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
- 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.