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A private estate established in 1337 which funds the public, charitable and private activities of the Prince of Wales and his family.

Understanding what matters most


In 2019 we undertook a materiality review to understand the issues that have the most significant impact on our ability to create long-term value for stakeholders. 


In determining these issues, we considered how important they were to stakeholders and how significant they were in terms of the Duchy’s economic, environmental and social impacts. The results of the review will help to inform the Duchy’s strategy and governance. Our most material issues are shown below.

 

Our process

 

  1. Desk-based research involving peer review and media research to benchmark material issues
  2. reported by stakeholders.
  3. An employee survey to rate and rank 39 shortlisted issues.
  4. Materiality workshops with internal and external stakeholders to discuss and refine findings.
  5. Some issues were removed or consolidated and others changed position.
  6. Results were reviewed by the Duchy Executive Committee and members of the Finance and
  7. Audit Committee. Further refinements were made.
  8. Reporting of our materiality results.
  9. Executive awayday: The Duchy Executive Committee is meeting later in the year to further
  10. debate the findings of the materiality review. It will discuss key issues for stakeholders and
  11. how they may impact on future strategy.
  12. Annual report 2020 will include an update on this process

Top Material Issues

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People and Culture

  1. Diversity and inclusion
  2.  Employee engagement
  3. 3 Employee health and safety
  4. 4 Training and skills development
  5. 5 Staff succession planning
  6. 6 Employee well-being

Environment

  1. 7 Biodiversity loss/ecosystem collapse
  2. 8 Biosecurity and disease
  3. 9 Climate crisis
  4. 10 Emissions reduction
  5. 11 Energy/energy efficiency
  6. 12 Food and agriculture stress
  7. 13 Managing and improving natural capitals (soil, air and water) 

Society

  1. 14 Affordable housing
  2. 15 Local architecture1
  3. 16 Placemaking and sustainable communities
  4. 17 Relationships with tenants
  5. 19 Rural enterprise
  6. 20 Supply chain management

Economy

  1. 21 Commodity price volatility
  2. 22 Diversified revenue streams
  3. 23 Economic/financial crises
  4. 24 Capital values
  5. 25 Employment trends/ diversification
  6. 26 Revenue Account surplus
  7. 27 Political change and uncertainty

Governance

  1. 28 Legislative changes
  2. 29 Land tenure
  3. 30 Reputation, communications and awareness
  4. 31 Responsible investment
  5. 32 Risk management

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