We proactively engaged with key external and internal stakeholders to identify the most material sustainability-related topics and metrics for operations strategy as well as public disclosure. Consistent with Global Reporting Initiative (GRI) guidelines, our selection of stakeholders to engage was based on five criteria pertaining to their relationship with Trane Technologies:
The external stakeholders who provided direct feedback included customers, supply chain partners, industry groups, non-governmental organizations (NGOs), investors, rating agencies and regulators. With support from an independent consulting firm, we engaged with these stakeholders through interviews and surveys, augmented by secondary research on our suppliers and distributors as well as our peer companies and competitors. Internally, we received feedback at various levels, including from leaders of strategic business units and a wide range of employees. In addition, interviews were conducted with two members of our Board of Directors and insight was gathered from our External Sustainability Advisory Council.
A systematic process for stakeholder engagement and feedback prioritization is implemented. We assisted management with the following steps to assess material ESG topics:
We consistently work to synthesize GRI sustainability indicators and materiality criteria with metrics we believe are relevant and material to Trane Technologies and its stakeholders, based on our 2022 materiality assessment. In addition, these materiality indicators mirror the feedback and insights we gather through ongoing external and internal stakeholder interactions at every level and at all of our locations around the world.
In the matrix below, we consider the topics in the upper right-hand quadrant (Strategic Opportunities) to be most material to our company. when mapped against increasing importance to the business and increasing importance to stakeholders. The top 9 material topics are as follows:
These priority topics guide our ESG strategies, initiatives, enterprise risk intelligence and commitments. We take an active approach to maintaining, managing, and monitoring all ESG topics relevant to Trane Technologies, including those that currently lie outside our matrix's Strategic Opportunities section. Over time, our focus on these topics may shift due to stakeholder interests or business opportunities, among other factors. We intend to update our materiality assessment regularly to ensure our ESG strategies remain relevant, targeted, and impactful.