A materiality analysis is—on paper—the way a company winnows down environmental, social, and governance (ESG) issues to focus only on those that have a material impact on its financial performance. Such analyses are designed to answer the question “What information do investors and other stakeholders need about the firm in order to make their decisions?” Oil and gas companies should disclose metrics on their greenhouse gas emissions, whereas clothing companies should focus on labor conditions in their textile factories, to use two simplified examples. However, given the diversity of stakeholders and the variety of reporting standards, exercises meant to uncover material issues often lead firms to measure and report on a wide swath of indicators. We’ve read materiality reports that include KPIs on seemingly everything, including diversity and inclusion efforts, greenhouse gas emissions, corruption, electromagnetic field pollution, and biodiversity.