As a regulatory authority, LTSA administers systems that underpin BC’s real property market and support civic governance, taxation and Crown land management to provide social and economic benefit for all. LTSA has always strived to act with trust, integrity, and in the public interest. While LTSA’s current planning and operations have reflected the principles of Environmental, Social and Governance (ESG), the organization is making progress on our journey to establish an ESG strategy and reporting framework to more clearly align activities and reporting.
LTSA’s ESG journey is focused on how LTSA can contribute positively to society within its mandate and the ecosystem within which it operates. The journey began in 2022/23 when the organization took early steps to align reporting on some of its activities under the principles of Environmental, Social and Governance in its 2022/23 ESG Report.
During 2023/24, the organization adopted a phased approach to inform its future ESG strategy. Foundational work completed in this period was preparatory in nature (see the ESG Report for further details) and included:
- external scan and trend analysis;
- preliminary mapping of activities to the United Nations Sustainable Development Goals;
- benchmarking with various ESG reporting frameworks;
- 20 key material topics identified for use in Materiality Assessment; and
- materiality survey – developed an LTSA ESG Materiality Assessment Survey.
The outcome of 2023/24 activities resulted in identification of 20 key ESG material topics which represent a subset of the Global Reporting Initiative (GRI) material topics. These key topics informed the development of an LTSA ESG Materiality Assessment Survey which was subsequently conducted early in the 2024/25 fiscal year (April 2024).
The materiality survey results will help LTSA understand both external (stakeholder and customer) and internal (LTSA) views as to the importance and impact of key ESG topics. The results will provide the foundation for development of LTSA’s ESG Strategy and help guide future ESG planning.