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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. Also this year, the top management and Board have demonstrated their strong engagement during several meetings, by overviewing ESG topics and our sustainability strategy. The matrix has in fact become a strategic tool to follow and monitor the implementation of targets, and to steer future decisions also in the reshaping of the new ESG strategy.
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.
|Stakeholder||Channels of dialogue||Main results||One of UniCredit stories|
|Colleagues||People Survey of professional engagement; internal clients’ perceptions of headquarters services; Group Intranet Portal; departmental online communities||Ca. 85,000 employees addressed by the people survey; > 52,000 valuable inputs from Group-wide surveys||DigitALL, our new digital workplace which helps us all to thrive as One Team, One UniCredit, interacting and communicating more effectively. DigitAll encompasses new tools and functionalities to offer a unified, agile, digital platform for the future.|
|Customers||customer satisfaction assessment; brand reputation assessment; mystery shopping; instant feedback; focus groups, workshops, seminars||> 355,000 feedbacks provided by clients and prospects||Voice of the Web listening tool was integrated with what Customers do, expressed by operational and behavioural data. This allows us to anticipate issues, accelerate data-driven decision making across different channels and obtain the right insights to create sustainable value in the long-term.|
|Investors||quarterly webcasts and conference calls to present results; one-on-one and group meetings, calls; shareholders’ meeting||> 500 meetings and 38 roadshows with institutional, retail and socially responsible investors||The Group Sustainability unit, together with the Investor Relations team, interact continuously with ESG raters in order to monitor our sustainability performance through their assessments and identify opportunities for improvements.|
|Regulators||one-on-one and group; meetings, calls; workshop; industry working groups||Proactive engagement and contribution to the debate on the regulatory framework||UniCredit has been involved in the working group organised by the European Banking Federation and United Nations Environment Programme Finance Initiative (UNEP FI) on taxonomy for banking products for which a specific report has been issued last January 26th and 27th, 2021.|
|Communities||Surveys; Social Media; NGO dialogue; Territorial Advisory; Boards for local communities||> 510,000 followers on our social media||UniCredit strengthened its dialogue with non-governmental organisation (NGOs). In reviewing our Coal sector Policy, we submitted a draft to important NGOs to collect their feedback before publication. We wish to pursue our dialogue with NGOs in order to collect useful insights and be aligned with the expectations of the community.|
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).
Definition of material topics
|Clusters||Main stakeholder involvedA||Material topic||Definition||Type of involvement|
|Innovation for customers||Customers, Communities, Colleagues||Digitalisation and innovation||Being proactive, acting promptly and promoting innovation: contributing to social and economic progress and innovation as well as the wellbeing of countries, developing products and services to support research and innovation intensive industries, by leveraging analytics, as they increasingly becoming significant, with positive and negative implications||Contributed|
|Innovation for customers||Customers||Value to customer||Being close to customers, understanding their needs and promptly developing products and services for families and companies that support their prosperity and growth (e.g., innovation, internationalisation, research and development) and are good value for money||Caused|
|Systemic trends||AllB||Cyber security||Building and maintaining an environment in which all data and information confidentiality, integrity and availability are protected from relevant cyber threats||Contributed|
|Systemic trends||All||Climate change||Develop a climate change strategy to manage transition risks and physical risks arising from a changing climate and seizing related opportunities in order to mitigate the impacts on global temperature and to enhance climate resilience||Caused by the Group and directly linked to its business relationships|
|Systemic trends||Customers, Colleagues||Demographic change||Bearing in mind the impacts of demographic changes on all our banking business activities both in terms of demand and supply of products and services and wellbeing for customers and colleagues||Contributed|
|Lean and solid bank||All||Bank solidity||Being a stable and solid reference point for all stakeholders: building a longterm foundation for financial stability while supporting all stakeholders (customers, employees, etc.) in an uncertain environment; providing tangible support for regulatory discussions to create a stronger financial system bearing in mind different interconnections||Caused|
|Lean and solid bank||Customers, Investors||Lean and transparent organisation||Being a simple and lean organization and base all our interactions with stakeholders on transparency: guaranteeing lean and efficient bank procedures and processes, proposing and offering simple and easy to understand products/services, using effective and clear communications also with financial markets by disclosing relevant information to investors to understand our competitive positioning and business trends||Caused|
|People development||Colleagues||Employees’ empowerment||A commitment to enhancing colleagues’ professional skills and accelerating their professional development through transparent and fair mechanisms to ensure all employees are capable of performing to the best of their abilities; valuing employees’ wellbeing and the balance between their professional and personal lives; creating a work environment where everyone feels at ease and is motivated to build positive relationships with employees’ representatives and all the stakeholders||Caused|
|People development||Colleagues||Diversity and Inclusion||Fostering and improving a culture of inclusion, fairness and respect by promoting equal opportunities in the workplace so all colleagues can maximise their potential||Caused|
|Ethics||All||Fair business behaviour||Recognising the importance of environmental, social and governance issues and embedding them into specific business strategies, maintaining high standards for fair business practices and expecting senior management and employees to treat all stakeholders with fairness and respect||Caused|
|Ethics||All||Business ethics||Basing our business practices on strong ethics fundamentals: respecting and supporting human rights within our sphere of influence; reinforcing a culture of compliance and attention to colleagues’ health and safety at all levels of our organisation||Caused by the Group and directly linked to its business relationships|
|Positive impact on society||Communities||Positive impact on society||Understanding the priorities of communities, supporting sectors and enterprises which can create social and economic positive impacts (infrastructure, employment, social wellbeing and financial education)||Caused|
A. Main stakeholder groups that raised and/or is affected by the material topic.
B. Includes Colleagues, Customers, Communities, Investors/Shareholders and Regulators