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3.6 Material issues and areas covered by Italian Legislative Decree 254/16
from CNFS22
by Mediobanca
3.6 Material issues and areas covered by Italian Legislative Decree 254/16
[GRI 102-43], [GRI 102-44], [GRI 102-46], [GRI 102-47]
“Material issues” are defined as aspects which reflect significant economic, environmental and social impacts by the organization or which could substantially influence stakeholder assessments and decisions. These aspects are also important with regard to risk management and strategy and form the basis for the non-financial reporting.
The Mediobanca Group carried out its first materiality analysis in 2017, with the aim of identifying the most relevant issues for the Group itself and its stakeholders, i.e. issues which impact significantly on the ability to create value in the short, medium and long term.
The process of analysing these issues led to the materiality matrix being developed, and has subsequently been updated:
In 2017, benchmarking analysis was carried out and sustainability guidelines were developed; the results were shared with the heads of fifteen different units and Group legal entities.
In 2018, the first multi-stakeholder forum was held with the objective of updating the Materiality Matrix, with both internal and external stakeholders contributing.
In 2019, the Materiality Matrix was updated based on the materiality of the issues to the Group itself.
In 2020, because of the pandemic, external stakeholders were engaged remotely by means of an online questionnaire.
In 2021, with the objective of updating both axes of the materiality matrix, internal and external stakeholders plus management were engaged once again.
In 2022, as in 2021, both internal and external stakeholders and management were involved in the process, in order to update both axes of the matrix. More than 110 stakeholders (with a response rate of 54%) and 21 senior management representatives were asked to vote, using an online tool, on the proposed material issues, with the aim of identifying the sustainability issues with the highest priority for the Group. The list of material issues voted on was the same put forward in FY 2020-2021, which had been updated in line with the best market practice.
All issues represented in the materiality matrix were identified by the stakeholders as material, and as such have been reported on in the CNFS. The issues shown in the box in the top right-hand corner are the ones that have been identified as being most material.
The issues which reporting an increase in materiality compared to last year were: Data privacy and IT security, Diversity and inclusion, Support to the community and Responsible supply chain management (the last two remain among those considered to be least material).
Those which showed a slight reduction in materiality compared to last year were: Risk Management, Staff health, safety and welfare, Customer satisfaction and quality of service, and Training, development and valorization of human capital.
