11 INSIGHT | Focus On which enables such a crucial shift to renewable energy generation and which, by doing that, can make such a dramatic difference for our climate and environment. Likewise, it is also important to mention the role we play to support the development of a stronger broadband fiber cable network and finally the digital transition. What is changing in the culture of reporting, and how does it impact sustainability in corporate citizenship? The changing culture of reporting is driven by pressure from the financial market to embed strong sustainability and environmental elements into corporate strategies. There is enormous pressure from the financial world and investors, which is raising the bar on requirements for more rigorous reporting systems. The principles behind ESG reporting are becoming more defined and rigorous, with a regulatory body called European Financial Reporting Advisory Group (EFRAG) developing new standards along the line of the accounting principles known as IFRS. The bar will rise significantly when these principles become regulatory requirements, making it important for companies to adopt them before they become mandatory. The financial market has also been instrumental in pushing companies to improve in their own “corporate citizenship”, for instance developing new products that are recyclable and environmentally friendly, including chemicals. One of the most important contributions that some companies can make is changing the energy generation mix, as a very significant portion of global emissions comes from power generation. Companies like Prysmian that are involved in the transition from fossil fuels to renewables play a crucial role in reducing these emissions. Prysmian Group’s Integrated Annual Report Prysmian Group’s Integrated Annual Report, published for the first time, is a tool for presenting both financial and non-financial data. This decision marks a new approach to corporate reporting and highlights the daily efforts made by the Group to embed sustainability into all business strategies, as well as its role as an enabler of the energy transition and digitalization processes. The Report explains the Group’s ability to create both financial and non-financial value over time, in the context and markets in which it operates.
RkJQdWJsaXNoZXIy Mzc4NjU=