The Importance of Stakeholder Engagement

Last June Prysmian Group organized the second edition of the “Sustainability Week” (the first edition was launched in June of the previous year), an event aimed at discussing relevant sustainability issues and listening to stakeholders. Top management from the Milan headquarters, business units and stakeholders around the world discussed progress in the area of sustainability, ESG, the impact on the Group’s operations, innovations and cutting-edge technologies developed over the past year. The event was not only an opportunity to underline how Prysmian’s role as an enabler of the energy transition process is highly strategic in ensuring the decarbonisation process of the economy globally, but also an effective means of gathering feedback from customers, investors, suppliers, analysts, associations and universities through online events with special guests including industry leaders and expert researchers, representing a striking example of the value that Prysmian Group attributes to stakeholder engagement.

Creating value for stakeholders by listening to them and to their needs, perspectives and concerns is in fact a key priority for Prysmian Group.

What are the benefits of stakeholder engagement

Stakeholder engagement can be extremely valuable for the company’s growth strategy, as it provides companies with an avenue to understand the unique perspectives, interests, and concerns of each stakeholder group. By actively involving and listening to stakeholders, businesses can gather valuable insights that are crucial for strategic decision-making. These insights help businesses to better understand stakeholders' needs and expectations and to align their goals and actions accordingly, fostering mutually beneficial relationships.

More specifically, the strategy of stakeholder engagement helps to:

  • Identify ideas for improvements that lead to product and process innovation, ensuring that the business stays relevant in a rapidly changing market;
  • Map the impact generated and felt by the Group, in order to ensure better management of reputational and other risks;
  • Inform, engage and raise the awareness of stakeholders regarding various aspects of importance to the Group and the societies in which it operates;
  • Identify the needs, problems and expectations of stakeholders in order to embed them in the Group’s strategy and develop a relationship based on trust and transparency.

What is Prysmian Group doing in terms of stakeholder engagement

The Group’s commitment towards this topic is reflected in the several stakeholder engagement projects and activities throughout the value chain, with active listening, the promotion of sustainable behaviors and the creation of innovative, green products and services capable of meeting their needs and expectations.

In particular, there are specific activities that Prysmian Group organizes for its stakeholders:

  • Customers: through customer satisfaction surveys and dedicated portals, Prysmian Group makes sure to listen and engage with its customers to better understand their needs and thus to better serve them.
  • Suppliers: through a thorough ESG evaluation of its suppliers and through sustainability audits, Prysmian Group ensures to proactively promote the decarbonization of its supply chain.
  • People: by organizing internal projects of upskilling mobility and workforce development, the Company creates and nurtures a diverse, inclusive, equal opportunities working environment where meritocracy is at the core.
  • Shareholders: the Group is a public company with a broad shareholders base thanks to its long-term and sustainable value creation and to continuous shareholders’ meeting and participation.
  • Schools, Universities & Research Centers: Prysmian invests and promotes learning and education as a key driver of improvement and innovation, by organizing the Prysmian Group’s Academy and local mentoring programs for students.
  • Local communities: the Group commits to promote and contribute to the social and economic development of the communities where it operates through the construction of nursery and school projects and through the donation of cables to improve local development. Initiatives started in Oman and Brazil dedicated to women and single mothers with a focus on technical skills. Educational projects started in Thailand and Colombia The Netherlands dedicated to kids in underprivileged situations.

"Listening to our stakeholders’ voice is crucial for us as it allows us to determine the priorities for the business, thus defining what we can do together. We achieve our goals by working with our partners and stakeholders and, because of that, it is essential that we are on the same page. That is why stakeholder engagement initiatives are such a core activity in Prysmian Group's strategy.”

Maria Cristina Bifulco

Chief Sustainability Officer - Prysmian Group