Stakeholder engagement and “double materiality” analysis
The BCC Iccrea Group considers its solid relationship with both internal and
external stakeholders, based on the principles of transparency and mutual
trust, to be a fundamental strategic lever.
The continuous dialogue with stakeholders is considered particularly useful
and constructive, primarily for updating and better interpreting the
economic and social context, with a view to continuous improvement.
In this sense, the stakeholder engagement, a phase of the double materiality
analysis, aims to gather the views of the various relevant stakeholders on
material issues in order to guide the Group's strategic choices on these
aspects.
In sustainability reporting, the concept of “materiality” is a key
principle; it allows the company to identify the most relevant
sustainability issues on which to base its strategic guidelines and to
report its performance to its main stakeholders.
In line with the CSRD provisions, the Group updated its materiality process,
which requires to carry out a double materiality”“ analysis
based on the following two dimensions:
-
Impact materiality (‘outside-in’): a sustainability issue is material
from an impact perspective when it has actual or potential, positive or
negative, short-, medium- or long-term impacts on people or the
environment, generated either by the entity's own operations and/or
business relationships, or by activities carried out along the value
chain.
-
Financial materiality (‘inside-out’): a sustainability issue is
material from a financial perspective when it causes or is likely to
cause material financial effects on the entity, its performance and its
economic and financial position (e.g. on cash flows, capital ratios,
etc.).
The double materiality analysis is divided into the following macro-phases:
- understanding the context in which the Group operates;
-
identifying the impacts, risks and opportunities (hereinafter also referred to as ‘IRO’) related to sustainability issues;
- assessing and defining the materiality of the IRO;
-
reporting on the process followed and related results obtained.
