Materiality analysis

To produce clear and effective information on our activities in the various areas of social responsibility, we select the aspects and the data to include in our reports through a process of analysis of their “materiality”, i.e. their importance for our stakeholders.

In the materiality analysis, internal and external stakeholders give a score from 1 to 4 on the basis of their importance, to the various aspects involved in the areas identified in the Global Reporting Initiative (GRI) guidelines:

  • Governance and Ethics and Integrity (not subject to materiality analysis)
  • Economics
  • Environment
  • Human rights
  • Working practices and dignity of work
  • Product responsibility
  • Society

Measurement of results

We consider material those aspects which earn an average score above 2.5. For each topic we detail our results in the document Management Strategies and Social Responsibility Reporting Indicators.

In the periodical reports we publish, we use Key Performance Indicators (KPIs) for the various processes, providing measurable data that enable the stakeholders to check whether we are meeting our commitments.

Direct and indirect impact

The analyses consider two types of materiality:

  • Direct materiality refers to the impacts of our activities on employees, shareholders, investors, the market, the environment and the local community. These are impacts that we can influence directly such as energy consumption or transparency on financial products;
  • Indirect materiality refers, instead, primarily to the impacts of our engagement with companies on social responsibility and environmental policies. Here are some concrete examples: a reduction in energy consumption by one company with whom we established a direct dialogue on environmental issues and the new transparency policy adopted by a company following a resolution at the shareholders’ meeting in which we exercised our voting rights (shareholder activism).


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