Engine of growth
Commitment to sustainability
The Prysmian Group confirmed its commitment to sustainability during 2016 by renewing investment in the search for sustainable products, strengthening the process for developing its human resources and participating actively in projects and initiatives carried out in the public interest, as well as by reducing where possible the environmental impact of its products and production activities.
As the world leader in the cable industry, Prysmian Group carries the responsibility of making it sustainable.
Group Sustainability Strategy
Consistent with the Corporate Vision and Values, which seek to promote 'the efficient, effective and sustainable supply of energy and information as the main driver for the development of communities”, the Group took important steps over the past year to further integrate sustainability matters within its business activities. In particular, Prysmian defined a Sustainability Policy during 2016 that establishes the Group's strategic priorities for the medium-long term, making reference to the Sustainable Development Goals (SDGs) promoted by the United Nations, the main international indicators and the expectations of our stakeholders.
Analysis of these expectations and the Sustainable Development Goals has enabled the Group to identify the emerging trends with regard to sustainability and, therefore, to determine our own strategic priorities, objectives and actions for the creation of shared value. Specifically, Prysmian has selected the five Sustainable Development Goals to which we can contribute most, and translated them into a Sustainability Plan consisting of priorities, objectives and actions that are consistent with our business and corporate values.
Building on this foundation, the Group has also devised a “Scorecard” that identifies 16 sustainability targets to be met by 2020, each measured by quantitative KPIs that will be monitored closely so progress can be reported on a regular basis.
Governance of Sustainability
Recognising the importance of sustainability topics in the management of business processes and accepting the invitation to formalise the approach taken to them contained in the Code of Corporate Governance for Listed Companies, the Board of Directors has tasked the Compensation and Appointments Committee with supervising, from 1 January 2016, the sustainability matters associated with the Group's activities and the dynamics of its interactions with all stakeholders. As part of the system for the governance of sustainability, a Sustainability Steering Committee comprising leaders from within the organisation is responsible for defining strategies and actions for presentation to the Compensation and Appointments Committee. In particular, the Steering Committee is tasked with periodically discussing the strategic sustainability priorities, as well as with defining and implementing the action plans needed to reach specific targets consistent with those strategic priorities.
Materiality analysis
Updating the work begun in 2014, once again Prysmian has carried out a Materiality Analysis in order to map and classify the sustainability matters that are important for the Group and its stakeholders. This analysis identified the matters considered important, being those with a significant economic, environmental and social impact on the organisation and that significantly influence the assessments and decisions of stakeholders. Understanding the viewpoints of stakeholders is in fact key, if the Group is to continue to generate shared value over the short, medium and long term. Consistent with the “G4 Sustainability Reporting Guidelines” defined in 2013 by the GRI – Global Reporting Initiative and adopted for the first time when preparing the 2014 Sustainability Report, Prysmian's materiality analysis has been updated to take account of the new needs and requirements of the Group's external stakeholders identified at the Multi-Stakeholder Engagement event organised in Pikkala, Finland. The output of the analysis identified the important sustainability matters for the Prysmian Group, which represent a starting point for reporting on the significant aspects central to the Group's commitments. Analysis of these matters took account of the impact of each, both within the Group and beyond, throughout the entire value creation chain. Further information about this analysis is presented in the Attachments to this Report.
Main highlights of the year
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