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Stakeholder Engagement

We listen to our stakeholders with selected dialogue tools, to assess what is materially important to them. After identifying critical Environmental, Social and Governance issues (ESG), we rank them in order of importance, to develop our approach and strategies for each one of them. The Materiality Matrix is a graphic model of this process, showing which topics stakeholders say are of material importance.

We review our materiality analysis on a yearly basis. This year, the analysis of the internal relevance of single topics was done directly with senior management, in dedicated interviews. During these one-to-one meetings, managers assessed each material topic from a presidium, investment and managerial focus point of view, defining a unique UniCredit approach. By applying this new process, we underlined the fundamental importance of Materiality Analysis in the strategic definition of UniCredit's targets.

The results of the analysis were discussed with our Corporate Governance, Nomination and Sustainability Committee which examines both the methodology and the results in depth.


As announced last year, there was a particular focus on:

Dialogue tools with stakeholders

Listening to stakeholders has always been fundamental to UniCredit's business: the Group regularly invests in mutual feedback activities that include all types of stakeholders, systematically collecting and evaluating observations, conducting research activities and responding to stakeholders' opinions and concerns.
We believe that understanding who your business impacts and who impacts your business is the key to long-term value creation. We also believe that knowing which issues are important to our stakeholders is crucial for managing risks and opportunities, and is therefore essential when it comes to making decisions and developing strategies.



Materiality matrix

We have periodically carried out materiality analyses since 2010, listening to our stakeholders. This thorough approach identifies critical economic, environmental and social aspects which could have a significant impact on the company's business performance and, therefore, on long-term value creation.
The matrix below represents the upper-right quadrant of the overall matrix and results from the ranking of a number of topics based on their relevance (medium or high) expressed by our stakeholders during an intense dialogue process, as well as UniCredit's approach to the same topics, measured in terms of managerial focus and investments (advanced or highly advanced).


Materiality Matrix

UniCredit Approach:


Innovation for customer: value to customer (advanced); Digitalisation and innovation (advanced)

Lean and solid bank: lean and trasparent organisation (advanced); bank solidity (highly advanced)

People development: Employee' empowerment (advanced);  Diversity and inclusion (advanced)

Ethics: Fair business behaviour (highly advanced); Business ethics (highly advanced)

Systemic trends: Cyber security (highly advanced); Demographic change (advanced); climate change (advanced)

Positive impact on society (highly advanced)


Updated on 08 November 2019.