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TOP CONTENT

Our ongoing dialogue with stakeholders is a key part of Prysmian’s sustainability strategy and their feedback is essential to the Group’s success in achieving overall sustainable growth.  The Group interacts with stakeholders during annual events in which sustainability matters are analyzed, mapped and prioritized based on stakeholder expectation, and actions are defined grounded on their feedback.

Prysmian assesses stakeholder priorities through two approaches. Firstly, it works with internal sources to set sustainability goals and priorities by holding meetings across corporate functions, benchmarking competitors and gathering information for its Sustainability Report based on GRI standards and publications.

 

Prysmian also engages with external stakeholders including customers, suppliers and investors to get their direct feedback. In 2019, we listened to our stakeholder through a survey and with multi-stakeholder event.

 

2019 Multi-Stakeholders Engagement Event_Poster

2019 Multi-Stakeholders Engagement Event_Agenda

The event, which is held annually, involves customers, suppliers, local communities, universities and research centres, NGOs, public administrations and environmental representatives in workshops and open discussions on topics related to sustainability and corporate social responsibility. This interaction is increasingly integral to growth strategy because discussions feed into Prysmian’s sustainability efforts.

 

Participants make a significant contribution to identifying the main impacts of Prysmian’s actions on various stages of the value chain, and make suggestions on how to improve. Senior management is directly involved through special interviews related to sustainability reporting. This feedback is used by Prysmian to create a materiality matrix that helps set sustainability goals and priorities.

Group material topics

In order to identify the latest trends in sustainability, integrate the expectations of stakeholders within the activities of the organisation and define reports that satisfy the requirements of stakeholders and the priorities of the Group, Prysmian launched a process in 2019 to update the materiality analysis in order to identify the most significant sustainability issues for its business.
This update took account of the requirements specified in Decree 254/2016 and the recent acquisition of General Cable. The matrix update process had two phases:


1. Desk analysis


During the desk analysis phase, documentary analysis of internal and external sources identified the full range of topics to be assessed. The following sources were considered:

  • reports and articles on global trends (e.g. World Economic Forum);
  • industry trends/reports;
  • sustainability reports/non-financial statements of peers and competitors;
  • changes in regulations.

Based on the results of benchmarking, a number of topics were included, renamed, aggregated or eliminated. With respect to the 2018 matrix and the results of benchmarking, the following changes were made in the 2019 materiality analysis:

  • anti-corruption, included as part of “Ethics and business integrity”;
  • product quality, safety and reliability, included in “Customer Centricity” and “Development and Eco-design
  • innovation”;
  • bio-diversity, not included in the range of topics;
  • industrial relations, included in “Respect for human rights and workers’ rights”;
  •  access to energy, included in “Corporate citizenship”;

cyber security and data protection, governance and transparency, solutions for sustainable applications and company welfare and employee well-being were included in the range of topics.


The updated list of topics assessed in 2019 is presented below:

 

2. Assessment of topics


The topics were assessed by both external stakeholders and top management, identifying an order of priority (from 1 to 5) for them within the materiality matrix. The topics were assessed in 2019 during stakeholder engagement activities (event and survey) and internal meetings (Sustainability Steering Committee and survey of top management). The assessment was carried out in the manner recommended in the GRI standards, which call on organisations to focus attention on topics that are important for their business activities and their stakeholders. As a result of this assessment it was possible to update the materiality matrix, providing an aggregated view of the importance of issues both for the Group and its stakeholders, in terms of the actual and potential impact of each on the Group’s ability to create value in the long run.
Downstream of this process, the issues have been grouped into a special reconciliation table under the areas identified in the Decree (environmental, human rights, social, anti-corruption, employees and transversal) in order to align reporting with the express requirements of the Decree.

 

The 2019 updated materiality matrix has been validated by the Compensation, Appointments and Sustainability Committee.

The Three Priority Topics for Prysmian Group

OCCUPATIONAL HEALTH AND SAFETY

the Group intends to strengthen the systems for managing occupational health and safety, in order to reduce the number of injuries and occupational diseases and, via suitable training programmes, develop a culture of prevention and management covering these two aspects.

ETHICS AND INTEGRITY

 

This topic includes the Group’s commitment to a business management model based on the most stringent standards of business ethics and integrity, especially with regard to the measures adopted to prevent both active and passive corruption.

SOLUTIONS FOR SUSTAINABLE APPLICATIONS

This topic includes the Group’s commitment to develop solutions that may generate sustainability benefits (e.g. solutions for plants that generate renewable energy, smart grids, innovative solutions for the electrical system).