We maintain a regular dialogue with our stakeholders to complement the identification of the aspects of our business that have a relevant impact on the Group’s companies, the environment and the society.
Our most recent exercise, in 2023, combines impact materiality and, for the first time, financial materiality in a single matrix from the perspective of our operations and value chain in the short, medium and long term.
This dual materiality analysis aims to assess the relationship and interdependency between the two dimensions and provides an additional layer of information compared to previous exercises (2013, 2016 and 2019), which were aligned with best practice at the time, such as the Global Reporting Initiative, but were based solely on impact assessment.
The 2023 exercise, the largest we have ever undertaken, gathered information from more than 16,600 stakeholders in Poland, Portugal and Colombia. We received responses from representatives of the following groups: employees, consumers, suppliers and service providers, NGOs, charities, analysts and investors, media, industry associations, insurers and opinion leaders.
This work enabled an in-depth analysis of material issues along our value chain, considering both severity and likelihood of occurrence. To identify material financial issues, the exercise was based on the Group’s risk management system, considering risks and opportunities along the value chain based on magnitude and likelihood of occurrence. Finally, the exercise was validated by senior management and members of the Group Executive Committee.
It is our intention to repeat this exercise in full every three years. In the years in between, calibrations will be carried out to ensure that it remains up to date.
This website provides information on how the impacts, risks and opportunities identified for each material topic are managed and how they are integrated into the way we conduct our business. The Annual Report we publish each year also gives an update on our progress in implementing the policies, action plans and commitments we have defined.
As a result of the dual materiality analysis, the ten most relevant topics identified in 2023 were as follows:
Impact materiality assesses current or potential issues that have a positive or negative impact on people, the economy and the environment. Financial materiality evaluates issues that have, or are expected to have, a material impact on the financial performance of the business. Both assessments are made from the perspective of our operations and value chain in the short, medium and long term.
More information on these topics can be found in Commission Delegated Regulation (EU) 2023/2772 of 31 July 2023, which supplements Directive 2013/34/EU of the European Parliament and of the Council with regard to sustainability reporting standards.
Information on the stakeholder survey and material topics was confirmed by an external and independent entity for the Group’s 2023 Annual Report.