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Dialogue with Stakeholders

Dialogue with Stakeholders

In MYTILINEOS Group, we consider that the development and suitable management of our Social Capital is a precondition for the stability, continuity and potential of our relations with the key Stakeholder groups. For us, the term “Social Capital” is of particular significance, as it is associated with the way in which we operate in the local communities where the Group’s business activities are located. It is also what drives the Group’s human resources to excel themselves in whatever task they undertake, while it also boosts and attaches substance to the Group’s business value. Most importantly, however, the term represents the strong relationships of trust that we have built with our key Stakeholders. 

For our Group, investing in Social Capital means: 

  • To further develop our social profile, whose direct beneficiaries are our key Stakeholders;
  • To disseminate our core business values and the rules of sustainable development to all parties with which we enter into transactions; and
  • To make a continuous effort to gain and maintain the trust of the society around us, while remaining consistent with our commitments. 

Overall, our communication with our key Stakeholder groups refers mainly to the following initiatives (without mentioning other actions of a more limited reach that take place in accordance with the strategy and particular needs of our subsidiaries):

  • Implementation of open CSR consultation events (Forums), held in the premises of the Group subsidiaries.
  • Implementation of web based consultations on sustainable development issues.
  • Implementation of dedicated thematic Round Tables procedure.
  • Promotion of the Group’s annual Sustainability Report.
  • Promotion of the Group’s Annual Report.
  • Events held to present financial results. 

The key objectives of this consultation process are the identification and highlighting of the expectations of our key Stakeholder groups, the reach of our existing actions and the degree to which they meet Stakeholder needs and expectations and the highlighting of ways to improve and strengthen Stakeholder relations with the Group.

Because of the diverse business activities of MYTILINEOS Group, there is a significant range of social groups which under specific conditions could be considered to be its Stakeholder groups. Such conditions could indicatively refer to groups:

  • Which the MYTILINEOS Group may have legal or financial obligations.
  • Which may have a negative/positive influence on or simply voice concern about the decisions and the activities of the Group Companies?
  • Which may influence overall the Group’s capability to fulfill its commitments in connection with its operation in its internal as well as external environment? 

MYTILINEOS Group applies a five-stage iterative process that functions as a platform for managing relations with its key Stakeholders. The individual stages of this process, which, after a full cycle, is repeated for review purposes and for introducing improvements where required, is the following: 

  • Stage 1: Definition of Stakeholders.
  • Stage 2: Understanding of each Group company’s individual motives for engaging in dialogue with its Stakeholders.
  • Stage 3: Definition of the subject areas and planning of the process of dialogue with the Stakeholders.
  • Stage 4: Engagement in the actual dialogue (through Dialogue Forum events) and recording Stakeholders expectations.
  • Stage 5: Actions in response to the commitments undertaken to the Stakeholders, and continuation of the dialogue.Evaluation of the results, responding to key Stakeholders expectations and maintaining dialogue. 

To this end, in 2009 we considered necessary and proceeded to conduct for the first time a formal process to define the key Stakeholder groups for our key subsidiaries. The purpose of this process was to provide our subsidiaries with the opportunity to assess and select the groups with which they could develop creative and mutually beneficial collaborations and through which they could gain access to new ideas and views concerning the best possible response to issues of responsible entrepreneurship and, by extension, of Sustainable Development. 

For each one of our key subsidiaries, its significant Stakeholder groups were obtained by means of a matrix synthesizing the following two key aspects:

  1. Examination and assessment of the level of influence of each Stakeholder group on the operation of the respective Group Company; and
  2. Investigation of the level of influence of the Group Company’s operation on each one of its Stakeholder group.

Stakeholder definition matrix

Diagram

Click on image to enlarge

The result of the procedure described above is presented in the following table, which lists in detail the key Stakeholder groups for each key MYTILINEOS Group subsidiary:

YearDescriptionFile
2015 Stakeholder Engagement PDF
2013 Stakeholder Engagement PDF
2012 Stakeholder Engagement PDF
2011 Stakeholder Engagement PDF