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.
Beginning of stakeholder engagement
Once the stakeholder representatives within the various categories with which the Company interacts (clients, suppliers, local communities, training bodies, as well as managers and shareholders) had been identified, we shared a project presentation brochure with them and an evaluation questionnaire, in which we asked them to indicate the levels of importance, from their perspective, on material issues related to sustainability and how much they should be a priority for Pietro Fiorentini.
Completion of stakeholder engagement and communication of results
The survey results allowed us to identify the material issues deemed most important by our stakeholders, as well as receive a series of comments and suggestions for better managing future initiatives aimed at improving our sustainability profile. However, Pietro Fiorentini’s interaction with its stakeholders does not end with this survey, but rather it will be even more constant in the future, in order to monitor the results of the projects undertaken and 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.
Internal ESG risks and opportunities analysis
ESG risks are defined as risks arising from factors related to environmental, social and governance issues as established in the materiality matrix. For each of these, measures have been developed to prevent the onset of risks and mitigate their effects, through structured management policies for the individual categories. In order to make this analysis more effective, we have begun the revision of the Company’s entire Risk Management model, also in collaboration with a major consulting firm.
Preparation and communication of the 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.
Definition of projects and activities for the Strategic Sustainability Plan
Just as a business plan serves to define the operational guidelines that will guide the implementation of the business in the years to come, the Strategic Sustainability Plan defines the plan of action, the projects and the tangible activities through which we intend to achieve the objectives of environmental, social and governance responsibility that we have established for our Company.
The journey continues
Our journey certainly does not end with the publication of the Sustainability Report, which shall only be the starting point on which to base new and even more ambitious objectives. Because here at Pietro Fiorentini, our commitment to improvement is constant.