What are the material issues the company has identified?  

In its 2022 Sustainability Report Prysmian identified a range of material issues, such as governance, ethics and integrity, efficient, sustainable and circular operations, enabling the decarbonisation to Net-Zero and digitalization, human capital’s well-being, engagement & upskilling. Among these, creating economic value for its stakeholders stands out as a key material issue for Prysmian.

Stakeholder engagement in accordance with the GRI Standards              

The Global Reporting Initiative (GRI) defines the Principle of Stakeholder Inclusiveness when identifying material issues (or a company’s most important impacts) as follows:

“The reporting organization shall identify its stakeholders, and explain how it has responded to their reasonable expectations and interests.”

Stakeholders must be consulted in the process of identifying a company’s most important impacts and their reasonable expectations and interests must be taken into account. This is an important cornerstone for CSR / sustainability reporting done responsibly.

Key stakeholder groups Prysmian engages with:

Stakeholder Group	Method of engagement
Customers	·      Customer satisfaction survey ·      Cable App & Customer Portal
Shareholders	·      Long-term and sustainable value creation ·      Shareholders’ meetings and participation
Suppliers	·      ESG evaluation of suppliers base ·      Sustainability audits ·      CDP partnership (Carbon Disclosure Project)
Schools, Universities & Research Centres	·      PG’s Academy ·      Local mentoring programmes for 500 students
People	·      Internal projects of upskilling mobility and workforce development ·      Health & Safety focus
Media	·      Press conferences, press releases and media interviews ·      Results announcements, annual and interim reports, corporate website and social media ·      Media enquiries
Local Communities	·      Construction of nursery/school projects ·      Donation of cables to improve local development

 How stakeholder engagement was made to identify material issues

To identify and prioritise material topics Prysmian engaged with its stakeholders through surveys and interviews.

What actions were taken by Prysmian to create economic value for its stakeholders?

In its 2022 Sustainability Report Prysmian reports that it took the following actions for creating economic value for its stakeholders:

• Creating economic value for employees
• In 2022, 10.85% of Euro 16,211 million generated by Prysmian was payment to staff.

• Creating economic value for suppliers
• In 2022, 80.89% of Euro 16,211 million generated by Prysmian was paid to suppliers.

• Creating economic value for lenders
• In 2022, 6.83% of Euro 16,211 million generated by Prysmian was paid to lenders.

• Creating economic value for the public administration
• In 2022, 1.42% of Euro 16,211 million generated by Prysmian was paid to the public administration.

• Creating economic value for the community
• In 2022, 0.01% of Euro 16,211 million generated by Prysmian was contributions to the community.

Which GRI Standards and corresponding Sustainable Development Goals (SDGs) have been addressed?

The GRI Standard addressed in this case is: Disclosure 201-1 Direct economic value generated and distributed

Disclosure 201-1 Direct economic value generated and distributed corresponds to:

• Sustainable Development Goal (SDG) 8: Decent Work and Economic Growth
• Targets: 8.1, 8.2
• Sustainable Development Goal (SDG) 9: Industry, Innovation and Infrastructure
• Targets: 9.1, 9.4, 9.5

 

78% of the world’s 250 largest companies report in accordance with the GRI Standards

SustainCase was primarily created to demonstrate, through case studies, the importance of dealing with a company’s most important impacts in a structured way, with use of the GRI Standards. To show how today’s best-run companies are achieving economic, social and environmental success – and how you can too.

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References:

This case study is based on published information by Prysmian, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:

https://www.prysmiangroup.com/sites/default/files/atoms/files/pr-2302-bil-sost-2022-eng-150dpi-web-compressed.pdf

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