Sustainability Report 2022
Analysis of materiality
The analysis of materiality is the main reference established by the GRI standards for drawing up the Sustainability Reports. Materiality refers to the threshold when issues become important enough to be reported, since they influence the organization and its stakeholders in decision making, along with actions and performance.
In January 2023, an update of the GRI standard was published, which introduces a focus on impacts; in this sustainability report, the materiality analysis therefore complies with the new guidelines.
In order to arrive at the identification of the material topics, it is essential to initially study one’s own reality, the context in which it operates and the competition it faces, and identify the priority sustainability issues. This activity, carried out for the first time in 2018 and periodically updated, led to the identification of the following material themes, divided into the three areas of economic and governance, social and environmental.
| Macro-theme | Material themes | Theme definition |
|---|---|---|
Economic and Governance Field
|
Risk management | Operate according to risks and opportunities in the economic, social and environmental field, for PSC operability and image. |
| Research, development and technological innovation | Research and technological innovation as strategic factors to increase our products competitiveness, in line with a sustainable development and mobility | |
| Relationships with customer (business partner) | Relate to our customers, in the role of main business partners, acknowledging value to cooperation, synergies and social responsible behavior, in order to achieve higher levels of knowledge and greater quality and to build a lasting relationship with mutual satisfaction. | |
| Compliance | Guarantee compliance with mandatory or voluntary regulations through the employees endorsement and thanks to appropriate organizational and management models, as well as to achieve performance and sustainable targets, which can be assessed and certified. | |
| Responsible management of the supply chain | Involvement of the supply chain by sharing the principles, policies and tools for the sustainability and social responsibility. |
| Macro-theme | Material themes | Theme definition |
|---|---|---|
Social Field |
Local communities | Attention and comparison with the local community expectations, through an open, transparent and constructive dialogue. |
| Well-being of employees | Consider employees as a fundamental element of the company's value, and guarantee their well-being through some training appropriate for the development of individual skills, an organization and environment that will foster our commitment for quality along with personal and professional satisfaction achievement. | |
| Health and safety at work | Guarantee processes safety and workers’ health protection throughout all procurement and production stages. | |
| Equal opportunities and diversity | Enhance personal and cultural diversities of partners, suppliers and customers, avoiding discrimination and facilitating aggregation. |
| Macro-theme | Material themes | Theme definition |
|---|---|---|
Environmental Field |
Energy consumption | Responsible use of energy resources achieved, when possible, by technologies and energy saving activities along with renewable resources option. |
| Emissions in the atmosphere | Carry out operations, by taking the opportunities to prevent and mitigate emissions in the atmosphere, by protecting air quality and contrasting climate change. | |
| Waste management | Apply, when possible, the most effective practices for reduction, through prevention, and waste recycling. | |
| Water resource protection | Responsible use of water thanks to technologies and policy aimed at reducing its quality, when taking it, and preserving the original quality. |
In 2022, for each of the thirteen potentially material topics, we identified the main current and potential impacts that our business generates on the three dimensions of sustainability: economic, social and environmental.
To assess the impacts, a questionnaire was administered to senior management (CEO of PSC and each BU). The respondent for each potentially material ESG issue was asked to assign a relevance value, on a scale of 1-4, based on importance and likelihood of related impacts. The identified impacts are reported in the DMA on page 98. All the themes identified were confirmed as having exceeded the materiality threshold, set at 4 out of a maximum score of 16. Based on the scores obtained, we updated the list of priority themes, the order of which reflects the level of materiality for our company.
The GRI disclosures reported in this document have been selected on the basis of the most relevant impacts identified during the materiality analysis.
The analysis also identified a significant impact related to the use of non-renewable raw materials, which is not fully covered by the current materiality topics: for this reason, we have decided to reformulate the topic of waste management into a broader topic related to circularity. This update will be implemented, and reported in the Sustainability Report, starting in the reporting year 2023.