The main objective of the Group is to achieve a long-lasting relationship based on mutual trust with its stakeholders, who are groups affected by the Company's services or activities and those whose opinions and decisions that have an influence on the financial results of the Company and may have an impact on its reputation.
The Stakeholder Management Model of the Group incorporates the requirements established in the rules and standards of reference in the field, such as AA1000, IQNet SR10, ISO26000 or the Global Reporting Initiative. This model seeks to ensure that relevant economic, social and environmental aspects associated with the activities and services of the Group that may have an impact on its stakeholders are adequately managed, thereby avoiding the risk of not promptly identifying issues that may affect the Company’s relationship with its stakeholders
The Company is currently developing a project aimed at conducting a broad review of the stakeholder management model aimed, on the one hand, at defining common ways of working with regard to stakeholders in the different companies of the Group and, on the other, at ensuring that all of them have a prioritised inventory appropriate to the reality of their activity and their geographical location, which serves as a starting point for the definition of new frameworks for relationships with stakeholders, which is updated to the reality of the Group.
In the context of this initiative, the following activities have already been carried out:
- Reviewing and documenting the Company's stakeholder identification process. The identification and segmentation of stakeholders is developed through the analysis of the value chain, this is, the interrelationships between the company's processes and activities with its environment and interest groups. This analysis is carried out in two ways:
- a) Analysis of relevant internal and external information regarding stakeholders
- b) Interviews with key people in the organization.
As a result, 7 categories of stakeholders have been identified:
|Regulatory bodies and the public administrations
||Financial and economic ecosystem
- Updating the factors for their prioritisation, as well as the method for assessing this priority, based on the analysis of the Company's impact on the stakeholder, the influence of the stakeholder group on the Company and the level of special attention, required by the stakeholder, in the face of different stress factors which may affect the relationship.
- Drafting of documentation for both the current relationship framework and for the relationship channels between the Company and each stakeholder group, as a tool in the decisión-making process regarding resources allocation.
- Assessment and improvement of the stakeholder management model as a whole, assotiated to the materiality analysis and drafting of the Sustainability plan, and on a yearly basis on a smaller scale, regarding specific stakeholders.
The results obtained so far regarding the improvement of the stakeholder management model – the new inventary, prioritized, and the draft of the relationship frame – have been presented to the Sustainability Committee of the Board of Directors and the President of the company, as well as the Sustainabiity Steering Committee.