The Materiality assessment is an on-going effort and it was launched as a need to reinforce the stakeholder dialogue and integrate the received feedback in the decision making as well as in action plans that enhance the continuous and holistic improvement of the CSR and sustainability strategy.
- In 2006, Titan launched the programme of independent assessment of sustainability performance
- In 2007, the first round of materiality workshops with internal stakeholders was organised
- In 2008, the first Stakeholder Forum following AA1000 AS was organised by TITAN in Greece and the feedback received was integrated to the 5 – year sustainability targets and action plans
- In 2009, a specialized training program for TITAN country and operation managers was conducted throughout the Group.
- In 2013, TITAN Group organised a full materiality assessment to gain insights for revisiting goals and targets towards 2020. This was followed by an assessment of each issue with respect to its impact on the Group and its main stakeholders.
- Local CSR Committees in each country are responsible for the coordination of the materiality assessment process and stakeholder dialogue on an annual basis.
- Issues were prioritised on a high, medium and low scale, taking into account both the group’s and the stakeholders’ relevant importance gathered during interviews.
- Priorities were set for Titan and its key stakeholders on a group level and for material issues on a country level.
The impacts of the solution to social and environmental performance are significant and can be classified as both qualitative and quantitative :
- optimisation of the resources (capital employed, human resources and other non-financial resources) invested to sustainability action plans
- reduction of the emissions and the accidents number
- better alignment of the business objectives with the stakeholders’ social and environmental concerns
- credibility and reliability improvement, as well as building of trustful and long-term relationships with the stakeholders (qualitative statements recorded by stakeholders)
- increase of the company managers’ and the stakeholders’ capacity to engage in partnerships and collaborative projects
- increase of the awareness and maturity level of both internal and external stakeholders
- increase of the capacity to provide innovative solutions to certain issues (i.e. the development of the LAB project in Kosovo
Considering that TITAN is a multiregional company with significant operations at national and local level, one of the challenges is the need to assess material issues at three different and distinctive levels, meaning global and industry level, national and local, in order to have a complete and holistic approach of the outcomes. Moreover the process should align a bottom–up with a top–down approach to be as inclusive as possible.
Challenges like the diverse needs and expectations of key stakeholders in different countries as well as the different maturity level of each stakeholder group has offered the opportunity to develop and extend our CSR and sustainability policy so as to become more open, flexible and innovative.
Lessons learned from the implementation of the solution include among others:
- the better understanding of specific issues that are material to certain groups or certain countries
- the development and testing of new and alternative methodologies to address specific issues
- the development of new skills and competencies among internal and external stakeholders