities and implementing and monitoring ESG-related initiatives across the organization. Our programs and practices are designed to align with industry-leading standards and to support the achievement of our business objectives, including our commitments and targets.

The Weston Group of Companies Loblaw is part of the Weston Group of Companies along with George Weston Limited (“Weston” or “Weston Group”) and Choice Properties Real Estate Investment Trust. The Weston Group has adopted principles that help guide each company’s approach to Environmental, Social, and Governance practices, the details of which are included in Weston’s Environmental, Social and Governance Reports.

We believe in working closely with our stakeholders – all individuals and organizations connected to our business – to collaboratively resolve environmental, social, and governance issues. Through engagement, we actively solicit their feedback and insights. This approach allows us to develop and advance our programs in a way that reflects our shared responsibility for a sustainable future. For a full list of stakeholder engagement channels and their respective points of interest, please refer to our data sheets.