A strategy of responsibility
We have chosen to undertake a complete re-evaluation of our ESG strategy in order to adopt an increasingly responsible approach towards the market, the environment, our employees and the community, with the aim of achieving sustainable success and long-lasting benefits for all. This journey consists of a series of steps that will lead us towards the Pietro Fiorentini of tomorrow, a Company that wants to continue to be successful, while helping to build a better future.
Project launch with manager training
To be able to embark on a journey, we need people at the helm with clear ideas about the direction of travel and knowledge of the steps needed to reach our destination. Therefore, as the first step, we organised training meetings with our managers, who will be the ambassadors for this journey and will guide internal and external initiatives to put ESG strategies into practice.
Review of purpose, vision and mission
Our purpose is more than a mere declaration of intent or a value proposition. It defines the value of an organisation within society, which allows it to simultaneously grow its business while making a positive impact on the world. Thus, it represents the why of every organisation. In defining our new purpose, in addition to our vision and mission, we decided to expand our horizons to make our commitment to issues, such as digitalisation, the energy transition and a more responsible and efficient use of the planet’s resources, even more concrete.
Stakeholder engagement and evaluation of material issues
Once identified the stakeholders who represent all the different categories with which the Company relates, we shared with them an evaluation survey in which we asked to indicate, from their point of view, the level of importance of the material issues related to sustainability, and how much these issues should be priority for Pietro Fiorentini. The results of the survey allowed us to identify the material issues which have been marked as most important by our interlocutors. Pietro Fiorentini’s communication with its stakeholders did not stop with this survey, but constantly continues to monitor the results of the projects which have been undertaken and to further refine the perception of their expectations.
ESG assessment via external consultancy
Thanks to our collaboration with an important consulting firm, we launched a benchmark analysis on a selected panel of companies, in order to assess our positioning, from a social and environmental perspective, compared to the main players in the sector and to sustainability best practices. This has been followed by a (gap-analysis) assessment of our sustainability management processes, in regard to the information requested by the main reporting standards. This assessment, conducted via documentary analysis and through comparison with in-house working groups, allowed us to highlight the main gaps to be filled in methodological and procedural terms.
Definition of the Materiality Matrix
The Materiality Matrix incorporates the priorities of the Company’s external and internal stakeholders within a summary statement that helps direct our efforts and investments into the activities deemed most relevant to our stakeholders. It is a crucial tool that should not be considered in a static sense, but rather as being in continuous evolution and state of update.
Drafting of KPIs related to material issues
Taking the list of indicators that emerged from the previous analyses, the summary table of information and the detailed data collected as their starting point, the working groups defined a plan of KPIs related to the Sustainable Development Goals (SDGs) of the United Nations 2030 Agenda. The plan included specific elements to be monitored, the related GRI standards indicators, the units of measurement, the people responsible for data management and the main definitions and calculation methodologies to be used. These KPIs represent the map of how we intend to measure our efforts and progress against the various sustainability objectives that we have set for ourselves.
Publication of the 2020 Sustainability Report
The Sustainability Report is used to share the progress of our sustainability performance with our stakeholders, with the aim of communicating our medium-to-long-term strategic guidelines, goals, initiatives and concrete results transparently, thereby highlighting how Pietro Fiorentini can create shared value with the communities in which it operates and the positive impacts generated for the environment through the link between the SDGs. It is a multi-channel tool, structured in such a way as to be used and updated to communicate the results of the initiatives launched by the Company.
Gap-analysis and launch of specific ESG projects
Once finalized the 2020 Sustainability Report, we have conducted a gap-analysis to identify the main improvement areas in ESG field and the initiatives to be implemented as a priority. As a direct consequence, we have started some projects with the aim to communicate the Sustainability Report results to the subjects involved in the reporting and to favour a more sustainable management of the supply chain.
Materiality Matrix update
In order to update the main action lines related to sustainability, we have updated the list of potentially relevant issues and we have submitted it to the company management to be reviewed. The relevance and the current control level of each issue have been ranked according to business’ and internal stakeholders’ perspective. With regards to the external perspective, we have enhanced the result of the engagement process which have been carried out at the beginning of 2021.
Definitions of ESG objectives associated to material issues
The process of updating the Materiality Matrix has helped to identify specific ESG targets to be pursued over the next two years, coherently with the main corporate strategic lines. Each target has been associated with one of the 13 material issues, and these issues find a precise link with the Sustainable Development Goals (SDGs) which are more relevant for Pietro Fiorentini’s business.
Publication of the 2021 Sustainability Report
In 2022, Pietro Fiorentini’s commitment to sustainability and transparency continued with the publication of 2021 Sustainability Report, drawn up on a voluntary basis to present the main ESG performances of the year. Its publication has been aligned with the publication of the Consolidated Financial Statement. The drafting of the document was based on the qualitative data and information collected for the companies subject to the report (Pietro Fiorentini, TIV Valves, Gazfio, Pietro Fiorentini USA and Fiorentini Hungary).
Our sustainability journey has no stops, and the goals we have reached are just starting points upon which to build even more ambitious targets. Because here, in Pietro Fiorentini, our commitment to improve never stops.