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The Prysmian Group confirmed its commitment to sustainability during 2014 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.
As part of the process of continuous improvement, Prysmian has prepared its Report in conformity with the new «G4 Sustainability Reporting Guidelines», applying the Core option. Adoption of these guidelines, defined in 2013 by the GRI – Global Reporting Initiative, increases the breadth and depth of the topics covered and confirms Prysmian’s constant commitment to making the reporting process ever more complete and effective.
Prysmian Group is committed to working responsibly via a business model that identifies sustainability as a key element of every decision. The objective is to create value for all stakeholders while assuring the sustainable development of the Group and the territories in which we operate.
The sustainable strategy adopted by the Group focuses on sustainable, technological innovation in the solutions offered to customers, on the environmental responsibility of production processes, on environmental protection and the management of relations with the local communities in which the Group operates, as well as on safety at work and the development of personnel.
For the Group, 2014 was a year of great commitment and significant results in each of these areas.
Prysmian makes daily efforts to establish relationships of trust with its stakeholders, founded on the principles of transparency, openness and listening.
The approach used by the Group to communicate with stakeholders has evolved steadily over time, involving various initiatives intended to make best use of the multiple channels available to the various business functions for establishing constant dialogue with the Group’s stakeholders. The traditional methods of interaction have changed steadily and, in 2014, Prysmian took an important step along the road to sustainability by organising in Milan its first multi-Stakeholder Engagement event on sustainability matters.
Thanks to this event, together with an internal survey conducted among various exponents of the main business functions, Prysmian Group has carried out a materiality analysis in order to strengthen the responsible approach taken by identifying and prioritising the sustainability matters considered important for the Group and its stakeholders.
With regard to the economic and financial responsibilities of the Group, relations with the financial market were particularly intense during 2014, involving more than 400 meetings with institutional investors, whether in the form of conference calls or one-to-one or group sessions.
In addition, following the success achieved at international level last year, Prysmian has repeated the YES (Your Employee Shares) programme. This scheme enables employees to acquire shares on discounted terms, with a view to enhancing their loyalty, engagement, sense of belonging and understanding of the business, thus strengthening the internal perception of the Prysmian Group as “One Company”.
The creation of value for shareholders, investors and other stakeholders is a key priority for Prysmian, being an important aspect of its commitment to accuracy, clarity and transparency in the communication of its business strategy, objectives and results.
The Code of Ethics represent the Group's "Constitution" and "is and important and innovative tool for promoting the fundamental rights of individuals, employment and the territory, and a good policy for fighting corruption" *.
The activities of Prysmian are marked by the following values:
• Excellence: "Doing well is never enough. A rigorous approach and entrepreneurial leadership are combined
to offer innovative and complete solutions for every kind of business"
• Integrity: "When it comes to ethics, no challenge is too great or too small, if the objective is to achieve the best".
• Understanding: "We have great respect for different opinions and ideas, and a lively interest in the needs of our customers".
* Source: European Commission
As a public company, Prysmian is aware of the important role played a system of corporate governance in guaranteeing the same level of protection for all categories of stakeholders. Precisely for this reason, the Group's system of corporate governance is focused on the creation of sustainable value for stakeholders over the long term, in the belief that pursuit of this objective will activate a virtuous spiral of effectiveness, efficiency and corporate integrity.
The Group's action and procedures are designed to provide the market with credible information about the business, thus boosting confidence in the Company and encouraging a long-term investment approach to its shares. Every effort is made to avoid biased disclosures and ensure that all investors and potential investors receive the same information so that balanced investment decisions can be made.
In order to guarantee the transparency of information flows, Prysmian organizes conference calls with institutional investors and financial analysts upon publishing its quarterly data, and also invites specialist media representatives to take part. Furthermore, Prysmian promptly informs shareholders and potential shareholders about every action or decision that could have a material impact on their investment.
The increasing attention paid to the activities of the Group by socially responsible investors (SRI) was confirmed by their growing attendance at the road shows and meetings held for them.
Economic value represents the wealth produced by the Group that, in various forms, is distributed to stakeholders in the following ways: renumeration of human resources (direct renumeration, comprising wages, salaries and severance indemnities, and indirect renumeration in the form of social security and pension contributions), renumeration of lenders (interest expense), renumeration of Group shareholders (dividends paid) and other investors, renumeration of the Public Administration (total taxes paid), gifts and donations to the community.
The value retained by the Group is presented by the profit reserves carried forward.
Our product responsibility is considered throughout the entire life cycle of each product, from design to delivery, by constantly monitoring performance against specific standards. For this reason, the Group strives constantly to develop innovative and technologically advanced solutions that strengthen our leadership and meet the requirements of our commercial partners and the end users of our products.
Modern, reliable, eco-sustainable and efficient electricity grids and telecommunications networks are both critical and strategic for growth of the global economy. Our products supply electricity and lighting to cities, enable people to move around and communicate with each other, and contribute to the steady industrial development of the sectors in which we operate. Prysmian products are central to the concept of sustainability.
The ability of the Group to pursue a policy of responsible business growth derives from Prysmian’s capacity to react and respond rapidly to global market requests, via a policy of selective investment that targets the development of strategic and sustainable commercial and manufacturing synergies.
The total spending by Prysmian on Research, Development and Innovation during 2014 amounted to about 87 million euro*, confirming out constant commitment and focus on sustainable growth over the long term.
The Group constantly strengthens relations with strategic suppliers, centralising procurement and leveraging a global approach marked by a single organisational model, common processes and a system for the management of commodities.
* inc. 71 million opex and 16 million capex.
The Group’s commitment to safeguarding the environment and conserving natural resources is expressed not only by the intrinsic characteristics of our products, but also by how the production systems are managed. In particular, the prevention and reduction of their environmental impact is achieved, for example, by the efficient use of natural resources, the optimisation of logistics flows and the responsible management of waste.
In terms of energy efficiency, in 2014 the Group has participated once again in the Carbon Disclosure Project (CDP) which seeks to contribute to the pursuit of the objectives agreed in the Kyoto Protocol regarding the global reduction of greenhouse gas emissions.
Considering the environmental aspects deemed significant at Group level, Prysmian’s Health, Safety & Environment (HSE) function worked with other Corporate functions to establish the Group’s HSE objectives for 2013-2014, which were endorsed by the Board of Directors.
During 2014, HSE further consolidated its activities at various levels within the Group (corporate, country or geographical area, business unit, production unit), centralising activities and coordinating the work of the local HSE functions.
The aspects monitored by HSE using indicators include compliance with health and safety at work standards, energy consumption, waste management, water usage and greenhouse gas emissions. In particular, with reference to the greenhouse gas emissions, the Group has begun to collect energy consumption data in order to track both “direct” emissions (deriving from production processes) and “indirect” emissions (deriving from the energy purchased).
During 2014, 125 inspection visits were made to various factories, of which one quarter were carried out by Prysmian auditors, in order to check compliance with the ISO 140001 and OHSAS 18001 requirements, while the others were performed by the Group’s main certification agency.
93% of Group sites have ISO 14001 (environmental management) certification, while 58% have OHSAS 18001 (safety management) certification.